The Royal Bank of Canada has been granted a patent for a system and method for handling crypto-asset transactions. The system involves receiving an electronic transaction request from a payment processing system, determining current price data for crypto-assets associated with the customer account, and generating signals to indicate authorization of the transaction request based on certain conditions being met. The patent also includes dynamically updating the defined time period for confirmation of transactions based on historical confirmation times. GlobalData’s report on Royal Bank of Canada gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on Royal Bank of Canada, social commerce was a key innovation area identified from patents. Royal Bank of Canada's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.
System for handling crypto-asset transactions without waiting for confirmation
A recently granted patent (Publication Number: US11687889B2) describes a system for handling crypto-asset transactions. The system includes at least one memory for storing customer accounts and at least one processor communicably coupled to the storage device. The system receives electronic transaction requests from a payment processing system, which include a payment token and a transaction amount in fiat currency. The system then determines the current price data of crypto-assets associated with the customer account based on cryptographic transaction information stored in distributed ledgers.
The system associates the transaction request with data processing tasks for executing crypto-asset transactions. These tasks involve the first and second crypto-assets associated with the customer account. The system generates signals to indicate that the transaction request is authorized when certain crypto-asset confidence conditions are met. These conditions are satisfied when the crypto-asset transactions are confirmed in the respective distributed ledger within a defined time period, which is dynamically updated based on historical confirmation times.
The patent also describes determining parameters for the data processing tasks based on multicurrency optimization parameters. These parameters identify the quantity of crypto-assets to be exchanged in the transactions. The system stores fiat cost values for each crypto-asset associated with the customer account and uses these values to define the parameters. The system compares the current price data with the corresponding fiat cost values to identify the crypto-asset to be transacted.
Additionally, the patent discusses the use of private keys stored in the system to authorize crypto-asset transactions. The private keys are associated with customer accounts and are used to initiate cryptographic transfers of crypto-assets. The system also updates internal system ledgers to reflect the transfer of crypto-assets between customer accounts and pool accounts.
Overall, this patent describes a system that enables efficient and secure handling of crypto-asset transactions. By leveraging distributed ledger technology and optimizing the selection and quantity of crypto-assets, the system aims to provide a reliable and user-friendly experience for customers engaging in crypto-asset transactions.