Patent ID: 11907933
Assignee: WELLS FARGO BANK, N.A.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. A system for performing a transaction for a customer of a financial institution using math-based currency (MBC), the system comprising:
a permissioned ledger banking system comprising a transaction circuit comprising a transaction processor and a transaction memory, an account mapping circuit comprising an account mapping processor and an account mapping memory, and an MBC account database comprising an MBC account of the customer;
a fiat banking system comprising an account management circuit and a customer fiat accounts database, and the permissioned ledger banking system and the fiat banking system are connected via a communications network;
wherein the account management circuit comprises an account management processor and an account management memory storing executable account management instructions that when executed by the account management processor causes the account management processor to perform steps of storing a fiat account of the customer in the customer fiat accounts database;
wherein the account mapping memory stores executable account mapping instructions that when executed by the account mapping processor causes the account mapping processor to perform the steps of:
when the transaction processor determines transaction information corresponds to a credit transaction:
mining an amount of MBC corresponding to an amount of fiat currency within a wallet account on a permissioned blockchain system;
increasing the amount of MBC in the MBC account according to the mined amount of MBC;
crediting, via the communications network, the fiat account of the customer according to the amount of fiat currency when the transaction processor determines that the transaction information is the credit transaction;

when the transaction processor determines the transaction information corresponds to a debit transaction and the account management processor debits the amount of fiat currency in the fiat account of the customer:
decreasing the amount of MBC in the MBC account of the customer, corresponding to the amount of fiat currency; and
burning once the amount of MBC has been decreased from the MBC account of the customer, an MBC amount within the wallet account.