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

Claim 8:
9. A computer-implemented method for performing a transaction for a customer of a financial institution using math-based currency (MBC), the computer-implemented method comprising:
when a processing circuit determines transaction information corresponds to a credit transaction:
mining, by the processing circuit, an amount of MBC corresponding to an amount of fiat currency within a wallet account on a permissioned blockchain system;
increasing, by the processing circuit, the amount of MBC in an MBC account according to the mined amount of MBC;
crediting, the processing circuit via a communications network, a fiat account of the customer according to the amount of fiat currency when the processing circuit determines that the transaction information is the credit transaction;

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