System and method for establishing a public ledger for gift card transactions
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United States of America Patent
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May 26, 2020
Grant Date -
Sep 15, 2016
app pub date -
Mar 13, 2015
filing date -
Mar 13, 2015
priority date (Note) -
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Abstract
Disclosed is a method for providing fraud protection and transaction tracing for gift card accounts through use of a public blockchain ledger. Digital gift cards are associated with tokens which are passed between user accounts. The users do not obtain direct access to the debit codes assigned to the gift cards and are instead provided with variable authentication codes for use in merchant purchases. The variable authentication code is used by a merchant to obtain a reference to an actual debit code held by a web server. Numerous types of transactions are published to the blockchain ledger including initial purchases, reserving/claiming of debit codes, transfers of tokens between accounts, and depleting of gift card value associated with a token. Transactions published to the blockchain occur substantially simultaneously with a merchant purchase such that users may look up gift card values at any time to be assured each gift card is valid.
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