Crypto currency chargeback system

Abstract

Distributed crypto currency chargeback systems and methods include at least one system provider device receiving, through a network from a payer device associated with a payer, a chargeback report associated with a first transaction of a plurality of transactions performed using a distributed crypto currency, where the first transaction involves the payer and a payee. The at least one system provider device publishes the chargeback report in a chargeback ledger. The at least one system provider device receives, through the network from a payee device associated with the payee subsequent to publishing the chargeback ledger including the chargeback report, a chargeback response associated with the first transaction. The at least one system provider device then publishes the chargeback response in the chargeback ledger.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims priority to U.S. patent Utility application Ser. No. 14 / 984,981, filed Dec. 30, 2015, entitled “System For Enabling Chargebacks In Cryptocurrencies,” Attorney Docket No. 70481.485US01, which in turn claims priority to U.S. Provisional Patent Application Ser. No. 62 / 242,065, filed Oct. 15, 2015, entitled “System For Enabling Chargebacks In Cryptocurrencies,” Attorney Docket No. 70481.485PV01. This application is related to U.S. Provisional Patent Application Ser. No. 62 / 287,567, filed Jan. 27, 2016, entitled “System For Enabling Chargebacks In Cryptocurrencies,” Attorney Docket No. 70481.485PV02; the disclosures of which are incorporated herein by reference in their entirety.BACKGROUND[0002]Field of the Invention[0003]The present invention generally relates to online and / or mobile payments and more particularly to a chargeback system for distributed crypto currencies that may be used in online and / or mobile payments...

AI Technical Summary

Problems solved by technology

In other words, once a transfer has been made from a payer to a payee, there is no way to reverse that transfer unless the payee decides to transfer the crypto currency back to the payer in a new transaction.

For example, if the payee does not deliver on a promise of goods or services, or such goods or services are deficient, the payer may have no recourse if the payee will not agree to provide a refund.

Such limitations have slowed the adoption of crypto currencies in commercial transactions to payers willing to bear the risks discussed above.

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