Stored value smart contracts on a blockchain

Abstract

Technologies are shown for managing stored value on a blockchain involving creating a stored value contract block on a blockchain having an identifier of a first entity and code for transferring a portion of a stored value to a designated party. Funds data is stored to the blockchain indicating the stored value committed to the stored value contract block by the first entity. Code is invoked with an identifier of a second entity to transfer a portion of the stored value to the second entity. Some examples involve an intermediary entity verifying conditions defined in the stored value contract block in order to complete transfer. Other examples involve an intermediary entity monitoring conditions in order to initiate transfer when the conditions are satisfied.

What is claimed is: 
     
         1 . A computer-implemented method for managing stored value on a blockchain, where the method includes, by one or more computers:
 creating a stored value contract block on a blockchain, the stored value contract block storing an identifier of a first entity and including:   a set of conditions defining when at least a portion of a stored value is to be released;   code for determining that a condition of the set of conditions is satisfied and identifying a transferee entity that has satisfied the condition;   code for receiving a verification from an intermediary entity that the condition is satisfied;   responsive to the verification from the intermediary entity, code for transferring the portion of the stored value to the identified transferee entity; and   storing funds data to the blockchain, the funds data indicating the stored value that is committed to the stored value contract block by the first entity.   
     
     
         2 . The computer-implemented method of  claim 1 , the method including:
 invoking the code for determining when a condition of the set of conditions is satisfied and identifying a transferee entity that has satisfied the condition;   determining that a second entity has satisfied the condition including receiving verification from the intermediary entity that the condition is satisfied and identifying the second entity as the transferee entity that has satisfied the condition; and   transferring the portion of the stored value to the second entity.   
     
     
         3 . The computer-implemented method of  claim 2 , where:
 the code for determining when a condition of the set of conditions is satisfied includes code for prompting an intermediary entity to verify that the condition is satisfied; and   the code for transferring the portion of the stored value to the identified transferee entity includes code for:   responsive to verification from the intermediary entity that the condition is satisfied, creating a stored value payment block on the blockchain for transferring the portion of the stored value to the transferee entity identified as having satisfied the condition, and   linking the stored value payment block to the stored value block on the blockchain.   
     
     
         4 . The computer-implemented method of  claim 3 , where the stored value payment block on the blockchain requires the signature of the intermediary to release the portion of the stored value. 
     
     
         5 . The computer-implemented method of  claim 4 , where:
 the intermediate entity signs the stored value payment block to release the portion of the stored value.   
     
     
         6 . The computer-implemented method of  claim 1 , where:
 the method includes creating a stored value payment block on the blockchain for transferring the portion of the stored value;   linking the stored value payment block to the stored value contract block on the blockchain;   in the intermediary entity, monitoring the set of conditions to detect that the condition is satisfied, verifying that the condition is satisfied and signing the stored value payment block; and   the code for determining when the condition is satisfied includes code for including the verification from the intermediary entity that the condition is satisfied in determining that the condition is satisfied.   
     
     
         7 . The computer-implemented method of  claim 1 , where the set of conditions in the stored value contract block comprise conditions for one of an installment payment contract, a subscription contract, an insurance contract, an indemnity contract, a guarantee contract, a deposit contract, a bail bond contract, an incentive contract, and a pre-paid goods or services contract. 
     
     
         8 . A system for managing stored value on a blockchain, the system comprising:
 one or more processors; and   one or more memory devices in communication with the one or more processors, the memory devices having computer-readable instructions stored thereupon that, when executed by the processors, cause the processors to execute operations for:   creating a stored value contract block on a blockchain, the stored value contract block storing an identifier of a first entity and including:   a set of conditions defining when at least a portion of a stored value is to be released;   code for determining that a condition of the set of conditions is satisfied and identifying a transferee entity that has satisfied a condition; code for receiving a verification from an intermediary entity that the condition is satisfied;   responsive to the verification from the intermediary entity, code for transferring the portion of the stored value to the identified transferee entity;   and storing funds data to the blockchain, the funds data indicating the stored value that is committed to the stored value contract block by the first entity.   
     
     
         9 . The system of  claim 8 , where the memory devices further include instructions for:
 invoking the code for determining when a condition of the set of conditions is satisfied and identifying a transferee entity that has satisfied the condition;   determining that a second entity has satisfied the condition including receiving verification from the intermediary entity that the condition is satisfied and identifying the second entity as the transferee entity that has satisfied the condition; and   transferring the portion of the stored value to the second entity.   
     
     
         10 . The system of  claim 9 , where:
 the code for determining when a condition of the set of conditions is satisfied includes code for prompting an intermediary entity to verify that the condition is satisfied; and   the code for transferring the portion of the stored value to the identified transferee entity includes code for:   responsive to verification from the intermediary entity that the condition is satisfied, creating a stored value payment block on the blockchain for transferring the portion of the stored value to the transferee entity identified as having satisfied the condition, and   linking the stored value payment block to the stored value block on the blockchain.   
     
     
         11 . The system of  claim 10 , where the stored value payment block on the blockchain requires the signature of the intermediary to release the portion of the stored value. 
     
     
         12 . The system of  claim 11 , where:
 the intermediate entity signs the stored value payment block to release the portion of the stored value.   
     
     
         13 . The system of  claim 8 , further comprising:
 creating a stored value payment block on the blockchain for transferring the portion of the stored value;   linking the stored value payment block to the stored value contract block on the blockchain;   in the intermediary entity, monitoring the condition to detect that the condition is satisfied and, when the condition is satisfied, verifying that the condition is satisfied and signing the stored value payment block; and   the code for determining when the condition is satisfied includes code for including the verification from the intermediary entity that the condition is satisfied in determining that the condition is satisfied.   
     
     
         14 . The system of  claim 8 , where the set of conditions in the stored value contract block comprises at least one of an installment payment contract, a subscription contract, an insurance contract, an indemnity contract, a guarantee contract, a deposit contract, a bail bond contract, an incentive contract, and a pre-paid goods or services contract. 
     
     
         15 . One or more non-transitory computer storage media having computer executable instructions stored thereon which, when executed by one or more processors, cause the processors to execute operations for managing stored value on a blockchain comprising:
 creating a stored value contract block on a blockchain, the stored value contract block storing an identifier of a first entity and including:   a set of conditions defining when at least a portion of a stored value is to be released;   code for determining that a condition of the set of conditions is satisfied and identifying a transferee entity that has satisfied a condition;   code for receiving a verification from an intermediary entity that the condition is satisfied;   responsive to the verification from the intermediary entity, code for transferring the portion of the stored value to the identified transferee entity; and   storing funds data to the blockchain, the funds data indicating the stored value that is committed to the stored value contract block by the first entity.   
     
     
         16 . The computer storage media of  claim 15 , the media further including instructions for:
 invoking the code for determining when a condition of the set of conditions is satisfied and identifying a transferee entity that has satisfied the condition;   determining that a second entity has satisfied the condition including receiving verification from the intermediary entity that the condition is satisfied and identifying the second entity as the transferee entity that has satisfied the condition; and   transferring the portion of the stored value to the second entity.   
     
     
         17 . The computer storage media of  claim 16 , where:
 the code for determining when a condition of the set of conditions is satisfied includes code for prompting an intermediary entity to verify that the condition is satisfied; and   the code for transferring the portion of the stored value to the identified transferee entity includes code for:   responsive to verification from the intermediary entity that the condition is satisfied, creating a stored value payment block on the blockchain for transferring the portion of the stored value to the transferee entity identified as having satisfied the condition, and   linking the stored value payment block to the stored value block on the blockchain.   
     
     
         18 . The computer storage media of  claim 16 , where:
 the stored value payment block on the blockchain requires the signature of the intermediary entity to release the portion of the stored value.   
     
     
         19 . The computer storage media of  claim 18 , where:
 the intermediate entity signs the stored value payment block to release the portion of the stored value.   
     
     
         20 . The computer storage media of  claim 15 , the media further including instructions for:
 creating a stored value payment block on the blockchain for transferring the portion of the stored value;   linking the stored value payment block to the stored value contract block on the blockchain;   in the intermediary entity, monitoring the condition to detect that the condition is satisfied;   when the condition is satisfied, verifying that the condition is satisfied and signing the stored value payment block; and   the code for determining when the condition is satisfied includes code for including the verification from the intermediary entity that the condition is satisfied in determining that the condition is satisfied.