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1. (AU2017101206) New Blockchain Foreign Exchange Innovation Patent international funds transfers settled locally/nationally by our blockchain sender and receiver in but not limited to both countries matching algorithm and POS proof of stake secondary mining process.for entities such as but not limited to Governments, treasuries, central banks, banks, financial institutions, monetary funds, judicial entities, real estates, properties commercial, industrial, domestic, foreign, stock, bond, share and IT software markets, insurance captive Islamic banking sharia compliant blockchain foreign exchange innovation.
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2017101206
There are three pages of claims only
This new blockchain foreign exchange innovation patent makes it possible to internationally transfer funds via a foreign exchange, for example AMLFX: a blockchain foreign exchange, and have them 'settled local/nationally. What this means is that the funds never leave the country, they simply go from one users account in country to another users account in country, as an example but not limited to: bank to bank, credit union to bank, financial institution to bank, fund to financial institution etc. The banks would also have access to the POS (proof of stake) mechanism built into the blockchain to use as reserves and keep the network up and running. As an incentive it could also offset by monetising the digital assets/commodities which could in turn reduce transaction fees.
New Blockchain Foreign Exchange Innovation Patent international funds transfers settled locally/nationally by our blockchain sender and receiver in but not limited to both countries matching algorithm and POS proof of stake secondary mining process.for entities such as but not limited to Governments, treasuries, central banks, banks, financial institutions, monetary funds, judicial entities, real estates, properties commercial, industrial, domestic, foreign, stock, bond, share and IT software markets, insurance captive underwriting institutions, public, private, wholesale, retail and service sectors, profit-sharing and those who want to be a part of the first Islamic banking sharia compliant blockchain foreign exchange innovation.
As an example, Thomas and Bill are in a bar in Canada having a conversation and Bill brings up that he is waiting on funds of $1000US from his friend Chao in China, when Thomas says I am sending my friend Jing in China $1000US. Gary, sitting at the next table over hears them talking and says why dont you Thomas give Bill your $1000US and Bill you get Chao to give Jing $1000US. Both transactions would then be settled and you can both get on with your business also the money stays in country as opposed to one leaving one and the other leaving the other.
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How does this new blockchain foreign exchange innovation patent work:
As you can see from the example in claim 1 it has a number of moving parts
which to work with. You could also have a bank financial institution/monetary fund/insurance company with a float in case one or several of the parties are out of balance, meaning they will not be able to settle up on the other side and/or they will want to send to their friend in another country but there is not a sender in that country at that amount available at that time, this is when a financial institution would step in and make up the shortfall until they are made whole: they would act like a float.
Banks are happy because they dont lose the deposits to offshore accounts and the best bank with the best service will get new blockchain foreign exchange customers
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The Blockchain
The blockchain makes this entire process possible because it has inbuilt security and a structure whereby we can code in the algorithms we need to match up the 4 parties in the equation. Sender/receiver in both countries make a settlement balanced equation. What the blockchain does is send the value either as an asset and/or a message to the payment processor, example V2Pay which would process the requests from all senders and receivers in a country and match them to all senders and receivers in a different country. The blockchain would automate this process settling all requests from all countries at all times.
As an example Thomas, Bill, Chao and Jing would download the AMLFX app from the app store, fill out all the details, use the built in API to connect their bank accounts to V2Pay, the backend blockchain processor this could also be but not limited to a bank financial institution. Thomas would fill out the send form with Jings account information which V2Pay would already have since Jing is now a member and would have an allocated blockchain address on signup including funds available to make the send transaction. Chao would also fill out a send form including funds available to make the send transaction which is going to go directly to Bill. When the send blockchain process begins they are instantly matched by the system, meaning the blockchain system knows that there is a sender from China and a sender from Canada therefore there must be a receiver in China and a receiver in Canada the match is made and accounts settled meaning deposits are made. Fees and charges would still apply however at a reduced rate because the funds never actually leave the country of origin they simply move from one account holder to another in country.
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Security
The blockchain adds another layer of security against hackers on the front end and back end of the foreign exchange process since the banks are the ones doing the actual send and receive at V2Pays, the payment processors authorisation and clearance. All security protocols are met and exceeded as this is a blockchain product and process. Perfect for the unbanked and underbanked as the processor V2Pay as an example would use Bio ID Facial recognition ID, Voice recognition ID, Palm & fingerprint recognition ID.
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Blockchain Foreign Exchange Anti-Money Laundering - Know Your Client/Customer - Counter-terrorism financing AML/KYC/CTF Governments and regulatory agencies will have access to the blockchain block explorer for all transactions through the blockchain for their side of the send and receive equation which they will be able to notice any anomalies that may arise. They will be able to look at each transaction and know when and where it was sent from the sender in country and received by in country. The blockchain makes this an open and transparent process. Direct access to the in country blockchain foreign exchange data
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