Transaction account micropayment system of blockchain

Transaction account micropayment system of blockchain

System architecture:

System composition: including account holders, end-user devices, merchant systems, issuer systems, and micropayment networks based on blockchain.

Blockchain network: as a distributed ledger, it is used to record and manage micropayment transactions and provide tamper-proof data storage and verification.

Registration process:

Account holder registration: access the issuer system portal through the end-user device, provide blockchain address and identity information, generate and associate the account holder smart contract.

Merchant registration: the merchant accesses the issuer system portal through the merchant system, provides the blockchain payment address and merchant ID, generates and updates the catalog smart contract.

Transaction process:

Micropayment request: the browser or application plug-in on the end-user device receives the micropayment request from the merchant system.

Verification and recording: verify the merchant request through the account holder smart contract, record the micropayment transaction debit to the blockchain, and notify the content provider system that the payment is completed.

Content delivery: after receiving the payment notification, the content provider system provides paid content to the end-user device.

Clearing and Settlement:

Clearing Events: Generate clearing events based on transaction clearing criteria (such as single transaction threshold, cumulative transaction threshold, transaction volume or time threshold).

Aggregation and Transfer: The issuer system aggregates micropayment transaction debits, generates account holder debit transfer balances, and transfers them to the accounts receivable system.

Merchant Credit: Allocate credit payable to merchants based on account holder debit balances.

Technical Implementation:

Smart Contracts: Account holder smart contracts and directory smart contracts autonomously manage registration credentials, transaction credits and debits, wallet transaction addresses, and merchant payment address peer information.

Blockchain Nodes: Responsible for writing and retrieving data in the blockchain network, verifying blocks, and establishing consensus with other blockchain nodes.

Blockchain SDK: Merchant systems use SDKs to communicate with blockchain networks and execute API calls to interact with blockchain databases.

System Advantages:

Cost-Effectiveness: Reduce transaction costs in traditional payment networks and improve processing efficiency by batch processing of micropayment transactions.

Data Security: Utilize the immutability and encryption technology of blockchain to enhance the security of transaction data and reduce the risk of attacks.

Transparency and reliability: The distributed ledger provided by blockchain makes the transaction process highly transparent while enhancing the system's fault tolerance and data consistency.

Application scenarios:

Content payment: Applicable to scenarios where content providers charge users through micropayment walls, removing advertisements, obtaining other items, etc.

Service providers: Service providers such as parking lots and sharing economy platforms can realize instant and small fee collection through micropayment systems.

These points comprehensively outline the architecture, registration, transaction, clearing process, technical implementation, advantages and application scenarios of the blockchain-based transaction account micropayment system, demonstrating the system's potential in improving payment efficiency, reducing costs, and enhancing security and transparency.