METHOD OF PAYMENT BETWEEN PLURALITY OF USERS IN DISTRIBUTED NETWORK SYSTEM USING TOKENS

摘要

Embodiments of the present disclosure relate to method and a system for payment between plurality of users using tokens in a distributed networking system. The method involves configuring a token account for each transacting user of the distributed networking system. In a transaction between users, the consumer obtaining service from the provider should provide predefined number of tokens for the obtained service. The predefined number of tokens is transferred from the token account of the consumer to the token account of the provider. If there is non-availability of the predefined number of tokens to perform the transaction in the token account of the consumer, the transaction server in the distributed networking system allows the transaction only if the consumer account is still within the defined credit limit after paying the predefined number of tokens from the consumer account.

主权项

1. A method of payment between plurality of users in a distributed networking system using tokens comprising:
determining one or more users involved in a transaction by a processing unit of a transaction server, wherein the determined one or more users is associated with a token account, said token account is stored in a storage unit of the transaction server; retrieving value of the transaction and predefined number of tokens associated with the retrieved value of the transaction wherein the transaction is between the one or more users and the one or more users are at least one of a consumer and a provider; validating the token account of the consumer by the processing unit to transfer the payment to the provider, wherein the token account of the consumer is validated to check if balance number of tokens available in the token account of the consumer after paying the predefined number of tokens is within a credit-limit specified by the transaction server; and transferring the predefined number of tokens associated with the retrieved value of the transaction from the token account of the consumer to the token account of the provider by the processing unit upon validation.