Method And System For Gross Settlement By Use Of An Opaque Blockchain

Abstract: A method for confirmation of an electronic transaction using a blockchain (114) includes: receiving transaction data, the transaction data including a transaction amount and currency code; generating a transaction message formatted based on one or more standards including a first data element configured to store the transaction amount, a second data element configured to store the currency code, and a third data element configured to store an invoice identifier; transmitting the transaction message to a financial institution (1102, 1110) via a payment network (112); receiving a return message from the financial institution (1102, 1110) via the payment network (112) formatted based on the one or more standards and including a data element configured to store the transaction amount, currency code, and invoice identifier; and generating a hash value based on application of hashing algorithms to the transaction amount, currency code, and invoice identifier stored in the data element included in the received return message.

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