Method And System For Private Transaction Processing

Abstract: A method for facilitating secure private. -transfers in a blockchain includes: receiving an initiate message from a device for a proposed private transfer including a private group identifier, entity identifier, and transfer amount; executing a smart contract using the initiate message as input resulting in transmitting an event message to a central authority system including the -entity identifier and transfer amount; receiving a response message from the central authority- system including an indication of approval or rejection of the proposed private transfer; and executing the smart contract using the response message as input resulting in (i) adding a.private: blockchain transaction for transfer of the transfer amount from a first blockchain wallet associated with the entity identifier to a second blockchain wallet in a private group associated with the private group identifier if the response message includes an indication of approval, or (ii) declining the proposed private transfer.

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