Bank of America Corporation
CENTRALIZED RESOURCE TRANSFER ENGINE FOR FACILITATING RESOURCE TRANSFERS BETWEEN DISTRIBUTED INTERNET-OF-THINGS (IOT) COMPONENTS

Abstract:

Systems, computer program products, and methods are described herein for a centralized resource transfer engine for facilitating resource transfers between distributed IoT devices. The present invention is configured to receive, from a first autonomous IoT device, a transaction authorization request to execute a transaction with a second autonomous IoT device; receive information associated with the first autonomous IoT device, information associated with the second autonomous IoT device, and information associated with the transaction; determine one or more constraints associated with the transaction; determine that the first autonomous IoT device is authorized to execute the transaction with the second autonomous IoT device within the one or more constraints; transmit a transaction authorization to the first autonomous IoT device to execute the transaction within the one or more constraints; and receive, from the first autonomous IoT device, an indication that the transaction has been executed.