Digital asset exchange system and related methods

Abstract

The present invention provides a system as a computer server platform and application programming software installed in primary devices of users for exchanging and trading digital asset securely and anonymously between two users of the system where said digital asset is registered under a device account of a primary device of a user with the system using a unique device account name. The present invention respects “privacy by design” in GDPR by using device account based-on anonymized data instead of personal account based-on personal data of prior art to ensure the system does not collect, store and process users' personal data in the course of device accounts' set-up and transactions of digital assets.

Description

FIELD OF THE INVENTION[0001]The present invention relates to system and related methods with “Privacy by Design” as core concept for securely and anonymously issuing, purchasing, exchanging, trading, redeeming and validating different types of Digital Asset without using users' accounts and personal data of the users involved.BACKGROUND OF THE INVENTION:[0002]In the digital age of the 21st century, people are used to accept different online services by downloading and installing application software (App) on their mobile devices which is including but not limited to smartphones, computer tablets and wearables. In order to open an online account such as WhatsApp, Wechat, Google, Facebook or Amazon in the prior art, a user need generally to provide a unique user account name or an online service provider suggests a unique user account name which could be accepted by said user. Some vendors use a cellphone number or an email address as a unique user account name. The next step is to pr...

AI Technical Summary

Benefits of technology

This patent is about a system and methods for replacing Physical Asset with Digital Asset to increase security, privacy, prevent fraud, enable tracking, and improve user-friendliness. The system does not collect, store or process users' personal data during account set-up and digital asset transactions. The main advantage of this invention is that users do not need to provide their personal data when setting up an online account with the system for conducting a secure and anonymous exchange of digital assets world-wide. This leads to a higher level of control for the vendors and reduces the risk of personal data being shared with third-party vendors. Overall, this patent aims to provide a more secure and user-friendly way to manage and trade digital assets.

Problems solved by technology

Online services providers now have to pay great attention to the use of personal data in their system due to heavy penalty set down in GDPR and CCPA.

Consumers love and hate gift cards because it is convenient to give and receive them but it is also inconvenient to carry different vendors' gift cards around for shopping.

It is also too easy to forget, misplace or lose gift cards.

In the secondary market, gift cards holders may wish to exchange or trade their unused gift cards from certain vendors for other preferred vendors but this task is not easy to be accomplished unless there is a reciprocal need within the reach of these unused gift cards holders.

In general, the secondary market is not efficient, not user friendly, costly for users and privacy is not respected for all stakeholders including vendors, merchants and users.

On the other hand, the speculation on the resale of event tickets in the secondary market with exorbitant profit is uncontrollable and unlawful in certain countries.

Said secondary market may nurture gangs of criminals entering in this highly profitable business with fake event tickets on circulation by harming the general public as well as the vendors of said event tickets.

The loss of Physical Asset is another unpleasant experience concerning everyone.

Physical tickets or cards inside a personal wallet are gone once someone lost his / her wallet and most of time, said tickets or cards cannot be recovered.

This redemption method lacks adequate security protections of the eGiftcards because the machine readable pin is visible and the accidental leaking of said pin leads to potential risk of hacking, unlawful pin duplication, and other fraudulent uses.

For such eGiftcards, the advantages are clearly on the side of the vendors in the form of cost saving in printing and distribution of physical gift cards while the benefits and interest of the consumers in purchasing, exchanging and trading of said eGiftcards are not fully respected.

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