Payment token system and method based on self-sovereign identity verification

The self-sovereign identity-based payment token system addresses security risks by using DIDs and Verifiable Credentials to manage payment tokens independently, ensuring secure transactions without exposing personal payment information.

KR102992640B1Active Publication Date: 2026-07-21ELECTRONICS & TELECOMM RES INST
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Patent Information

Application Number
KR1020210015324
Authority / Receiving Office
KR · KR
Patent Type
Patents
Current Assignee / Owner
Filing Date
2021-02-03
Publication Date
2026-07-21
Estimated Expiration
2041-02-03

AI Technical Summary

Technical Problem

Existing payment token systems expose personal payment information during registration and transmission, leading to security risks and potential data leaks.

Method used

A self-sovereign identity-based payment token system that utilizes Decentralized Identifiers (DIDs) and Verifiable Credentials, enabling users to manage their own identity certificates and payment tokens without relying on centralized servers, ensuring secure transactions through multiple layers of identity verification.

Benefits of technology

Enhances security by eliminating the need to register personal payment information on servers, allowing convenient and secure financial transactions without exposing sensitive details like credit card numbers or bank account information.

✦ Generated by Eureka AI based on patent content.

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Abstract

A method is provided that is performed by a self-sovereign identity-based payment token system. The method comprises the steps of: a user terminal receiving a payment token identity certificate issued from a financial institution server; the user terminal transmitting the payment token identity certificate and the identity certificate of usage rights (hereinafter referred to as payment token rights) for the payment token to a merchant server; the merchant server requesting a payment from a payment agency server; the payment agency server requesting a payment from the financial institution server; and the financial institution server performing a payment corresponding to the payment request.
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Citation Information

Patent Citations

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