Banking Kit Decentralized Data Storage
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Solution Overview
Problem
Conventional fintech systems face challenges in scaling to meet growing customer traffic demands, requiring cumbersome security and management of centralized financial data, and rely on powerful tools for analysis and recommendations, which can be inefficient and insecure.
Innovation Solution
A banking kit that leverages financial data stored within individual cloud accounts on network edges, such as mobile devices, reducing network calls to backend servers and using blockchain for secure data management and validation, enabling real-time transaction validations and personalized recommendations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If financial data is stored in a common centralized database, then data management and security become cumbersome and require powerful backend servers, but this increases system complexity and reduces scalability
Solution Approach 1:
The patent segments the centralized database into individual cloud accounts, with each customer having their own isolated cloud account stored on their mobile device. This segmentation eliminates the need for a common centralized database while maintaining data security, as each account is self-contained and managed locally rather than centrally.
Solution Approach 2:
The patent extracts financial data from the centralized backend server and places it directly into individual cloud accounts on customers' mobile devices. This extraction removes the dependency on powerful backend servers for data storage and reduces system complexity, while data security is maintained through the decentralized architecture.
2Productivity
If backend servers are scaled up to meet growing customer traffic demands, then service capacity increases, but security and management of centralized data become more cumbersome
Solution Approach 1:
The patent implements self-service by enabling each customer's mobile device to independently access and manage their own cloud account data without requiring backend server intervention for data retrieval. The banking kit on the mobile device performs local validations and only communicates with the backend when necessary, allowing the system to scale horizontally by adding more mobile devices rather than vertically by scaling backend servers.
3Loss of information
If all customer data is stored in one single database, then data analysis and recommendations can be performed centrally, but powerful tools are required and the system becomes inefficient and insecure
Solution Approach 1:
The patent introduces an intermediary approach where the banking kit on the mobile device acts as a local intermediary that performs data analysis and validation functions. Instead of requiring powerful centralized tools to analyze all customer data, the banking kit leverages the data already stored in the individual cloud account on the mobile device, performing local analysis and only communicating essential information with the backend, thus maintaining security while enabling analysis capabilities.
Data Source
AI summary
Implementations generally relate to a banking kit. In some implementations, a method includes creating at least one cloud account of a plurality of cloud accounts, where the at least one cloud account is associated with an end user. The method further includes storing user data associated with the end user in a database associated with the end user. The method further includes enabling a client device associated with the end user to access the cloud account. The method further includes enabling a bank server to access the cloud account.