Blockchain Banknote Key Revocation for Cashless Payments
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Solution Overview
Problem
Existing cashless payment systems require bank accounts and digital infrastructure, limiting their accessibility and convenience, especially for transactions involving distant parties.
Innovation Solution
A banknote equipped with a processor and asymmetric key pair, allowing direct registration and revocation of user computer system keys in a blockchain, enabling cashless transactions without the need for additional setup and ensuring security through the banknote as a central anchor.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If cashless payment systems are used, then payment processing efficiency is improved, but accessibility and convenience deteriorate due to requirements for bank accounts and digital infrastructure
Solution Approach 1:
The patent introduces a blockchain as an intermediary layer that enables cashless payments without requiring traditional bank accounts. The blockchain serves as a decentralized infrastructure that anyone can access, mediating between the physical banknote and the digital payment system. This resolves the contradiction by providing payment processing efficiency through blockchain technology while maintaining accessibility through the universal availability of physical banknotes.
Solution Approach 2:
The patent makes the physical banknote multi-functional by equipping it with a processor and cryptographic capabilities. The banknote can now serve both as traditional physical cash and as a digital payment instrument. This universality allows users to enjoy both the accessibility of physical cash and the efficiency of cashless payments, resolving the contradiction between the two payment methods.
2Reliability
If asymmetric key pairs are registered in blockchain for cashless payments, then security is improved, but device complexity increases due to key management requirements
Solution Approach 1:
The patent implements self-service key management where the banknote itself generates, stores, and manages its asymmetric key pairs. The cryptographic operations are performed autonomously by the banknote's processor without requiring external key management infrastructure. This resolves the contradiction by maintaining high security through cryptographic protocols while eliminating the complexity of external key management systems.
Solution Approach 2:
The patent nests the cryptographic key management system within the physical banknote itself. The processor and memory for key management are embedded inside the banknote, creating a hierarchical structure where the simple-looking banknote contains complex security functionality. This nesting resolves the contradiction by hiding the complexity within the banknote while presenting a simple interface to users.
3Adaptability or versatility
If banknotes are equipped with processors and cryptographic keys, then functionality is improved, but manufacturing complexity increases
Solution Approach 1:
The patent segments the banknote into distinct functional modules: the physical substrate, the processor unit, the memory unit, and the cryptographic key storage. This segmentation allows each component to be manufactured separately using optimized processes and then assembled together. This resolves the contradiction by enabling complex functionality while maintaining manufacturing feasibility through modular construction.
Solution Approach 2:
The patent changes the physical and chemical parameters of the banknote materials to accommodate electronic components. The substrate is selected and treated to provide appropriate electrical properties, thermal management, and mechanical support for the processor and memory. These parameter changes enable the integration of electronic functionality while maintaining the banknote's physical integrity and manufacturability.
Data Source
AI summary
In one embodiment, the method sending a revocation request to the banknote, in response to the revocation request, receiving a cryptogram signed by the banknote, wherein the first cryptogram includes an identification number of the banknote and a revocation confirmation, and forwarding the signed cryptogram to a blockchain server of a blockchain for entering the revocation confirmation of the banknote identified by the identification number in the blockchain.