Blockchain Device Identity Validation for Secure Financial Transactions

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Solution Overview

Problem

Mobile devices used for secure identity applications and financial transactions are vulnerable to unauthorized access due to the level of security associated with them, necessitating a system for managing device identity and tracking financial activity using blockchain management techniques.

Innovation Solution

A system connected to a blockchain distributed network that manages device identity and usage by receiving transaction indications, validating device identity through financial credentials and device information, and allowing transactions based on blockchain conditions, while enabling financial institutions to access and post device records to the blockchain with authentication.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If mobile devices are used for secure identity applications and financial transactions, then convenience and accessibility are improved, but vulnerability to unauthorized access increases

Engineering Contradiction:

Improveconvenience of mobile device accessVSAvoidsecurity against unauthorized access

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

The system segments device identity validation into multiple independent components: device information collection, financial credential verification, blockchain condition checking, and transaction approval. Each component operates independently to validate specific aspects of device identity, creating a layered security approach that maintains convenience while enhancing reliability through distributed validation

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The patent introduces blockchain technology as an intermediary layer between mobile devices and financial institutions. The blockchain network acts as a neutral mediator that validates device identity and transaction authenticity without requiring direct trust between the device user and the financial institution, thereby enhancing security while maintaining ease of operation through automated smart contract execution

Inventive Principle:

Principle #24Intermediary (Mediator)

2Reliability

If device identity validation through blockchain is implemented, then security against unauthorized access is improved, but system complexity increases

Engineering Contradiction:

Improvesecurity validationVSAvoidsystem architecture complexity

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The system implements a universal blockchain-based validation framework that serves multiple functions: device identity verification, financial credential validation, transaction authentication, and security condition checking. This multi-functional approach consolidates what would otherwise require separate complex validation systems into a single unified platform, reducing overall system complexity while maintaining high security standards

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The patent changes the validation parameters from traditional centralized security checks to blockchain-based cryptographic verification. By transitioning from institutional trust models to cryptographic proof models, the system achieves enhanced security validation without requiring complex organizational structures, as the blockchain network itself provides the validation infrastructure through distributed consensus mechanisms

Inventive Principle:

Principle #35Parameter changes

3Reliability

If financial credentials and device information are validated against blockchain conditions, then transaction security is improved, but processing time increases

Engineering Contradiction:

Improvetransaction securityVSAvoidvalidation processing time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The system performs preliminary validation by pre-establishing device identity records on the blockchain and pre-defining security conditions through smart contracts. When a transaction occurs, the blockchain network already has the device information and validation rules ready, eliminating the need for real-time complex computations during transaction processing. This preliminary setup enables fast validation while maintaining high security standards

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS10679215B2System for control of device identity and usage in a process data network

Publication Date: 2020.06.09 BANK OF AMERICA CORP

AI summary

Systems, computer program products, and methods are described herein for a system for control of device identity and usage in a process data network. The present invention is configured to receive an indication that a user has executed a transaction using a mobile device; receive a request to validate mobile device identity; retrieve financial credentials from the mobile device; retrieve device information associated with the mobile device used in the execution of the transaction; determine whether the retrieved financial credentials and the device information meet a condition of the block chain; receive an indication that the retrieved financial credentials and the device information meet the condition of the block chain thereby validating the request; and allow the execution of the transaction to be completed based on at least receiving the indication that the retrieved financial credentials and the device information meet the condition of the block chain.