Multi-Account Check Processing via Blockchain Routing
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Solution Overview
Problem
Traditional checks lack convenience and efficiency, particularly when multiple transaction accounts need to be used for funding a transaction, as consumers must carry and fill out multiple checks, increasing the risk of human error and time consumption.
Innovation Solution
A multi-account check system utilizing a blockchain to store data, allowing a single check to draw on multiple transaction accounts, processed by a centralized server that routes transactions across associated accounts, reducing the need for multiple checks and minimizing human error.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a consumer uses multiple separate checks to fund a transaction from multiple accounts, then each account can be independently utilized, but the consumer must carry and fill out multiple checks, increasing time consumption and human error
Solution Approach 1:
The patent combines multiple separate check instruments into a single unified check that can draw from multiple transaction accounts. The processing server receives a single authorization request containing a check number, identifies the associated blockchain, and automatically routes the transaction to multiple financial institutions based on the blockchain data, eliminating the need to manually fill out and process multiple separate checks
Solution Approach 2:
The single check instrument is designed to perform multiple functions by being associated with multiple transaction accounts through the blockchain. The check number serves as a universal identifier that can trigger transactions from different accounts depending on the routing logic in the processing server, making one check equivalent to multiple checks
2Adaptability or versatility
If a consumer uses multiple separate checks to fund a transaction, then each account can be independently utilized, but the complexity of managing and processing multiple checks increases
Solution Approach 1:
The processing server acts as an intermediary between the single check instrument and multiple financial institutions. It receives the authorization request with the check number, queries the blockchain to identify associated accounts, and automatically routes transactions to the appropriate financial institutions, simplifying the overall process despite the multi-account complexity
Solution Approach 2:
The system creates a digital copy of the check information on the blockchain, where the check number and associated account data are stored immutably. This digital representation allows the processing server to automatically retrieve and route transaction information without manual intervention, reducing processing complexity
3Reliability
If traditional check processing is used without blockchain, then the system is simpler, but security and fraud prevention capabilities are reduced
Solution Approach 1:
The patent replaces traditional mechanical check processing systems with a blockchain-based digital verification system. Instead of relying on physical check validation and manual routing, the system uses cryptographic blockchain data structures to verify check authenticity and automatically determine transaction routing, enhancing security while managing complexity through automation
Data Source
AI summary
A method for processing a multi-account check includes: receiving a first authorization request including a transaction amount, an account identifier, and a check number; identifying a blockchain associated with the account identifier including a plurality of blocks, each block including a block header and blockchain data values, and a blockchain data value included in one of the blocks including the check number; generating two or more additional authorization requests including a payment amount, an alternate account number, and an alternate check number, where the alternate account number included in each of the additional authorization requests is unique among the additional authorization requests and a total of the payment amount included in the additional authorization requests is based on the transaction amount; and transmitting each of the additional authorization requests to a financial institution associated with the alternate account number included in the respective additional authorization request.