Blockchain Payment Token Flow Without Recipient Registration
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Solution Overview
Problem
Conventional blockchain-based payment platforms require recipients to register for an account or provide personal information, which can compromise the privacy of the recipient's information and control the transaction process, creating a less than ideal user experience and being computationally intensive.
Innovation Solution
A blockchain-based peer-to-peer payment system that allows transactions without requiring the recipient's information by using an analytics server to debit a user's account and instruct an electronic terminal to dispense the requested amount, using a unique token and an identification of an electronic terminal.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional payment platforms require recipient registration and personal information to complete transactions, then transaction security and tracking are improved, but user privacy is compromised and the transaction process becomes more complex
Solution Approach 1:
The patent introduces a blockchain network as an intermediary layer between sender and recipient. The blockchain distributes transaction verification across multiple nodes, eliminating the need for centralized recipient account verification while maintaining security through cryptographic proof and distributed consensus mechanisms.
Solution Approach 2:
The patent extracts the recipient's personal information and account details from the transaction process. Instead of requiring recipient registration, the system uses cryptocurrency addresses and blockchain-based verification, separating the essential transaction functionality from unnecessary personal data collection.
2Reliability
If conventional payment platforms store and process recipient account information, then transaction tracking and verification are improved, but computational resources and processing time are increased
Solution Approach 1:
The patent implements preliminary actions by pre-validating transactions through cryptographic signatures before they are added to the blockchain. The distributed network nodes verify transaction validity in advance through consensus mechanisms, reducing the need for time-consuming post-transaction verification and account lookups.
Solution Approach 2:
The patent uses cryptographic copies (hashes and digital signatures) instead of storing actual recipient account information. The blockchain maintains verification copies of transaction data through distributed hashing, enabling fast verification without processing or storing sensitive personal information.
3Reliability
If conventional payment platforms require recipient account registration, then fraud prevention is improved, but user convenience and ease of operation are reduced
Solution Approach 1:
The patent enables self-service by allowing users to generate their own cryptocurrency addresses and private keys without platform registration. The blockchain network itself provides the security and verification services that would otherwise require centralized account management, empowering users to conduct transactions independently.
Solution Approach 2:
The blockchain network acts as an intermediary that provides fraud prevention through distributed consensus and cryptographic verification, replacing the need for centralized account registration systems. This intermediary layer maintains security while allowing direct peer-to-peer transactions without platform-mediated account creation.
Data Source
AI summary
Disclosed herein are methods and systems to facilitate a blockchain-backed peer-to-peer transaction without requiring the recipient's personally identifiable information and without updating the recipient's blockchain. A central server may receive a transaction request from a sender and may identify a system blockchain associated with the sender. When the server determines that the sender's accounts can satisfy the request, the server generates a unique transaction token. The server then transmits the unique transaction token to the sender, recipient (if indicated within the sender's request), and one or more electronic terminals. When the server receives an indication that the recipient has inputted the unique transaction token to the electronic terminal, the server appends a block instance corresponding to the transaction to the system blockchain.