Blockchain Wallet Currency Exchange Beyond Bank Hours
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Solution Overview
Problem
Existing currency exchange services face challenges with traffic costs and security vulnerabilities, and are limited by the operational hours of bank servers, necessitating a solution for secure, uninterrupted, and time-independent exchange services.
Innovation Solution
A blockchain wallet-based system that creates a linked wallet account, determines exchange rates using a main server's policy, records transactions on a blockchain network, and performs exchanges without direct bank account transactions, enabling 24-hour service.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If direct transactions with bank server are used for currency exchange, then transaction reliability is maintained, but service is limited by bank server operational hours and security vulnerabilities arise
Solution Approach 1:
The patent introduces a blockchain wallet as an intermediary between the user and the bank server. The wallet account holds currency balances and enables exchanges without direct bank server transactions during non-business hours. The blockchain network acts as a distributed intermediary that records transactions and maintains reliability while enabling 24/7 access.
Solution Approach 2:
The patent segments the currency exchange system into separate components: a user wallet account, a blockchain network for transaction recording, and bank servers for actual currency transfers. This segmentation allows the wallet and blockchain to operate independently during non-business hours while maintaining connection to bank servers when needed, resolving the contradiction between reliability and availability time.
2Reliability
If blockchain technology is used for secure storage, then security is improved, but system complexity increases
Solution Approach 1:
The patent uses blockchain technology to create a distributed copy of transaction records across multiple nodes in the network. Instead of storing all data centrally, each node maintains a copy of the ledger, which improves security through redundancy while the standardized blockchain protocol simplifies the overall system architecture compared to custom secure storage solutions.
3Measurement precision
If exchange rate is determined by standard foreign exchange brokerage rate, then transaction accuracy is maintained, but service cannot operate during non-business hours
Solution Approach 1:
The patent implements preliminary action by pre-establishing exchange rate policies and calculating rates in advance during business hours. The system stores historical rate data and can determine exchange rates for non-business hours based on pre-calculated values or interpolated rates from nearby business hour transactions, enabling accurate exchanges outside traditional operating hours.
Solution Approach 2:
The patent makes the exchange rate determination dynamic by allowing the system to adapt to different time conditions. During business hours, standard brokerage rates are used; during non-business hours, the system dynamically switches to alternative rate determination methods such as average of buying and selling rates or rates based on recent transaction history, maintaining accuracy while extending service hours.
Data Source
AI summary
An embodiment relates to a method for providing a 24-hour currency exchange service based on a blockchain wallet, executed by a main server. The method comprises: (a) generating a wallet account linked to a first national currency bank account of a user in response to a request from a user terminal; (b) receiving a currency exchange request from the user terminal and determining an exchange rate; and (c) verifying whether the requested amount of the first national currency has been deposited into the wallet account, and if deposited, recording the corresponding amount of the second national currency in the wallet account and distributing and storing the exchange transaction between the first and second national currencies across a blockchain network.