Cross-Border Tokenized Gifting System with Location-Based Value
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Solution Overview
Problem
Current online and digital payment systems do not allow users to transfer money as tokenized gifts across borders, limiting the ability to send monetary value in the form of a gift rather than a direct payment.
Innovation Solution
An instant cross-border electronic tokenized gifting system that enables users to transfer funds from their payment credentials to recipients as tokenized gifts, where the monetary value is adjusted to the average value relevant to the recipient's geographic location, allowing recipients to purchase goods or services without knowing the exact monetary value.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional online payment systems are used, then transactions between vendor and customer are simplified, but users cannot transfer money to third parties in the form of tokenized gifts
Solution Approach 1:
The patent introduces a tokenized gift system as an intermediary layer between traditional payment systems and third-party fund transfers. The system uses tokens representing monetary values that can be gifted and redeemed, enabling versatile fund transfer functionality without requiring direct integration with multiple payment providers. The token acts as a mediator that simplifies the complexity by abstracting underlying payment infrastructure.
Solution Approach 2:
The system segments the fund transfer functionality into distinct components: token generation, token gifting, token redemption, and merchant processing. This segmentation allows each component to be independently managed and optimized, reducing overall system complexity while enabling the versatile tokenized gift transfer capability.
2Adaptability or versatility
If fixed monetary values are transferred, then precision is maintained, but adaptability to different geographic locations and average gift values is reduced
Solution Approach 1:
The system dynamically changes the monetary value parameter of tokens based on the recipient's geographic location and local average gift values. When a token is gifted, the system automatically adjusts its redemption value to match local market conditions, enabling adaptability across different regions while maintaining precision through automated calculation and enforcement of location-specific value parameters.
Solution Approach 2:
The patent implements local quality by making token values location-dependent. Each geographic region has its own average gift value metrics, and tokens redeemed in different locations automatically acquire the appropriate local value. This ensures that a tokenized gift maintains appropriate purchasing power and cultural relevance in each specific geographic context.
3Speed
If real-time fund transfers are implemented, then speed is improved, but system complexity and security requirements increase
Solution Approach 1:
The system uses token copies to enable real-time fund transfers. When a user gifts money, the system creates a token copy representing the transferred value that can be instantly delivered and redeemed without moving actual funds in real-time. This copying mechanism achieves high transfer speed while reducing system complexity by avoiding real-time coordination with multiple payment processors and banks.
Solution Approach 2:
The system performs preliminary actions by pre-generating tokens with embedded value information before transfers are needed. Tokens are created and stored in advance, allowing instant transfer and redemption without requiring complex real-time validation and fund movement coordination. This preliminary token preparation enables fast transfers while simplifying the actual transfer process.
Data Source
AI summary
An electronic instant tokenised gifting method including at least one server, the electronic instant tokenised gifting method including steps of: a) providing an electronic interface associated with an instant cross-border electronic tokenised gifting system on an electronic device associated with a gifter; b) associating one or more payment credentials of the gifter with an instant cross-border electronic tokenised gifting system account associated with the gifter using the electronic interface; and c) transferring, with the instant cross-border electronic tokenised gifting system, funds from the one or more payment credentials to one or more giftees, wherein the funds are received in the form of a tokenised gift, and wherein a monetary value of the tokenised gift is approximately equal to an average value of the tokenised gift in a geographic location of the one or more giftees.