Digital Bitcoin Wallet Biometric QR Transaction System
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Solution Overview
Problem
Cash-based transactions lack convenience and anonymity, especially in remote transactions, and are not suitable for digital platforms, while existing cryptocurrencies like Bitcoin are volatile and not ideal for common transactions.
Innovation Solution
A digital+bitcoin (d+b) wallet system that uses QR codes encoded with cryptocurrency values and biometric authentication for secure, anonymous transactions with vendors, leveraging StableCoin for price stability and anonymity.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If cash-based transactions are used, then anonymity is provided, but convenience and remote transaction capability are lost
Solution Approach 1:
The patent introduces a digital wallet system as an intermediary between cash and digital transactions. The wallet stores cryptocurrency values and enables anonymous transactions through QR code exchanges, combining the anonymity of cash with the convenience of digital transactions. The wallet acts as a mediator that preserves user anonymity while enabling remote and convenient purchases.
2Reliability
If Bitcoin is used for transactions, then anonymity is provided, but price volatility makes it unsuitable for common transactions
Solution Approach 1:
The patent implements parameter changes by introducing StableCoin as a alternative cryptocurrency with stable value. The system allows users to store and transact with different cryptocurrency types, including stablecoins that maintain price stability while preserving anonymity. This enables common transactions to proceed with predictable pricing while maintaining the anonymity benefits of cryptocurrency.
3Ease of operation
If digital wallet systems are implemented, then remote transactions are enabled, but security risks increase
Solution Approach 1:
The patent applies preliminary action by requiring biometric authentication before transactions and pre-registering vendors in a database. The system performs security verification in advance through fingerprint or facial recognition, ensuring that only authorized users can access their wallet funds. Vendor pre-registration allows the system to verify business licenses and tax IDs before transactions, preventing fraudulent activities.
Solution Approach 2:
The patent implements feedback mechanisms through real-time transaction monitoring and suspicious activity flagging. The system continuously monitors transactions and automatically flags suspicious patterns for review, providing ongoing security feedback. Transaction details are recorded and can be reviewed, creating a feedback loop that enhances security while maintaining transaction convenience.
Data Source
AI summary
A method for transferring a good or service from a d+b wallet-supporting vendor to a user registered with a digital+bitcoin (d+b) wallet is provided. The user may be registered with a cryptocurrency provider and a value allocation. The method may receive, at the vendor, a user request configured for a cryptocurrency-based transaction. The method may transmit, a consent to transact the cryptocurrency-based transaction and, in response to the transmitting of the consent to transact, receive, from the user device, a Quick Response (QR) code. The code specifies: a) an amount of cryptocurrency; and b) a product or a service to be exchanged for the amount of cryptocurrency. The method may also receive a biometric characteristic that confirms the transaction. The method may then receive the amount of cryptocurrency via the d+b wallet, and transmit a confirmation of receipt of the cryptocurrency.