Digital ID Recipient Distribution System
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Solution Overview
Problem
Current methods for distributing property, such as from a will or trust, face challenges due to outdated contact information and recipient unwillingness to disclose financial details, leading to complications for trustees and executors in locating and transferring assets.
Innovation Solution
A system utilizing a processor and memory to obtain and maintain digital IDs from recipients, sending periodic notifications to update contact information, and distributing assets using peer-to-peer payments without requiring personal financial information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Force
If traditional conveyance vehicles are prepared many years in advance, then the distribution process can be planned ahead, but the contact information becomes outdated and difficult to locate recipients
Solution Approach 1:
The system performs preliminary actions by establishing a digital ID framework and notification system before the actual distribution occurs. The conveyance vehicle is prepared in advance with digital ID-based distribution mechanisms, allowing the system to maintain updated recipient information through periodic notifications while still enabling forward planning of the distribution process.
Solution Approach 2:
The system implements feedback mechanisms through periodic notifications sent to recipients to verify and update their contact information and digital IDs. This continuous feedback loop ensures that the distribution system has accurate, up-to-date information about recipients, resolving the contradiction between advance preparation and information accuracy.
2Measurement precision
If recipients are contacted for financial information, then accurate distribution can be achieved, but recipients may be unwilling to disclose personal financial details
Solution Approach 1:
The system introduces a digital ID as an intermediary that mediates between the distribution system and the recipient's financial information. The digital ID serves as a placeholder that allows the system to identify and distribute to recipients without requiring them to disclose personal financial details like bank account numbers, thus maintaining distribution accuracy while reducing the burden on recipients.
Solution Approach 2:
The system creates a digital copy or representation of the recipient's identification information (digital ID) that can be used for distribution purposes without requiring the actual financial information to be disclosed. This digital copy allows the system to maintain accurate recipient identification while keeping financial details private.
3Reliability
If digital IDs are obtained and maintained through periodic notifications, then contact information remains updated, but the system complexity increases
Solution Approach 1:
The system implements self-service mechanisms where recipients automatically receive and respond to periodic notifications to update their digital IDs and contact information. This automated self-service approach maintains reliable, current information without requiring complex manual intervention or overly complicated system structures, as the process is designed to be straightforward for end users.
Data Source
AI summary
An apparatus and method of maintaining beneficiary information are disclosed. The apparatus can be configured to perform the method, which may include obtaining information for one or more recipients of one or more conveyances of property, obtaining one or more digital IDs from the one or more recipients, maintaining the one or more digital IDs from the one or more recipients by periodically sending notifications to the one or more recipients, and distributing assets with the one or more digital IDs to the one or more recipients.