Digital Payment System Using User Data Valuation
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Solution Overview
Problem
Current payment systems in service ecosystems are limited by dependence on traditional financial instruments and lack a secure, dynamic mode for facilitating transactions, especially in digital and blockchain-enabled networks.
Innovation Solution
A computer-controlled payment system that enables seamless transactions by using user data as a transactional value, processed through a service provider system with a payment engine, pre-consenting system, and blockchain device, allowing data valuation and authorization for digital service delivery.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional financial instruments are used for payment transactions, then the system is simple and easy to operate, but the system lacks security and adaptability in digital and blockchain-enabled networks
Solution Approach 1:
The patent introduces a payment engine as an intermediary component that sits between the service provider system and the blockchain network. This payment engine handles the complexity of blockchain transactions, data valuation, and authorization internally, while presenting a simplified interface to users. The intermediary absorbs the complexity of cryptographic operations, smart contract interactions, and data worth calculations, shielding end users from these complexities while maintaining high security standards through blockchain technology.
2Adaptability or versatility
If user data is used as transactional value, then the payment system becomes more dynamic and secure, but the system complexity increases due to data valuation and authorization requirements
Solution Approach 1:
The patent implements a pre-consenting system that performs preliminary actions by obtaining user authorization for data sharing before transactions occur. The system pre-establishes trust relationships, data access permissions, and valuation parameters in advance. This preliminary authorization process creates a framework that simplifies subsequent transactions, as the complex tasks of data verification, ownership validation, and permission checking have already been resolved during the pre-consenting phase, reducing processing complexity during actual payments.
Solution Approach 2:
The payment engine incorporates self-service mechanisms where the system automatically performs data valuation, authorization verification, and transaction execution without requiring manual intervention for each step. The blockchain network itself provides self-service through automated consensus mechanisms, smart contract execution, and cryptographic verification. This automation reduces the need for complex manual processing while maintaining high adaptability in handling various payment scenarios.
3Measurement precision
If data worth calculation is implemented based on predefined criteria, then the payment system becomes more precise and reliable, but the ease of operation decreases due to multiple valuation parameters
Solution Approach 1:
The patent creates a universal payment engine that handles multiple functions within a single interface: data valuation, authorization verification, transaction processing, and blockchain interaction. This multi-functional design allows the system to maintain high measurement precision through sophisticated data worth calculations based on multiple criteria (data type, quality, quantity, market demand) while presenting a unified, simple interface to users. The universal engine abstracts away the complexity of multiple valuation parameters, allowing users to operate the system easily without needing to understand or configure each valuation criterion individually.
Data Source
AI summary
A digital payment system for facilitating seamless transactions from a user system to a buyer system. The system includes a service provider system which further includes a service interaction component. The service interaction component is configured to collect predefined information about the user system and the associated user. The service provider system also includes a payment engine for processing payments digitally based on data worth associated with the data owned by the user and authorized for sharing by the service provider to the buyer system. The payment engine calculates a payable amount payable digitally by the user to the service provider based on a digital transactional value indicative of the data worth associated with the data owned by the user and authorized for sharing, among other things. The system further includes a pre-consenting system configured to facilitate user authorization.