Digital Token Asset Sharing System for Secure Transactions
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Solution Overview
Problem
Conventional digital transactions for money transfers and payments are often expensive, time-consuming, and cumbersome, especially for unbanked individuals or those without payment assets, as they require physical transmission of assets or credentials, which is impractical and costly for financial institutions.
Innovation Solution
An automated digital method and system that allows sharing access to payment or non-payment assets without physical transmission, using digital tokens and NFC or QR code technology, enabling transactions between individuals or entities while bypassing traditional banking processes, thus reducing costs and delays.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If physical transmission of payment assets or credentials is used for transactions, then security and authenticity are ensured, but the process becomes expensive, time-consuming, and cumbersome
Solution Approach 1:
The patent uses digital tokens as virtual copies of payment assets that can be transmitted electronically without physical movement. The token represents the value or access rights to the underlying asset, enabling secure transactions through digital replication rather than physical transfer, thus reducing time and cost while maintaining security through cryptographic verification
Solution Approach 2:
The patent replaces the mechanical/physical system of asset transmission with an electronic/digital system. Instead of physically moving payment assets or credentials between parties, the system uses digital tokens transmitted through electronic communication channels, eliminating the need for physical handling, storage, and verification while maintaining transaction integrity through digital signatures and encryption
2Reliability
If physical transmission of payment assets is used for transactions, then asset ownership is clearly transferred, but the process becomes expensive and cumbersome for financial institutions
Solution Approach 1:
The patent creates digital token copies that represent payment assets, allowing ownership transfer through electronic transmission rather than physical movement. The token system maintains clear ownership records through blockchain or centralized ledger technology, providing asset transfer certainty without the complexity of physical asset handling, storage, and verification infrastructure
Solution Approach 2:
The patent introduces a digital token as an intermediary between the payment asset and the transaction parties. The token acts as a mediator that simplifies the transfer process by representing the asset's value or access rights, eliminating the need for complex physical asset verification and transfer procedures while maintaining clear ownership through token registration and transfer records
3Adaptability or versatility
If unbanked individuals or those without payment assets are served through conventional methods, then financial inclusion is achieved, but the process requires physical asset transmission which is impractical and costly
Solution Approach 1:
The patent enables unbanked individuals to participate in transactions by issuing digital tokens that represent payment assets without requiring them to physically hold or transmit traditional payment instruments. The token can be delivered electronically to any device with internet connectivity, making financial services accessible to unbanked populations while maintaining transaction security and reducing costs compared to conventional physical asset transmission methods
Data Source
AI summary
Methods, systems, and computer-readable media herein disclose providing or sharing access to an asset. A request for sharing the asset from a consuming party may be received. The asset may be verified as a registered asset. The request may be sent for approval by a provisioning party. The request may include details about a transaction for which sharing the asset has been requested and a specification of the asset requested for sharing. Approval may be provided with restriction parameters. In turn, a first digital token may be generated. A request for the transaction may be received from the consuming party. Transaction details may be verified against the restriction parameters. A second digital token associated with the asset from an asset custodian may be received. A request to perform the transaction may be sent to the asset custodian. A confirmation of a processed transaction from the asset custodian may be received.