Digital Wallet for Secure Consumer Data Partitioning
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Solution Overview
Problem
Consumers face difficulties in managing and securing their sensitive information during financial transactions, as existing systems often require invasive data sharing practices, lack control over information dissemination, and are prone to security breaches, leading to compromised identity information and diminished competition in the financial industry.
Innovation Solution
A system that utilizes a global network, asymmetric cryptography, and mechanical identity verification to allow consumers to control and partition their data, enabling secure sharing of necessary information while maintaining privacy, using APIs and information aggregation services to provide recommended options and secure transactions without compromising personally identifiable information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers share sensitive information with third-party institutions for financial transactions, then they can obtain products and services, but their information security and confidentiality are compromised
Solution Approach 1:
The patent segments consumer information into discrete data points that can be individually controlled. Instead of sharing all information at once, consumers can selectively share specific pieces of information with specific institutions for specific purposes, reducing overall exposure while maintaining transactional capability
Solution Approach 2:
The patent introduces a digital wallet intermediary system that sits between consumers and third-party institutions. This intermediary manages information sharing on behalf of consumers, allowing institutions to verify credentials without directly accessing sensitive consumer data, thus maintaining security while enabling transactions
2Productivity
If consumers share all sensitive information at once, then they can complete transactions quickly, but they lose control over discrete data sharing and increase security risk
Solution Approach 1:
The patent implements dynamic information sharing where consumers can adjust their privacy settings and data sharing preferences in real-time. The system allows consumers to grant temporary access to specific data points for specific transactions, then revoke access afterward, making the information sharing process flexible and adaptable rather than static and all-or-nothing
Solution Approach 2:
The patent divides consumer information into separable units that can be independently controlled. Consumers can select which specific data points to share for each transaction, maintaining granular control while enabling efficient transaction completion through automated verification processes
3Adaptability or versatility
If third-party institutions have access to consumer information for marketing purposes, then they can provide personalized services, but consumer privacy is violated and information is misused
Solution Approach 1:
The patent introduces a digital wallet intermediary that controls all information sharing between consumers and institutions. The intermediary verifies consumer consent for each data sharing event and manages the flow of information, ensuring that personalization can occur only with explicit consumer authorization, thus preventing unauthorized marketing use
Solution Approach 2:
The patent implements feedback mechanisms where consumers are notified and can review what information is being shared and with whom. This feedback loop allows consumers to monitor and control information usage, ensuring that personalized services are provided only with ongoing consent and preventing information misuse
Data Source
AI summary
Systems and methods for maintaining the security and confidentiality of personally identifiable information are disclosed. Information owners may register with a service provider, which may obtain and store non-personally identifiable information associated with the information owner. Information consumers may request information associated with an information owner, and the service provider may facilitate access to the requested information based on permissions defined by the information owner.