Digital Wallet Secondary Account Generation via Hash Codes
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Solution Overview
Problem
Current digital payment systems lack flexibility and security for transferring funds between parties, particularly when dealing with untrusted sources or incompatible applications, and fail to allow users to categorize funds from different sources effectively.
Innovation Solution
A method for generating codes associated with digital wallets using Secure Hash Algorithms (SHA) that allow for the creation of secondary accounts linked to primary accounts, enabling secure and customizable transactions through machine-readable symbols like QR codes, facilitating transactions between users with different payment applications.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users link their bank account to a digital wallet for fund transfers, then digital payment capability is enabled, but security risk increases when transferring funds to untrusted sources
Solution Approach 1:
The system segments the bank account linkage by introducing intermediate digital wallet accounts that are linked to the primary bank account. Users can create multiple digital wallet accounts (e.g., for different purposes like tipping, donations, or transactions with untrusted parties) without exposing their primary bank account information. This segmentation isolates the security risk from the main bank account while maintaining digital payment functionality.
Solution Approach 2:
The digital wallet account acts as an intermediary between the user's bank account and external parties. Instead of directly linking the bank account to unknown recipients, the wallet account serves as a buffer that verifies and mediates transactions. The system generates unique identifiers for wallet accounts that can be shared safely without revealing sensitive bank account information, thus reducing security risks while enabling easy payments.
2Adaptability or versatility
If users create multiple bank accounts to categorize funds from different sources, then fund organization capability is improved, but account management complexity increases
Solution Approach 1:
The system allows users to segment their funds by creating multiple digital wallet accounts under a single bank account linkage. Each wallet account can be designated for specific purposes (e.g., wages, freelance work, savings, expenses) without requiring separate bank accounts. This provides flexible fund categorization while simplifying management since all wallet accounts are controlled through one primary bank account connection.
Solution Approach 2:
The system implements a nested account structure where multiple digital wallet accounts are nested under a single primary bank account. The bank account serves as the parent account, and wallet accounts are child accounts that can be created, managed, and funded through the parent account interface. This nesting allows users to organize funds categorically while managing everything through a single unified system, reducing complexity.
3Reliability
If digital payment systems require compatible applications for transactions, then transaction security is maintained, but interoperability between different platforms is reduced
Solution Approach 1:
The system creates universal digital wallet accounts that can interact with multiple different payment applications and platforms. By generating standardized identifiers and using intermediate wallet accounts rather than direct bank account linkages, the system enables transactions across different ecosystems (e.g., tipping street performers, online purchases, peer-to-peer transfers) while maintaining security through the wallet account buffer. The wallet account system becomes a multi-functional interface that works with various platforms.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
This solution enhances the flexibility and security of digital transactions by allowing users to manage funds categorically and transfer money securely across different platforms, addressing compatibility and security concerns in existing digital payment systems.
Implementation Method 1
generating a hash value associated with the user account using a Secure Hash Algorithm (SHA)
Data Source
AI summary
A method for generating codes that correspond to accounts associated with a digital wallet is provided. The method includes obtaining a primary account identifier from a user; receiving a request from the user to generate a secondary account; generating the secondary account; generating a code representing the secondary account; associating the code with the primary account identifier; and transmitting information that indicates the association between the code and the primary account identifier to a payment processor. The method may also include the use of pooled accounts through an aggregation of secondary accounts from different users.