Dynamic Security Code Generation for Gift Card Redemption
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Solution Overview
Problem
The existing systems for managing gift cards lack an efficient mechanism to verify and redeem exchange items, leading to billions of dollars' worth of unused gift cards, as they do not have a standardized numbering system and money is processed at the time of purchase or use, resulting in unutilized value.
Innovation Solution
An exchange item marketplace network that utilizes a blockchain-based system to verify and process gift cards, allowing sellers to post unused gift cards for sale, buyers to purchase them, and ensuring secure transactions through verification of user devices and exchange items, with a digital representation of the gift card being created and stored in a virtual marketplace.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If gift cards use non-standardized numbering systems and formats, then each branded company can maintain its own unique identification method, but the POS equipment must be able to recognize thousands of different numbering systems and formats which increases system complexity
Solution Approach 1:
The patent introduces a standardized numbering system as an intermediary layer between branded companies and POS equipment. This standardized system acts as a universal language that translates various branded company-specific formats into a common structure, allowing POS equipment to process all gift cards uniformly without needing to support thousands of different formats directly
Solution Approach 2:
The patent creates a universal gift card numbering system that can accommodate multiple branded companies and their unique requirements while maintaining a consistent structure. This universal system enables a single POS equipment design to handle diverse gift card types without requiring multiple specialized systems
2Reliability
If gift card money is processed at the time of purchase, then the branded company receives payment upfront, but the gift card may go unused resulting in billions of dollars' worth of unutilized value
Solution Approach 1:
The patent implements tracking and verification mechanisms that provide feedback on gift card usage status. The system monitors whether gifted cards are being used and can identify unused cards, enabling targeted interventions such as reminders, extensions, or resale opportunities to convert dormant value into active transactions
Solution Approach 2:
The patent enables preliminary registration and tracking of gift cards at the time of purchase, creating a digital record that follows the card throughout its lifecycle. This preliminary action allows the system to proactively manage unused cards through resale marketplaces or promotional campaigns before the value is permanently lost
3Adaptability or versatility
If gift cards lack a standardized numbering system, then branded companies can issue cards with unique formats, but verification and redemption mechanisms become inefficient and complex
Solution Approach 1:
The patent introduces a standardized numbering system as an intermediary that maintains brand-specific identification elements while providing a uniform verification structure. This intermediary layer allows verification systems to process cards efficiently using standard algorithms while still recognizing and handling brand-specific formats and identifiers
Solution Approach 2:
The patent transforms the verification process by changing the parameter structure from handling diverse, unstandardized formats to processing a standardized numbering system. This parameter change enables efficient automated verification while preserving brand identity through designated fields within the standardized structure
Data Source
AI summary
A method for execution by a computing device includes acquiring ownership of an exchange item associated with exchange item information. The method further includes receiving, from a marketplace server, exchange item security parameters associated with the exchange item. The method further includes determining to redeem at least a portion of the exchange item and generating dynamic exchange item information based on the exchange item security parameters. The method further includes determining a security code for the redeeming the exchange item based on the dynamic exchange item information. The method further includes sending a redemption request to the marketplace server and receiving a redemption response regarding the redeeming the exchange item that includes an indication of a verification process result performed by the marketplace server to verify the security code. When the redemption response is favorable, the method includes utilizing the exchange item in accordance with the redemption response.