Electronic Transaction Fob with Secure Element Token Management
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional electronic devices, such as smartphones and computers, are inconvenient for in-person electronic transactions as they require users to navigate multiple screens, and are optimized for remote transactions, making face-to-face transactions cumbersome.
Innovation Solution
The development of electronic fobs that communicate via short-range protocols, such as NFC or Bluetooth, allowing users to conduct transactions directly with merchants without needing to communicate with a secondary computing device, using tokens stored in a secure element for payment or funding transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional computers or smartphones are used for electronic transactions, then remote transactions between parties at different locations can be conducted, but in-person transactions become cumbersome requiring multiple screen navigations
Solution Approach 1:
The patent segments the transaction system into two distinct modes: remote transaction mode using full smartphone/computer interfaces, and in-person transaction mode using simplified fob devices with NFC/Bluetooth. This segmentation allows each device type to be optimized for its specific use case, resolving the contradiction between versatility and ease of operation.
Solution Approach 2:
The patent introduces a merchant device as an intermediary that receives transaction requests from fobs and processes them independently. This intermediary enables direct in-person transactions without requiring the user's secondary computing device, simplifying the in-person transaction flow while maintaining compatibility with remote transaction capabilities.
2Reliability
If conventional computers or smartphones are used for electronic transactions, then comprehensive transaction processing can be achieved, but the process requires navigating through multiple screens
Solution Approach 1:
The patent extracts the essential transaction functionality from the full smartphone/computer interface and concentrates it in a dedicated fob device. The fob contains only the necessary components (secure element with tokens, NFC/Bluetooth communication) to complete transactions, eliminating the need to navigate through multiple application screens while maintaining transaction processing completeness.
Solution Approach 2:
The patent performs preliminary actions by pre-provisioning the fob with transaction tokens and authentication credentials before the transaction occurs. This preliminary setup allows the fob to execute transactions immediately upon presentation to the merchant device, eliminating the time required for on-screen authentication and transaction initiation.
3Reliability
If tokens are stored in a secure element of the electronic fob, then transaction security is enhanced, but the fob requires initial communication with a secondary computing device for token provisioning
Solution Approach 1:
The patent implements self-service by enabling the fob to independently execute transactions using tokens already stored in its secure element. Once provisioned, the fob does not require ongoing communication with the secondary computing device for transaction authorization, maintaining high security while reducing operational complexity.
Solution Approach 2:
The patent uses the secondary computing device as a one-time intermediary for token provisioning during initial setup. After this initial provisioning phase, the merchant device becomes the primary intermediary for transaction processing, eliminating the need for continuous communication with the user's secondary device and simplifying the overall process.
Data Source
AI summary
Systems and methods for electronic fobs that communicate via short range communications protocols to conduct transactions with a nearby device are provided. Such electronic fobs may use electronic tokens to conduct electronic transactions, such as payment transactions. Account data may be stored within a secure element of the electronic fob. Electronic tokens may also be stored by the secure element. Using such data and/or tokens, electronic fob may write electronic tokens to be used in electronic transactions. Also, such electronic fobs may also be used to perform other tasks and interface with other devices.