Identity Resolution Ledger for Cross-Subsystem Financial Transactions
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Solution Overview
Problem
Financial systems typically have separate and distinct subsystems for different interactive capacities, leading to users not being universally recognized across these capacities, resulting in inefficiencies and the need for separate interactions and increased processing requirements.
Innovation Solution
An identity-based interconnected financial system that utilizes a blockchain-based interconnected transaction ledger to facilitate communication and transaction processing across different financial subsystems, enabling universal recognition of users and reducing the need for separate interactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If separate and distinct systems are used for different interactive capacities, then system specialization and security are improved, but user recognition universality and system interoperability deteriorate
Solution Approach 1:
The patent implements a universal user identity system that allows a single user identity to be recognized across multiple financial subsystems (transaction account holder, employee, merchant, supplier). This multi-functional identity resolution mechanism enables users to interact with different subsystems using the same identity, resolving the contradiction between specialized secure subsystems and universal user recognition.
Solution Approach 2:
The patent introduces an intermediary identity resolution service that mediates between separate financial subsystems and user identities. This intermediary component translates and correlates user identities across different subsystems without requiring direct integration between subsystems, maintaining security while enabling universal recognition.
2Device complexity
If separate systems are used for different capacities, then system modularity is improved, but transaction processing efficiency and user interaction convenience deteriorate
Solution Approach 1:
The identity resolution service acts as an intermediary that enables efficient cross-subsystem transactions without requiring direct integration between modular subsystems. This intermediary layer handles identity correlation and transaction routing, maintaining system modularity while improving transaction processing efficiency by eliminating redundant authentication and interaction steps.
Solution Approach 2:
The system performs preliminary identity resolution and correlation before transactions occur across subsystems. By pre-establishing identity mappings and relationships in the identity resolution service, the system avoids time-consuming authentication and verification processes during actual transactions, thereby improving processing efficiency while maintaining modularity.
3Adaptability or versatility
If multiple separate systems are used, then functional specialization is improved, but data storage requirements and processing overhead increase
Solution Approach 1:
The patent merges user identity data storage into a centralized identity resolution service rather than duplicating identity information across multiple subsystems. This consolidation reduces overall data storage requirements while maintaining functional specialization of subsystems, as each subsystem only stores references to user identities rather than complete identity profiles.
Solution Approach 2:
The centralized identity resolution service provides a universal data storage solution that serves multiple financial subsystems. This multi-functional data layer reduces redundant storage of user information across subsystems while maintaining the functional independence and specialization of each subsystem through shared identity data access.
Data Source
AI summary
Systems and methods for identity-based interconnected transactions are disclosed. The system may receive an interconnected transaction request comprising a first financial subsystem identifier, a second financial subsystem identifier, and a transaction request. The first financial subsystem and the second financial subsystem may not be in direct communication with each other. The first financial subsystem may write the interconnected transaction request to an interconnected transaction ledger. The second financial subsystem may retrieve the interconnected transaction request from the interconnected transaction ledger. In response to retrieving the interconnected transaction request the second financial subsystem may complete the transaction request.