Label-Based Authentication for Secure Digital Fund Transfers
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Solution Overview
Problem
Digital electronic transfer systems face security vulnerabilities due to the storage of personal and account information, and authentication requirements create lag and restrict access for entities like machines or children, necessitating a solution for enhanced security and anonymity in transactions.
Innovation Solution
A label tracking system that generates and manages multiple labels for an account, allowing software applications to access and transfer funds without requiring ownership, while maintaining security and anonymity by storing allocation data and authentication information separately.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If personal information and account information are stored in digital banking systems to enable transactions, then user authentication and fund management are possible, but security vulnerabilities increase and single-point failures occur
Solution Approach 1:
The patent segments the account information into multiple independent labels, each representing a separate allocation. Instead of storing all funds in a single account structure, the system divides the account into label-based allocations that can be independently managed and authenticated, eliminating the single-point failure vulnerability
Solution Approach 2:
The patent introduces label authentication information as an intermediary between the user and the fund transfers. The label acts as a mediator that enables transactions without requiring direct exposure of personal information or account details, thus enhancing security while maintaining transactional capability
2Reliability
If user authentication is required for fund transfers to ensure security, then account protection is improved, but transaction speed decreases and access is restricted for entities like machines or children
Solution Approach 1:
The patent performs authentication in advance by pre-configuring label authentication information and allocation data. The system pre-establishes the relationship between labels and account allocations, so that during transactions, the authentication has already been validated, eliminating real-time authentication delays
Solution Approach 2:
The label authentication system enables self-service transactions where the authenticated label automatically authorizes transfers without requiring additional user verification. Once the label is authenticated and allocated, it can independently execute transfers within its allocated amount, improving transaction speed
3Adaptability or versatility
If specialized applications are downloaded to enable fund transfers, then transfer functionality is improved, but device memory constraints increase
Solution Approach 1:
The patent creates a universal label authentication system that can be implemented across different platforms and devices without requiring device-specific specialized applications. The label-based approach provides a multi-functional solution that works across web browsers, mobile devices, and other platforms, eliminating the need for separate applications
Data Source
AI summary
Systems and method for method for providing account access to software applications are described herein. In an embodiment, a label tracking system stores a verified customer record comprising an identifier of an account owner and data describing items in an account of the account owner. The label tracking system further stores, for the verified customer record, data identifying a plurality of labels, each of the plurality of labels comprising an allocation of items in the account. When the label tracking system receives a request to access a particular label from a software application executing on a client computing device, the label tracking system determines, from authentication data provided in the request, that the software application is authorized to access the particular label and, in response, grants the software application exclusive access to allocate items from the particular label of the plurality of labels.