Distributed Ledger for Digital Wallet Token State Management
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Solution Overview
Problem
Existing systems for digital wallet operations lack historical records and audit trails of event sequences across multiple systems, such as Token Service Providers, Wallet Providers, and Issuer Token Vaults, due to the absence of historical records in API calls.
Innovation Solution
Implementing a distributed ledger network that allows for secure recording of token state changes, including changes in link, bound, suppression, and lifecycle states, and enabling notification services to monitor and notify wallets of state changes, while also managing transactions using alternative payment currencies by validating and writing payment modes to the ledger.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If API calls are used for coordinated management of wallet, token, and transaction status changes, then system coordination is achieved, but historical records and audit trails are not provided
Solution Approach 1:
A distributed ledger network is introduced as an intermediary between multiple systems (Token Service Providers, Wallet Providers, Issuer Token Vaults, and Authorization Platforms). This intermediary captures, validates, and permanently records all status changes in wallet, token, and transaction states, providing comprehensive historical records and audit trails without adding significant complexity to the existing system architecture.
2Reliability
If distributed ledger network is implemented for recording status changes, then immutable historical records are provided, but system complexity increases
Solution Approach 1:
The distributed ledger network is designed to serve multiple functions simultaneously: it records wallet status changes, token status changes, transaction status changes, and provides audit trails. By consolidating these multiple recording functions into a single universal system, the patent achieves high reliability with immutable records while minimizing the increase in system complexity compared to implementing separate recording systems for each function.
3Loss of information
If multiple systems coordinate status changes, then comprehensive management is achieved, but lack of centralized tracking occurs
Solution Approach 1:
The patent merges the tracking functions of multiple distributed systems into a single distributed ledger network. All systems (Token Service Providers, Wallet Providers, Issuer Token Vaults, and Authorization Platforms) write their status changes to the same ledger, combining their individual tracking capabilities into a unified, centralized view of all events while maintaining the benefits of distributed architecture.
Data Source
AI summary
Systems and methods for wallet, token, and transaction management using distributed ledgers are disclosed. According to one embodiment, in node of a distributed ledger network comprising an information processing apparatus having at least one computer processor, a method for card or token parameter management using a distributed ledger may include: (1) receiving, from an electronic wallet, a token state change for a payment token associated with electronic wallet, wherein the token state change is encrypted with a public key associated with the electronic wallet; (2) validating the encrypted token state change; and (3) committing the encrypted token state change to a distributed ledger.