Market Facilitation System for Verified Client Screening
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Solution Overview
Problem
Market transactions are hindered by information asymmetry, where one party lacks reliable information, leading to imbalances in power and potential market failures, with existing solutions often requiring substantial resources and not allowing for prospective screening of high-risk consumers until late stages of transactions.
Innovation Solution
A market facilitation system that verifies client data through secure networks, generating profiles to notify providers about interested clients while maintaining anonymity, allowing for proactive screening and offering personalized products and services based on verified attributes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If sellers screen consumers through third parties after transaction initiation, then sellers can verify consumer information, but consumers have little awareness of data used and substantial resources are expended late in the transaction process
Solution Approach 1:
The system performs preliminary actions by verifying consumer data and generating profiles before the consumer initiates a transaction. The market facilitation system proactively screens consumers and creates verified profiles in advance, so that when a consumer expresses interest in a product or service, the verification process is already complete or can be rapidly executed without requiring substantial time expenditure at the transaction stage.
2Reliability
If sellers wait until transaction stage to screen consumers, then verification can be performed, but high-risk consumers cannot be prospectively screened out and resources are wasted
Solution Approach 1:
The system performs preliminary screening actions by continuously verifying consumer data and generating profiles before transactions occur. This allows sellers to identify and filter out high-risk consumers in advance, improving the accuracy of screening while increasing productivity by avoiding wasted resources on unsuitable consumers during the transaction process.
Solution Approach 2:
The system implements feedback mechanisms where verified consumer profiles and screening results are continuously fed back to sellers and the market facilitation system. This feedback loop enables real-time updates to consumer profiles and allows sellers to make informed decisions about which consumers to engage with, improving both screening accuracy and transaction efficiency.
3Loss of information
If consumers provide personal identification information early, then providers can access reliable information, but consumers lose anonymity and control over their data
Solution Approach 1:
The market facilitation system acts as an intermediary between consumers and sellers. Instead of consumers directly providing personal identification information to sellers, the intermediary system verifies consumer data, generates anonymized profiles, and shares only necessary information with sellers. This maintains consumer control and anonymity while ensuring reliable information availability for screening and transaction purposes.
4Reliability
If third parties verify consumer information, then sellers can screen consumers, but consumers have no awareness of what data is being used
Solution Approach 1:
The system implements feedback mechanisms that provide consumers with information about what data is being collected and how it is being used. Consumers receive feedback about the verification process and the attributes that influenced screening decisions, improving transparency while maintaining reliable verification through the intermediary system.
Data Source
AI summary
Aspects and examples are disclosed for facilitating and signaling market transactions between providers of products or services and clients that consume or otherwise use the products and services. In one example, a processing device of a server system receives, via a data network, data from a computing system describing attributes of a client that uses the computing system. The processing device can verify at least some of the received data to generate a client profile for the client. Based on verifying the data in the client profile, the processing device can notify one or more providers of a product or service that the client is interested in the product or service. Notifications to providers of the product or service can maintain the anonymity of the client. Notifications to the providers can also identify a client type, the client's propensity to purchase or access certain products or services, etc.