Multi-party Exchange Platform for Non-traditional Payments
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Solution Overview
Problem
Conventional purchase systems are not conducive to using non-traditional payment methods for facilitating exchanges between parties, particularly in multi-party transactions.
Innovation Solution
A multi-party exchange computing platform that enables exchanges between two or more parties using non-traditional forms of payment by determining the value of goods or services, generating unique exchange identifiers, and executing exchange processing functions to facilitate the completion of the exchange.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional purchase systems are used, then traditional payment methods (cash, credit card, debit card) can be facilitated, but non-traditional forms of payment (cryptocurrency) cannot be supported
Solution Approach 1:
The patent introduces a trusted third-party computing platform as an intermediary between buyers and sellers. This platform receives exchange requests, determines values of goods and cryptocurrency, generates unique exchange identifiers, and facilitates the exchange process. The intermediary handles the complexity of non-traditional payment verification and value determination, allowing conventional purchase systems to accommodate non-traditional payment methods without requiring fundamental architectural changes to merchant or buyer systems.
2Reliability
If a trusted third party facilitates cryptocurrency exchanges, then value determination and exchange facilitation can be achieved, but additional data collection and processing requirements increase
Solution Approach 1:
The computing platform performs preliminary actions by determining the value of goods and cryptocurrency before the actual exchange occurs. The system requests and receives exchange data from both parties, validates the information, and establishes the exchange terms in advance. This preliminary value determination and data verification process ensures reliability and trustworthiness of the exchange while organizing data processing requirements before the actual transaction takes place.
Solution Approach 2:
The system implements feedback mechanisms by requesting additional exchange data from parties involved, verifying the information received, and using this feedback to make informed decisions about value determination and exchange facilitation. The platform continuously monitors and validates data from multiple sources to ensure the reliability of the exchange process.
3Productivity
If unique exchange identifiers are generated for each party, then exchange tracking and ownership transfer can be facilitated, but computational overhead increases
Solution Approach 1:
The patent segments the exchange process by generating unique exchange identifiers for each party involved in the transaction. Each identifier is specifically tailored to track that party's role, obligations, and ownership status in the exchange. This segmentation allows the system to efficiently track multiple exchanges and parties without creating a single complex data structure, thereby improving productivity while managing computational resources through modular identifier management.
Data Source
AI summary
Arrangements for providing multi-party exchange functions are provided. In some aspects, a request for exchange may be received by a computing platform. The request for exchange may include identification of parties involved in the exchange, identification of goods, services, property, or the like, involved in the exchange, and the like. In some examples, the computing platform may determine a value of property, goods, or services associated with the exchange. The computing platform may request additional exchange data from one or more other parties. For instance, data associated with the exchange and another party to the exchange may be requested and received. In some examples, unique exchange identifiers may be generated linking each party to the exchange to the goods, services or property being exchange, a value, or the like. An indication of acceptance may be received and one or more exchange processing functions may be executed.