Digital Currency Record System Using OCR Nodes
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Solution Overview
Problem
There is a lack of effective systems to create a digital representation of physical currency units, record transfers between entities, and track the ownership of physical currency units, leading to uncertainties in payment transactions and distribution.
Innovation Solution
A computing device and method that assign unique currency identifiers to physical currency units and entity identifiers to individual accounts, creating electronic records to track transfers between entities, with the ability to store these records in a database to maintain a transfer history.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If physical currency units are used for payments, then transactions can be conducted without digital infrastructure, but there is no proof or record of the actual transfer of currency units
Solution Approach 1:
The patent creates a digital copy (electronic record) of the physical currency transfer. When physical cash is transferred, the system generates and stores an electronic record that copies the transaction details (amount, timestamp, parties involved), providing proof of transfer without affecting the physical cash itself.
Solution Approach 2:
The system introduces an intermediary layer (electronic record-keeping mechanism) between the physical currency transfer and the parties involved. This intermediary creates and maintains the record of transfers, acting as a mediator that provides proof without requiring direct digital interaction during the physical cash transaction.
2Productivity
If cash is withdrawn from banks on behalf of multiple persons, then liquidity can be provided to multiple entities, but there is limited proof that the cash was properly distributed
Solution Approach 1:
The system implements feedback mechanisms where electronic records are created and updated whenever cash is transferred between entities. This feedback loop provides continuous verification that cash was properly distributed, allowing the withdrawing entity and recipients to confirm the transaction status through the maintained electronic records.
Solution Approach 2:
The system creates electronic copies of the cash distribution records, maintaining a digital trail that mirrors the physical cash flow. These copies can be accessed and verified by multiple parties, providing reliable proof of distribution without requiring physical verification of each cash handover.
3Device complexity
If no tracking system is used for physical currency transfers, then the system remains simple and decentralized, but transparency and accountability in currency transfers are compromised
Solution Approach 1:
The system creates and maintains electronic copies of transfer records that can be accessed by authorized parties. These digital copies provide transparency and accountability while maintaining a relatively simple structure, as they merely replicate transaction information rather than requiring complex verification mechanisms.
Data Source
AI summary
Described is a computer system for creating a digital record of a physical item of value. The computer system includes a network computer device comprising at least one processor communicatively coupled to at least one memory and a distributed network of computer nodes each associated with a respective entity of a plurality of entities, each computer node comprising a camera and an optical character recognition (OCR) application executable thereon, each computer node is communicatively coupled to the network computer device.