P2P Asset Transfer Using Mobile Driver's License Authentication
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Solution Overview
Problem
Current digital tools for peer-to-peer (P2P) transactions face challenges such as real and perceived counterparty risks, lack of identity verification, and inadequate logging and tracking of transfers, particularly for transactions between strangers or friends using digital tools, and they do not provide a robust mechanism for authenticating users.
Innovation Solution
A system utilizing mobile driver's license (mDL) authentication to verify the identity of both sender and recipient devices, integrating with an issuing authority system to authenticate mDLs, and logging transfers for audit purposes, while allowing for user feedback-based authentication and intelligent selection of recipient accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If mobile driver's license authentication is implemented to verify user identities, then security and reliability are improved, but device complexity and system complexity increase
Solution Approach 1:
The patent introduces mobile driver's license (mDL) authentication requests as an intermediary mechanism between users and the asset transfer system. The mDL authentication requests serve as a trusted mediator that verifies user identities without requiring the system to directly manage complex identity verification protocols, thus improving reliability while managing complexity through standardized authentication interfaces.
Solution Approach 2:
The system performs authentication of sender and recipient identities before executing the asset transfer. By conducting mDL authentication requests in advance and verifying identities prior to the transaction, the system ensures security and reliability are established beforehand, preventing unauthorized transfers while maintaining a clear separation between authentication and transfer functions.
2Reliability
If detailed logging and tracking of transfers is implemented, then audit capability and reliability are improved, but loss of time and processing overhead increase
Solution Approach 1:
The system implements continuous logging of asset transfers, maintaining an uninterrupted audit trail that records each transfer event as it occurs. This continuous recording ensures complete audit capability without requiring batch processing or post-processing, as the logging happens continuously in the background alongside the transfer operations.
Solution Approach 2:
The logging system operates autonomously, automatically recording transfer details without requiring manual intervention or additional processing steps. The system self-manages the audit trail generation, capturing sender, recipient, asset, and timestamp information automatically as part of the transfer process, thereby minimizing processing overhead while maintaining comprehensive audit records.
3Ease of operation
If user feedback-based authentication is allowed, then ease of operation and adaptability are improved, but reliability may be reduced due to potential user error
Solution Approach 1:
The system incorporates user feedback mechanisms where senders can review recipient information displayed by the system and provide authorization selections confirming the intended recipient. This feedback loop allows users to verify authentication details before completion, improving ease of operation by enabling user confirmation while maintaining reliability through the additional verification step that prevents unauthorized transfers.
Data Source
AI summary
Systems, apparatuses, methods, and computer program products are disclosed for a secure peer-to-peer asset transfer. An example method includes receiving an asset transfer initiation request from a sender device, wherein the asset transfer initiation request comprises an indication of an asset to transfer and a sender account identifier associated with a sender account of a sender. The example method further includes receiving an indication of a recipient intended to receive the asset and selecting a recipient account associated with the recipient. The example method further includes authenticating the recipient based on a recipient mobile driver's license (mDL) associated with the recipient and in response to successfully authenticating the recipient, effectuating a transfer of the asset from the sender account to the recipient account.