Private Data Transaction System with Selective Information Extraction
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
The transmission of sensitive information across multiple channels in e-commerce transactions poses security risks due to increased opportunities for interception and hacking, as multiple intermediaries have access to the data, which is burdensome for government agencies and payment processors.
Innovation Solution
A system and method for selectively providing private data on an as-needed basis, where additional information is obtained from a database or the payor/payee and sent only to the payment processing partner, minimizing exposure by limiting access to authorized parties and using certification instead of decrypting sensitive information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If sensitive information is transmitted across multiple channels for e-commerce transactions, then transaction requirements can be fulfilled, but security risks increase due to multiple interception opportunities and hacking targets
Solution Approach 1:
The patent extracts only the necessary information elements required for transaction completion from the full set of sensitive data, transmitting only these specific elements across channels rather than complete sensitive information sets, thereby reducing exposure while maintaining transaction functionality
Solution Approach 2:
The patent introduces an intermediary processing layer that receives sensitive information from one party, processes only the necessary elements, and forwards only the required portions to the other party, creating a controlled intermediary point that limits direct exposure between parties while enabling transaction completion
2Reliability
If additional information is collected from payor/payee to meet government regulator demands, then transaction requirements are satisfied, but data exposure and security vulnerabilities increase
Solution Approach 1:
The patent extracts only the specific information elements required by government regulators from the complete set of available data, transmitting only these regulated elements to payment processing partners rather than all collected information, thereby achieving compliance while minimizing exposure
Solution Approach 2:
The patent applies different information disclosure levels to different transaction participants and regulatory contexts, providing customized information sets tailored to specific regulatory requirements rather than uniform comprehensive disclosure, thereby meeting local regulatory needs while limiting overall exposure
Data Source
AI summary
A system and method for transacting private data is described. A request for a transaction between a payor and a payee is received. A need for additional information for at least one of the payor or the payee is further determined from a payment processing partner. The requested additional information is obtained from one of a database or from the one of the payor or the payee. The obtained requested additional information is sent to the payment processing partner.