Reusable Financial Instrument with Smart Chip and Mixed Reality Authentication
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Solution Overview
Problem
Current financial instruments are limited to single-use transactions, requiring physical visits to institutions for issuance and recycling, and lack mechanisms for secure reuse, data aggregation, and counterfeiting prevention.
Innovation Solution
A reusable financial instrument with a smart chip for wireless communication, storing transaction and biometric data, and a fiduciary marker for mixed reality experiences, connected to a host processor for secure authentication and data verification across a network of devices and servers, enabling multiple transactions and data transfer between instruments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional physical financial instruments are used, then security and authenticity can be maintained through physical control, but the instruments are limited to single-use and require physical visits to institutions for issuance and recycling
Solution Approach 1:
The financial instrument is designed to perform multiple functions: it can be used for multiple transactions, store various types of data, and enable different communication methods (wireless, optical). The instrument transitions from single-use to multi-use by incorporating a smart chip that can be reprogrammed and reused after each transaction cycle.
Solution Approach 2:
A host processor system acts as an intermediary between the financial instrument and the transaction network. This intermediary handles authentication, data verification, and coordination between multiple devices and servers, enabling secure reuse without requiring physical visits to institutions.
2Productivity
If financial instruments are made reusable with smart chips, then multiple transactions can be performed, but security risks from counterfeiting and fraud increase
Solution Approach 1:
Authentication and data verification are performed in advance before each transaction. The host processor verifies the instrument's authenticity and the validity of stored data before allowing transactions, preventing counterfeiting and fraud proactively rather than reactively.
Solution Approach 2:
The system incorporates feedback mechanisms where transaction data is verified against stored reference data, and authentication results are fed back to determine whether to approve or reject transactions. This continuous verification loop maintains security while enabling multiple transactions.
3Productivity
If data is aggregated from various financial instruments, then transaction efficiency improves, but data integrity and confidentiality become more difficult to maintain
Solution Approach 1:
Data is segmented into different types (transaction data, biometric data, authentication data) and stored in separate regions within the smart chip. This segmentation allows selective access and verification of different data types, maintaining integrity and confidentiality while enabling efficient aggregation for transactions.
Solution Approach 2:
Different data regions within the instrument have different security properties and access controls. Sensitive biometric data is protected differently from transaction data, allowing the system to aggregate and process data efficiently while maintaining appropriate security levels for each data type.
Data Source
AI summary
The present invention relates to a reusable physical financial instrument and a system and a method for enabling the financial instrument to perform multiple financial transactions. The financial instrument is capable of creating mixed reality experience when it comes in vicinity of the payor or payee device or ATM. Through the created mixed reality experience, the payor and the payee inputs payor-side and payee-side transaction and biometric data which are stored onto smart chip of the instrument and/or on Cloud Storage using cloud computing interface. The stored payor-side and payee-side transaction data are cross-validated and their biometric data is further verified against golden copy at the respective financial institutions or at the Central Authority's repositories for performing the financial transaction. Upon completing the transaction, the payor-side and the payee-side data is erased, deleted or invalidated from the smart chip, thus making the financial instrument reusable for performing another transaction.