Secure-Element Payment Card for POS Cryptocurrency Transactions
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Solution Overview
Problem
Existing payment systems lack the capability to integrate cryptowallets for conducting cryptocurrency transactions at point of sale terminals, making it difficult to use cryptocurrencies for conventional trade in goods and services.
Innovation Solution
A cryptocurrency payment system that includes a payment card with a secure element integrated circuit chip for cryptographically signing transactions and a point of sale terminal connected to a blockchain, enabling secure and seamless cryptocurrency transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a traditional payment system using credit cards or smartphone payment apps is used, then transactions can be conducted at point of sale terminals, but the system cannot conduct transactions with cryptowallets
Solution Approach 1:
The patent introduces a payment card as an intermediary device between the cryptowallet and the point of sale terminal. The payment card contains a secure element that stores cryptographic keys and can sign transactions, acting as a bridge that allows traditional point of sale terminals to process cryptocurrency payments without requiring direct cryptowallet integration. This mediator approach enables cryptocurrency transactions through existing payment infrastructure.
2Ease of operation
If cryptographic keys are stored in unsecure devices for cryptocurrency transactions, then transactions can be performed, but the private keys are exposed to security risks
Solution Approach 1:
The patent segments the cryptographic key storage and transaction signing function into a separate secure element within the payment card. The private key is stored in the secure element and never leaves this protected environment. Only the signed transaction results are transmitted to the point of sale terminal, maintaining security while enabling convenient transactions through the payment card interface.
Solution Approach 2:
The secure element acts as an intermediary that protects the private key by keeping it isolated within a secure environment. It performs cryptographic operations internally and only exposes the signed transaction output, preventing direct exposure of the private key to unsecure devices while still enabling transaction functionality.
3Adaptability or versatility
If cryptowallet payment capabilities are integrated into point of sale terminals, then cryptocurrency transactions can be enabled, but the system requires direct connection to cryptowallets
Solution Approach 1:
The patent creates a copy of the cryptowallet functionality within the payment card's secure element. Instead of requiring direct integration with external cryptowallet applications, the payment card embeds the essential cryptographic signing capability, allowing users to perform cryptocurrency transactions through the familiar payment card interface without needing to access or understand cryptowallet operations.
Data Source
AI summary
A cryptocurrency payment system facilitates electronic transactions at point of sale terminals using cryptocurrency. A payment card may include a secure element to sign a cryptocurrency transaction at a point of sale device. A server may interact with the point of sale terminal and a blockchain to initiate a smart contract or other mechanism for transferring control of cryptocurrency from a buyer cryptocurrency wallet to a seller cryptocurrency wallet. Upon successful transfer, the server may provide an indication of transaction approval to the point of sale terminal. In this manner, cryptocurrency may be utilized for transactions at point of sale devices in a manner similar to conventional payment cards.