Token-Based Cash Transactions for Contactless Bank Branch Operations
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Solution Overview
Problem
Existing banking transaction systems are inefficient in reducing the frequency of cash deliveries and physical contact between currency and bank employees, leading to increased operational costs and potential virus transmission.
Innovation Solution
A financial transaction system that includes a first server maintaining a ledger of financial accounts, a second branch server, and various computing devices such as ATMs and mobile devices, enabling remote transaction processing and token-based authentication to facilitate cash dispensing and depositing without direct physical interaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional banking transaction systems are used with physical cash handling, then cash delivery frequency remains high and cash vaults require large storage capacity, but operational costs increase and virus transmission risk increases due to frequent physical contact between currency and bank employees
Solution Approach 1:
The patent replaces physical cash with digital token representations. Tokens are created as cryptographic copies of value that can be transmitted electronically through mobile devices, eliminating the need for physical cash handling while maintaining the economic function of money transfer.
Solution Approach 2:
The patent substitutes the mechanical system of physical cash delivery and handling with an electronic/digital system. Token creation, transmission, and verification occur through computational processes and digital communication networks, replacing the physical mechanics of cash transport and vault storage.
2Quantity of substance
If physical cash handling and delivery processes are maintained, then cash vaults require large storage capacity, but device complexity and operational costs increase
Solution Approach 1:
The patent creates digital token copies that represent cash value without requiring physical cash storage. The token database stores cryptographic representations of value that can be freely replicated and transmitted, eliminating the need for large physical vault capacities while reducing system complexity through digital rather than physical management.
3Ease of operation
If token-based transactions are implemented, then physical contact is minimized and operational efficiency improves, but system complexity increases due to token database and verification processes
Solution Approach 1:
The patent implements automated token verification processes where the system self-validates transactions through cryptographic checks and database lookups. The verification process occurs automatically without requiring manual intervention, reducing the operational burden despite the underlying system complexity.
Solution Approach 2:
The patent introduces a token database as an intermediary layer that manages the complexity of token verification. This centralized repository acts as a mediator between token creation and validation processes, simplifying the user experience while handling the computational complexity in the background.
Data Source
AI summary
A financial transaction method can include creating a token correlated to a financial account. The method can also include storing the correlation between the token and the financial account in a token database. The method can also include transmitting the token to a mobile computing device operating an application. The method can also include displaying the token on a display of the mobile computing device. The method can also include receiving, over a public network, the token and data associated with a first financial transaction. The method can also include confirming identity between the token transmitted to the mobile computing device and the token received from the secondary computing device. The method can also include transmitting over the public network, approval of the first financial transaction to the secondary computing device in response to the confirming.