Token-Mediated Blockchain Payments Without Recipient Registration
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Solution Overview
Problem
Conventional blockchain-based payment platforms require recipients to register for an account or provide personally identifiable information, creating a less than ideal user experience and are computationally intensive due to the need to update the recipient's blockchain.
Innovation Solution
A system and method that allows blockchain-backed transactions without requiring the recipient's information by using an analytics server to debit a user's account and instruct an electronic terminal to dispense the requested amount, generating a new blockchain block instance for the sender's account.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional blockchain-based payment platforms require recipient registration and personally identifiable information to complete transactions, then transaction security and traceability are improved, but user experience deteriorates and computational intensity increases
Solution Approach 1:
The patent extracts the recipient's personally identifiable information and registration requirements from the transaction process. The system enables payments by only requiring the recipient's blockchain address, completely removing the need for name, email, phone number, or other PII collection, thereby improving user experience while maintaining transaction security through cryptographic verification
Solution Approach 2:
The patent introduces an intermediary layer that mediates between the sender and recipient without requiring direct interaction or information exchange. The system uses a unique token and electronic terminal identification as intermediaries to facilitate the transaction, allowing the sender to initiate payment without obtaining recipient personal information, thus resolving the contradiction between security and ease of operation
2Loss of information
If conventional payment platforms update the recipient's blockchain to reflect transactions, then transaction record completeness is improved, but computational intensity and processing time increase
Solution Approach 1:
The patent segments the blockchain update process by creating a separate, simplified record-keeping mechanism for recipient transactions. Instead of requiring full blockchain updates at the recipient end, the system maintains transaction records through the unique token system and electronic terminal logs, reducing computational intensity while preserving essential transaction information
Solution Approach 2:
The patent performs preliminary actions by pre-configuring the electronic terminal with the unique token and transaction details before the actual payment occurs. The terminal is pre-authenticated and ready to dispense funds, eliminating the need for real-time blockchain updates and complex computational verification during the transaction moment, thus reducing processing time and computational power requirements
3Reliability
If conventional platforms require recipient registration and information provision, then account verification and fraud prevention are improved, but transaction speed and user convenience deteriorate
Solution Approach 1:
The patent implements self-service authentication where the recipient's blockchain address and electronic terminal automatically verify and authenticate the transaction without requiring pre-registration or manual verification. The system uses the unique token and terminal identification for automatic validation, enabling fraud prevention through cryptographic security while maintaining high transaction speed, thus resolving the contradiction between reliability and productivity
Data Source
AI summary
Disclosed herein are methods and systems to facilitate a blockchain-backed peer-to-peer transaction without requiring the recipient's personally identifiable information and without updating the recipient's blockchain. A central server may receive a transaction request from a sender and may identify a system blockchain associated with the sender. When the server determines that the sender's accounts can satisfy the request, the server generates a unique transaction token. The server then transmits the unique transaction token to the sender, recipient (if indicated within the sender's request), and one or more electronic terminals. When the server receives an indication that the recipient has inputted the unique transaction token to the electronic terminal, the server appends a block instance corresponding to the transaction to the system blockchain.