Tokenized Payment Card Asset Booking System
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Solution Overview
Problem
Existing rental transaction processes are prone to conflicting agreements and errors due to lack of centralized asset availability management, leading to inefficiencies and potential disputes between renters and owners.
Innovation Solution
A computer-implemented method and system that uses tokenization to manage asset bookings, ensuring availability as a prerequisite for payment processing by generating a token PAN linked to an asset and a payment account, allowing centralized calendar management and preventing parallel bookings.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a centralized booking system is implemented to prevent conflicting rental agreements, then booking accuracy and reliability are improved, but system complexity and implementation cost increase
Solution Approach 1:
The patent introduces a centralized booking system that acts as an intermediary between asset owners and renters. This system maintains a token registry and booking calendar that all parties must query before making reservations or payments, ensuring no conflicting bookings can occur. The intermediary validates each booking request against the centralized calendar, preventing double-booking while maintaining relatively simple participant interfaces.
2Reliability
If asset owners must communicate with multiple brokers to update availability, then conflicting bookings are reduced, but time consumption and operational cost increase
Solution Approach 1:
The system enables automatic availability management where the centralized booking system self-updates the token registry and booking calendar when reservations are made or cancelled. Asset owners and brokers no longer need to manually communicate availability changes; the system automatically prevents conflicting bookings by checking the centralized calendar, eliminating time-consuming manual updates while maintaining booking consistency.
3Measurement precision
If detailed availability tracking is implemented across multiple brokers, then booking precision is improved, but information management complexity increases
Solution Approach 1:
The patent merges the availability tracking function into a single centralized booking system that maintains one authoritative booking calendar for each asset. Instead of multiple brokers each maintaining separate availability records that must be synchronized, all booking information is consolidated in one place. This single source of truth provides precise availability tracking while eliminating the complexity of managing and synchronizing multiple distributed records.
Data Source
AI summary
Methods and systems for processing booking transactions are provided. A server received a transaction request to book an asset for a time period. The transaction request comprises a token identifier assigned to the asset and data identifying the time period. The server then identifies token data associated with the asset based on the token identifier and determines availability of the asset during the time period based on the token data. If the asset is available for the duration of the time period, the server maps the token identifier to an account identifier and sends a request to credit an account identified by the account identifier to a server of an issuer of the account.