Unique Transaction Identifier Generation for Wireless Payments
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Solution Overview
Problem
Current wireless financial transaction technologies lack efficient methods for generating unique transaction identifiers that can be independently computed by entities involved in the transaction, leading to potential security vulnerabilities and user experience issues.
Innovation Solution
A portable electronic device with a secure element that determines a unique transaction identifier based on financial-account information, which can be independently computed by entities such as payment networks or financial institutions, and includes a processor to append a timestamp for enhanced security and user convenience.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional wireless financial transaction methods are used, then transaction convenience is improved, but transaction security deteriorates due to lack of independent identifier verification
Solution Approach 1:
The system performs preliminary generation of transaction identifiers and their cryptographic hashes before the actual transaction occurs. The portable electronic device generates a transaction identifier, computes its hash, and stores both locally. This preliminary preparation enables rapid verification during the transaction without compromising security or convenience.
Solution Approach 2:
A payment network acts as an intermediary that receives both the transaction identifier and its hash from the portable device, verifies their consistency, and uses the verified identifier to track and settle the transaction. This intermediary mechanism enables independent verification while maintaining transaction flow efficiency.
2Reliability
If additional device interactions are required for transaction verification, then transaction security is improved, but transaction efficiency deteriorates
Solution Approach 1:
The patent replaces manual verification mechanisms with automated cryptographic hash verification. Instead of requiring users to manually compare transaction details or undergo multiple interaction steps, the system automatically verifies transaction integrity by comparing the provided identifier against the stored hash, enabling secure verification without additional user actions.
Solution Approach 2:
The portable electronic device performs self-verification by locally generating and storing transaction identifiers with their hashes, then automatically providing both to the payment network for verification. This self-service approach eliminates the need for additional device interactions or manual verification steps while maintaining security.
3Device complexity
If unique transaction identifiers are not independently computable, then system complexity is reduced, but security vulnerabilities increase
Solution Approach 1:
The system transforms the transaction identifier into a cryptographic hash parameter that can be independently verified by multiple entities. By changing the representation of the identifier from a simple value to a hash-based parameter, the system enables independent verification without requiring complex centralized control or additional hardware components.
Data Source
AI summary
To facilitate conducting a financial transaction via wireless communication between an electronic device and another electronic device, the electronic device determines a unique transaction identifier for the financial transaction based on financial-account information communicated to the other electronic device. The financial-account information specifies a financial account that is used to pay for the financial transaction. Moreover, the unique transaction identifier may be capable of being independently computed by one or more other entities associated with the financial transaction (such as a counterparty in the financial transaction or a payment network that processes payment for the financial transaction) based on the financial-account information communicated by the portable electronic device. The electronic device may also associate receipt information, which is subsequently received from a third party (such as the payment network), with the financial transaction by comparing the determined unique transaction identifier to the computed unique transaction identifier.