Transaction Interception and Immutable Ledger Verification
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Solution Overview
Problem
Computer networks processing transactions are susceptible to fraud, inadvertent errors, and security risks due to the vulnerability of out-of-band security systems and the complexity of transactions involving multiple systems.
Innovation Solution
A method and system that intercept transactions between a transfer system and a transfer settlement system, verify transaction data against an immutable ledger, and apply a digital signature using a notary system's private key to confirm transaction parameters before allowing settlement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If out-of-band security systems are used to enable security, then security is improved, but processing speed and accuracy are worsened due to reporting processes
Solution Approach 1:
The patent applies preliminary action by having the notary system confirm transaction parameters and create an immutable ledger entry before the transaction is processed by the transfer settlement system. The interceptor then verifies the transaction against this pre-established immutable ledger, eliminating the need for post-transaction security verification and reporting processes that slow down processing.
2Adaptability or versatility
If multiple systems are involved in transactions, then transaction capability is improved, but security risk is worsened due to vulnerability to fraud and errors
Solution Approach 1:
The patent introduces an immutable ledger as an intermediary between the notary system and the transfer settlement system. This immutable ledger serves as a trusted mediator that records and verifies transaction parameters, ensuring that no single system has excessive control or vulnerability. The interceptor acts as another intermediary that independently validates transactions against the immutable ledger, adding a layer of security without reducing system capability.
3Manufacturing precision
If data verification is performed, then data integrity is improved, but processing time is worsened
Solution Approach 1:
The notary system performs preliminary verification of transaction parameters and stores them in the immutable ledger before the transaction reaches the transfer settlement system. When the interceptor verifies the transaction, it only needs to check against the pre-verified immutable ledger entry rather than performing comprehensive verification, significantly reducing processing time while maintaining data integrity.
Data Source
AI summary
A method can include intercepting, by an interceptor positioned between a transfer system and a transfer settlement system, a transaction prior to the transaction being provided to the transfer settlement system. The method can include confirming that data from the transaction matches information in an immutable ledger to which parameters of the transaction have been provided by a notary system that confirms the parameters of the transaction and applies a signature using a private key to the transaction in response to confirming the parameters. The method can include, in response to confirming that the data matches the information, providing the transaction for settlement by the transfer settlement system.