Electronic Transaction Intermediary for Client Data Control
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Solution Overview
Problem
Existing electronic transaction systems do not provide clients with sufficient control over their personal and account information, leading to unintended disclosure and a lack of benefits for clients, while vendors have superior market information, creating an imbalance in transactions.
Innovation Solution
A transaction service provider that acts as an intermediary between clients and vendors, allowing clients to manage and control their information securely, anonymously, and efficiently, by storing and analyzing personal, account, and transactional data to negotiate transactions without disclosing identity, and providing vendors with valuable information while maintaining client confidentiality.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If clients provide personal information to vendors during transactions, then vendors can improve marketing effectiveness and customer relationships, but clients lose control over their information and receive no benefits
Solution Approach 1:
The patent introduces an electronic transaction device as an intermediary between clients and vendors. This device stores client information securely and controls its disclosure, allowing vendors to obtain necessary transactional data without direct access to personal information. The intermediary mechanism enables marketing effectiveness while preserving client control and anonymity.
2Ease of operation
If electronic transaction devices store and transmit personal information, then clients gain consolidated account management, but information security and client anonymity are compromised
Solution Approach 1:
The patent segments information into different categories (personal information, account information, transactional information) and applies different security and access control mechanisms to each segment. This allows consolidated account management while protecting sensitive personal information through selective disclosure and cryptographic protection.
Solution Approach 2:
The electronic transaction device acts as an intermediary that holds and manages client information securely. It controls what information is disclosed to vendors, service institutions, or other parties, enabling convenient account management while maintaining security and anonymity through its intermediary function.
3Loss of information
If vendors collect extensive client information through various channels, then they gain superior market intelligence, but clients experience privacy invasion and loss of control
Solution Approach 1:
The patent inverts the traditional information flow by placing control in the client's hands through the electronic transaction device. Instead of vendors collecting information unilaterally, the client-controlled device selectively provides information to vendors, reversing the power dynamic and eliminating information asymmetry while preventing privacy invasion.
Data Source
AI summary
A method for using an electronic transaction device with an electronic transaction service provider may include the steps of registering the electronic transaction device with the electronic transaction device service provider, registering a plurality of accounts corresponding to a plurality of service institutions, providing a data connection between the electronic transaction device and the electronic transaction device service provider, and storing account information for a plurality of service institutions at the electronic transaction device service provider. The method may also include the steps of providing access to a database of client information to the client and analyzing transactional information in the database of client information for a plurality of accounts. The method may also include the steps of designating a portion of the client database non-confidential; analyzing the portion of the client database designated as non-confidential for preferences and patterns; and providing analyzed transactional information to a plurality of vendors.