Virtual Wallet Insurance Dynamic Asset Tracking
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Virtual wallets lack effective recovery mechanisms for users when compromised, as there is no established method to reclaim the value of virtual financial assets in case of unauthorized access, theft, or loss.
Innovation Solution
Implementing an insurance system where a computing device continuously tracks and updates the value of virtual financial assets, sending ad hoc messages to an insurance server to adjust the insured amount, ensuring that the insurance policy reflects the current monetary value of the virtual wallet, thereby providing coverage for compromised virtual wallets.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a virtual wallet stores sensitive financial information for convenient transactions, then ease of operation is improved, but security risks increase due to potential compromise from unauthorized access, theft, or loss of the computing device
Solution Approach 1:
The patent implements an insurance system that proactively protects virtual wallet assets before compromise occurs. The system continuously monitors the value of virtual financial assets and maintains insurance coverage that automatically pays out if the wallet is compromised, thus cushioning the user against potential losses from security incidents.
Solution Approach 2:
The patent introduces an insurance system as an intermediary layer between the user and the virtual wallet assets. This intermediary provides financial protection by assuming the risk of compromise, allowing users to enjoy the convenience of virtual wallets while transferring security risks to the insurance provider.
2Device complexity
If the insured amount remains static after policy issuance, then administrative complexity is reduced, but the insurance coverage becomes outdated and inadequate as the value of virtual financial assets changes over time
Solution Approach 1:
The patent implements a dynamic insured amount that automatically adjusts to reflect the current value of virtual financial assets. The system continuously monitors asset values and updates the insured amount in real-time, ensuring the insurance coverage remains accurate and adequate without requiring manual intervention.
Solution Approach 2:
The patent establishes a feedback mechanism where the insurance system continuously receives information about changes in the value of virtual financial assets and automatically adjusts the insured amount accordingly. This closed-loop system ensures the insurance coverage remains synchronized with the actual asset value.
3Measurement precision
If manual updates of insured amount are required whenever asset values change, then measurement precision is maintained, but loss of time increases due to frequent user intervention and communication with insurance providers
Solution Approach 1:
The patent implements a self-service system where the virtual wallet application automatically monitors the value of its own assets and communicates changes to the insurance provider without user intervention. The system autonomously updates the insured amount based on real-time asset valuation, eliminating the need for users to manually report changes.
Solution Approach 2:
The patent performs preliminary actions by continuously monitoring asset values and pre-calculating the updated insured amount before any compromise event occurs. This ensures the insurance coverage is already optimized and ready to provide accurate compensation without requiring post-event adjustments or user intervention.
Data Source
AI summary
Techniques are described for providing insurance coverage for a virtual wallet stored on a computing device. The virtual wallet has a value equal to a sum of assigned values of a plurality of virtual financial assets included in the virtual wallet. A user of the computing device purchases an insurance policy for the virtual wallet with an insured amount based on the value of the virtual wallet. The computing device is configured to send messages to an insurance server reporting an updated value of the virtual wallet based on changes to the assigned values of the virtual financial assets. The insurance server updates the insured amount of the insurance policy based on the updated value of the virtual wallet. Upon the virtual wallet being compromised, the insurance policy has an insured amount equal to the most recent updated value of the virtual wallet.