Hierarchical Digital Wallet Fund Allocation Control
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Solution Overview
Problem
Current digital wallet systems lack granular control over electronic fund access and usage across multiple devices, leading to inefficiencies in transaction management and security.
Innovation Solution
A system that allows a parent device to manage and allocate electronic funds among a network of devices, with varying authorization levels, enabling controlled access and usage based on predetermined parameters, such as amount, time, and location.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If full access security mechanisms are implemented for digital wallets, then security control is improved, but device complexity and operational restrictions increase
Solution Approach 1:
The patent segments the digital wallet access control into multiple hierarchical levels (parent level and child level), allowing different authorization scopes for different devices. This segmentation enables granular control where parent devices have full access while child devices have restricted access to specific funds or transactions, resolving the contradiction by making the security system more manageable and less complex through structured division of access rights.
Solution Approach 2:
The patent introduces a new dimension of control by implementing multi-device authorization levels within the digital wallet system. Instead of a single binary access state, the system adds dimensional complexity through hierarchical device roles and authorized parameter sets, allowing nuanced security control that balances reliability with operational flexibility across multiple devices.
2Productivity
If granular control over electronic fund access is implemented across multiple devices, then transaction management efficiency is improved, but system complexity increases
Solution Approach 1:
The patent applies preliminary action by pre-configuring authorization levels and approved parameters for each device before transactions occur. Parent devices can set up child devices with predetermined access rights, spending limits, and authorized merchants in advance. This preliminary configuration streamlines transaction management efficiency by eliminating real-time complex decision-making, while the system complexity is managed through automated rule-based enforcement of pre-set parameters.
3Speed
If automated authorization processes are implemented, then transaction speed is improved, but control over fund usage may be reduced
Solution Approach 1:
The patent implements feedback mechanisms where the system automatically monitors transactions against pre-configured authorized parameters and provides real-time feedback on transaction approval or rejection. This automated feedback loop maintains transaction speed by eliminating manual review, while parent devices retain control by receiving notifications and ability to adjust authorized parameters based on transaction patterns, thus balancing speed with ongoing control.
Data Source
AI summary
Examples of the disclosure enable one or more transactions to be managed. In some examples, a first device and a second device are associated with an account. The first device has a first level of authorization with respect to the account, and the second device has a second level of authorization with respect to the account. An instruction to authorize the second device to have access to a first quantity of funds is received from the first device, and the second device is authorized to have access to the first quantity of funds. A request to access a second quantity of funds is received. The request is associated with the second device. The request to access the second quantity of funds is approved on the condition that the second quantity of funds is less than or equal to the first quantity of funds.