Zero-Trust IoT Payment Registration Through NFT Device Validation
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Solution Overview
Problem
Existing IoT devices in payment systems face security risks due to unauthorized interactions, necessitating a secure validation mechanism to ensure device ownership and transaction integrity.
Innovation Solution
Utilizing non-fungible tokens (NFTs) on a blockchain to validate IoT devices and transactions through smart contracts, generating and merging metadata-associated NFTs to ensure secure and authorized payment execution.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional IoT device validation methods are used, then device interaction is simple and fast, but security risks increase due to unauthorized devices
Solution Approach 1:
The patent introduces NFTs as intermediary tokens that mediate between IoT devices and the payment system. Each IoT device receives a unique NFT that serves as proof of authorization, allowing the system to validate devices without complex direct verification mechanisms. The NFT acts as a trusted intermediary that encapsulates device identity and authorization status.
Solution Approach 2:
The patent creates digital copies of device identity and authorization information in the form of NFTs. Instead of validating the actual IoT device directly, the system validates the NFT copy that represents the device's identity and authorization status. This copying approach simplifies validation while maintaining security.
2Reliability
If NFT validation mechanism is implemented, then security and tamper-proof validation are improved, but system complexity and computational requirements increase
Solution Approach 1:
The patent performs preliminary actions by generating and distributing NFTs to authorized IoT devices before they engage in payment transactions. This advance preparation ensures that when transactions occur, validation is simplified to checking the NFT rather than performing complex real-time verification, reducing computational requirements during actual transactions.
Solution Approach 2:
The NFT validation mechanism enables IoT devices to self-validate their authorization status through their own NFTs. Each device carries its authorization proof in the form of an NFT, allowing it to demonstrate its legitimacy without requiring the system to perform complex verification queries. The device essentially serves its own validation needs through the NFT.
3Measurement precision
If metadata mining and NFT generation are performed for each device, then validation accuracy is improved, but processing time and computational resources increase
Solution Approach 1:
The patent performs metadata mining and NFT generation as preliminary actions during the device registration phase, rather than during each transaction. Once the NFT is generated and stored on the blockchain, subsequent transactions can validate the device quickly by checking the pre-existing NFT without repeating the metadata mining process, significantly reducing processing time for actual transactions.
Solution Approach 2:
The patent creates a permanent copy of the device's metadata and identity information within the NFT structure on the blockchain. This copied information serves as a reusable validation reference, eliminating the need to repeatedly mine and process the original metadata for each transaction, thus reducing computational overhead and processing time.
Data Source
AI summary
Systems and methods are disclosed for validating transactions executed by Internet of Things (IoT) devices leveraging non fungible tokens (NFTs) stored on a blockchain. The system generates a first NFT paired with metadata associated with an IoT device, a second NFT paired with metadata associated with a transaction requested by the IoT device, and a third NFT merging the first and second NFTs together. The NFTs are used in validation processes to ensure an IoT device and/or a transaction requested by an IoT device are valid. The NFTs are bound to smart contracts assigned one or more rules related to validating an IoT device and/or transaction requested by an IoT device. A transaction requested by an IoT device executes based on the validation processes.