17931968. REMOTE CREATION OF VIRTUAL CREDENTIAL BOUND TO PHYSICAL LOCATION simplified abstract (Capital One Services, LLC)
Contents
- 1 REMOTE CREATION OF VIRTUAL CREDENTIAL BOUND TO PHYSICAL LOCATION
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 REMOTE CREATION OF VIRTUAL CREDENTIAL BOUND TO PHYSICAL LOCATION - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
REMOTE CREATION OF VIRTUAL CREDENTIAL BOUND TO PHYSICAL LOCATION
Organization Name
Inventor(s)
Aditya Pai of San Francisco CA (US)
Allison Fenichel of Brooklyn NY (US)
REMOTE CREATION OF VIRTUAL CREDENTIAL BOUND TO PHYSICAL LOCATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 17931968 titled 'REMOTE CREATION OF VIRTUAL CREDENTIAL BOUND TO PHYSICAL LOCATION
Simplified Explanation
The abstract describes a credential system that creates a virtual credential tied to a physical location, sends information to a transaction terminal, provides tokenized information to a user device, and sends authorization decisions based on the physical location of the terminal.
- The credential system creates virtual credentials linked to physical locations.
- Information is sent to transaction terminals to register virtual credentials and identify users.
- Tokenized information is provided to user devices for transactions.
- Authorization decisions are sent based on the physical location of the transaction terminal.
Potential Applications
The technology described in this patent application could be applied in various industries such as banking, retail, transportation, and access control systems.
Problems Solved
This technology helps enhance security and convenience in transactions by linking virtual credentials to physical locations, providing tokenized information, and making authorization decisions based on the physical location of the transaction terminal.
Benefits
The benefits of this technology include improved security, streamlined transactions, enhanced user experience, and reduced fraud risks.
Potential Commercial Applications
A potential commercial application of this technology could be in the financial sector for secure and efficient payment processing systems.
Possible Prior Art
One possible prior art for this technology could be the use of geolocation-based authentication systems in mobile banking applications.
Unanswered Questions
How does the system handle situations where the physical location of the transaction terminal cannot be accurately determined?
The system may have fallback mechanisms in place to verify transactions in such scenarios, such as additional authentication steps or manual verification processes.
What measures are in place to protect the tokenized information provided to user devices?
The system likely employs encryption techniques and secure communication protocols to safeguard the tokenized information from unauthorized access or interception.
Original Abstract Submitted
In some implementations, a credential system may create a virtual credential bound to a physical location associated with a transacting entity based on a request from a user device. The credential system may send information to a transaction terminal at the physical location bound to the virtual credential to register the virtual credential and identify a user that owns an account associated with the virtual credential. The credential system may provide, to the user device, tokenized information related to the virtual credential. The credential system may receive the tokenized information from a transaction terminal requesting authorization for the transaction. The credential system may send, to the transaction terminal requesting the authorization for the transaction, an authorization decision associated with the transaction based on whether the transaction terminal is present at the physical location bound to the virtual credential.
