20240029051. Real-Time Functionality Modification Based on Dynamically Generated Device Identifier simplified abstract (BANK OF AMERICA CORPORATION)
Real-Time Functionality Modification Based on Dynamically Generated Device Identifier
Organization Name
Inventor(s)
Maneesh Sethia of Hyderabad (IN)
Saurabh Garg of Faridabad (IN)
Real-Time Functionality Modification Based on Dynamically Generated Device Identifier - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240029051 titled 'Real-Time Functionality Modification Based on Dynamically Generated Device Identifier
Simplified Explanation
The patent application describes a system for providing dual-functionality device control functions. It involves receiving a selection of a mode of functionality from a user on a payment device. In response, a device identifier, which may include a non-fungible token (NFT), is generated and transmitted to the payment device for display. The payment device can then be used to initiate a transaction. A transaction request including an encrypted version of the NFT is received and evaluated to determine if it matches a pre-stored NFT, authorizing or denying the transaction accordingly.
- The patent application proposes a system for dual-functionality device control functions.
- Users can select a mode of functionality on a payment device.
- A device identifier, potentially including a non-fungible token (NFT), is generated and sent to the payment device for display.
- The payment device can be used to initiate a transaction.
- A transaction request with an encrypted version of the NFT is received and evaluated.
- If the NFT matches a pre-stored NFT, the transaction is authorized; otherwise, it is denied.
Potential Applications
- This technology can be applied in various payment systems, such as mobile payment apps or contactless payment devices.
- It can be used in access control systems, where the payment device also serves as an identification token.
- The system can be integrated into smart home devices, allowing users to control and authorize transactions through their connected devices.
Problems Solved
- Provides a secure and convenient way for users to control and authorize transactions using a payment device.
- Reduces the risk of unauthorized transactions by using encrypted NFTs for authentication.
- Simplifies the process of initiating transactions by integrating device control functions into a payment device.
Benefits
- Enhanced security: The use of NFTs and encrypted transaction requests adds an extra layer of security to prevent unauthorized transactions.
- Convenience: Users can easily switch between different modes of functionality on their payment devices without the need for additional devices or tokens.
- Streamlined transactions: The integration of device control functions into a payment device simplifies the process of initiating transactions, making it more efficient for users.
Original Abstract Submitted
arrangements for providing dual-functionality device control functions are provided. in some aspects, a selection of a mode of functionality may be received. for instance, a user may select an option of at least two options available for selection on the payment device. in response to receiving the selected mode, a device identifier that may be or include a non-fungible token (nft) may be generated. the nft may be transmitted to the payment device for display on the payment device. the payment device may then be used to initiate a transaction. a transaction request including an encrypted version of the nft, as well as additional data, may be received. the nft may be decrypted and evaluated to determine whether it matches a pre-stored nft. if not, the transaction may be denied and if so, the transaction may be authorized.
