View source for R3 Ltd. (20240242188). SECURE PROCESSING OF CENTRAL BANK DIGITAL CURRENCY (CBDC) CARD PAYMENTS simplified abstract

=SECURE PROCESSING OF CENTRAL BANK DIGITAL CURRENCY (CBDC) CARD PAYMENTS=


==Organization Name==

[[:Category:R3 Ltd.|R3 Ltd.]]


[[Category:R3 Ltd.]]

==Inventor(s)==

[[:Category:Stefan Iliev of Sofia (BG)|Stefan Iliev of Sofia (BG)]][[Category:Stefan Iliev of Sofia (BG)]]

[[:Category:Sotiria Fytraki of London (GB)|Sotiria Fytraki of London (GB)]][[Category:Sotiria Fytraki of London (GB)]]

[[:Category:Bogdan Catalin Paunescu of London (GB)|Bogdan Catalin Paunescu of London (GB)]][[Category:Bogdan Catalin Paunescu of London (GB)]]

[[:Category:Richard G. Brown of London (GB)|Richard G. Brown of London (GB)]][[Category:Richard G. Brown of London (GB)]]

==SECURE PROCESSING OF CENTRAL BANK DIGITAL CURRENCY (CBDC) CARD PAYMENTS - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240242188 titled 'SECURE PROCESSING OF CENTRAL BANK DIGITAL CURRENCY (CBDC) CARD PAYMENTS

The abstract describes a system where central bank digital currency (CBDC) tokens are used for transactions initiated by a payment card at an acquirer's point-of-sale. The card issuer node in a distributed ledger environment receives a payment message from a payment terminal, containing a signature transmitted by the payment card. The card issuer node generates a signature data structure and a transaction message with transaction components, such as the number of tokens to be transferred and the intended acquirer of the tokens. The transaction is validated based on the signature data structure.

* Payment transactions using CBDC tokens at point-of-sale
* Card issuer node in a distributed ledger environment
* Signature data structure and transaction message for validation
* Number of tokens, current owner, intended acquirer, and currency type in the transaction message
* Validation of transactions based on the signature data structure

Potential Applications:
- Secure and efficient payment transactions using CBDC tokens
- Enhanced transparency and traceability in financial transactions
- Integration of digital currencies into traditional payment systems

Problems Solved:
- Streamlining payment processes with CBDC tokens
- Ensuring security and authenticity of transactions
- Improving efficiency and accuracy in financial transactions

Benefits:
- Increased security and transparency in payment transactions
- Reduced transaction costs and processing times
- Enhanced interoperability between digital and traditional payment systems

Commercial Applications:
Title: "Enhancing Payment Security with CBDC Token Transactions"
This technology can be applied in various industries such as retail, banking, and e-commerce to facilitate secure and efficient payment transactions using CBDC tokens. The market implications include improved customer trust, reduced fraud risks, and increased adoption of digital currencies in mainstream financial systems.

Prior Art:
Researchers can explore existing patents related to CBDC token transactions, distributed ledger technology, and payment processing systems to understand the evolution of this technology and identify potential areas for innovation.

Frequently Updated Research:
Researchers and developers can stay informed about the latest advancements in CBDC token transactions, distributed ledger technology, and payment systems by following industry publications, academic journals, and attending relevant conferences and workshops.

Questions about CBDC Token Transactions:
1. How does the use of CBDC tokens impact traditional payment systems?
   - The use of CBDC tokens can enhance security, transparency, and efficiency in traditional payment systems by leveraging blockchain technology for transaction validation and processing.
2. What are the potential regulatory challenges associated with implementing CBDC token transactions?
   - Regulatory challenges may include compliance with anti-money laundering (AML) and know your customer (KYC) regulations, as well as addressing concerns related to data privacy and consumer protection.


==Original Abstract Submitted==

central bank digital currency (cbdc) tokens are used for payment in a transaction initiated by a payment card at an acquirer's point-of-sale. to facilitate these transactions, a card issuer node in a distributed ledger environment receives a payment message from a payment terminal. the payment message, comprising a request to conduct a cbdc-based transaction, contains a signature transmitted to the payment terminal by a payment card. the card issuer node generates a signature data structure that contains the signature. the card issuer node also generates a transaction message containing components of the transaction, such as a number of tokens to be transferred, a current owner of the tokens to be transferred, an intended acquirer of the tokens, a currency type of the tokens, and/or instructions for validating the transaction. the transaction is validated based at least in part on the signature data structure in the transaction message.



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