18048063. DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES simplified abstract (Visa International Service Association)
DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES
Organization Name
Visa International Service Association
Inventor(s)
Shibabrata Sanjib Kundu of Kolkata (IN)
Varadharajan Seshadri of Chennai (IN)
Bhuvaneswari Govindan of Salem (IN)
DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES - A simplified explanation of the abstract
This abstract first appeared for US patent application 18048063 titled 'DEVICES, SYSTEMS, AND METHODS FOR AUTHENTICATING AN ACCOUNT FOR TRANSACTING ON CRYPTOCURRENCY EXCHANGES
The abstract describes a method for quickly onboarding a user to trade on a cryptocurrency exchange using a payment network.
- Receiving an API call to authenticate the user for trading on the exchange.
- Transmitting the request to the issuer system associated with the user's account.
- Receiving a verification result from the issuer system based on previously authenticated user information.
- Responding to the request by transmitting the verification result to the cryptocurrency exchange.
Potential Applications: - Streamlining the user onboarding process for cryptocurrency exchanges. - Enhancing security by verifying user authenticity through an issuer system.
Problems Solved: - Simplifying the process for users to start trading on cryptocurrency exchanges. - Improving security measures by verifying user identities.
Benefits: - Faster and more efficient user onboarding process. - Enhanced security and authentication for users.
Commercial Applications: Title: "Efficient User Onboarding Solution for Cryptocurrency Exchanges" This technology can be used by cryptocurrency exchanges to attract new users and improve the overall trading experience. It can also be marketed to financial institutions looking to enhance their authentication processes.
Prior Art: Readers can explore prior art related to user authentication methods in the cryptocurrency industry, as well as technologies used for rapid user onboarding processes.
Frequently Updated Research: Stay updated on advancements in user authentication technologies and methods for improving the user onboarding experience in the cryptocurrency sector.
Questions about the technology: 1. How does this method improve the user experience on cryptocurrency exchanges? - This method streamlines the onboarding process, making it quicker and more convenient for users to start trading. 2. What security measures are in place to protect user information during the authentication process? - The issuer system verifies user identities based on previously authenticated information, enhancing security for users.
Original Abstract Submitted
A method of rapidly onboarding a user for access to trade on a cryptocurrency exchange via a payment network is disclosed herein. The method can include receiving an application program interface (“API”) call including a request to authenticate the user for access to trade on the cryptocurrency exchange, wherein the request includes information associated with an account of the user, transmitting the request to an issuer system associated with the account, receiving a verification result from the issuer system, wherein the verification result is based on user identifying information previously authenticated by the issuer system in association with the account, wherein the verification result is indicative of an authenticity status of the user, and responding to the request by transmitting an indication of the verification result to the cryptocurrency exchange.
