Bank of America Corporation (20240249274). D(DIGITAL) + B(BITCOIN) WALLET simplified abstract

D(DIGITAL) + B(BITCOIN) WALLET

Organization Name

Bank of America Corporation

Inventor(s)

Steven Greene of New York NY (US)

Kerry Vaughan of Pennington NJ (US)

Srinath Chakravarty of Plano TX (US)

Aravind Shankaragouda Singtalur of McKinney TX (US)

Dinesh Kumar Agrawal of Rowlett TX (US)

Stephen Belton of Garden City NY (US)

Kenneth Boyd of Richmond VA (US)

Petar Puskarich of Plano TX (US)

D(DIGITAL) + B(BITCOIN) WALLET - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240249274 titled 'D(DIGITAL) + B(BITCOIN) WALLET

Simplified Explanation: This patent application describes a method for transferring goods or services from a vendor supporting d+b wallets to a user registered with a digital-bitcoin (d+b) wallet.

• The method involves receiving a user request for a cryptocurrency-based transaction at the vendor.
• A consent to transact the cryptocurrency-based transaction is transmitted, and a Quick Response (QR) code specifying the amount of cryptocurrency and the product or service to be exchanged is received from the user device.
• A biometric characteristic confirming the transaction is also received.
• The amount of cryptocurrency is then received via the d+b wallet, and a confirmation of receipt is transmitted.

Key Features and Innovation:

• Transfer of goods or services using d+b wallets.
• Use of QR codes for specifying transaction details.
• Biometric confirmation for added security.
• Seamless cryptocurrency transactions between users and vendors.

Potential Applications:

• E-commerce platforms.
• Retail stores.
• Service providers.

Problems Solved:

• Streamlining cryptocurrency transactions.
• Enhancing security through biometric confirmation.
• Simplifying the exchange of goods and services.

Benefits:

• Faster and more secure transactions.
• Improved user experience.
• Increased adoption of cryptocurrency payments.

Commercial Applications:

• Online marketplaces.
• Brick-and-mortar stores.
• Cryptocurrency payment processors.

Prior Art: Prior art related to this technology may include existing methods for cryptocurrency transactions and biometric authentication in financial transactions.

Frequently Updated Research: Research on improving the efficiency and security of cryptocurrency transactions, as well as advancements in biometric authentication technology, may be relevant to this technology.

Questions about Cryptocurrency Transactions: 1. How does the use of QR codes enhance the efficiency of cryptocurrency transactions? 2. What are the potential security risks associated with biometric confirmation in financial transactions?

Original Abstract Submitted

a method for transferring a good or service from a d+b wallet-supporting vendor to a user registered with a digital+bitcoin (d+b) wallet is provided. the user may be registered with a cryptocurrency provider and a value allocation. the method may receive, at the vendor, a user request configured for a cryptocurrency-based transaction. the method may transmit, a consent to transact the cryptocurrency-based transaction and, in response to the transmitting of the consent to transact, receive, from the user device, a quick response (qr) code. the code specifies: a) an amount of cryptocurrency; and b) a product or a service to be exchanged for the amount of cryptocurrency. the method may also receive a biometric characteristic that confirms the transaction. the method may then receive the amount of cryptocurrency via the d+b wallet, and transmit a confirmation of receipt of the cryptocurrency.