Capital One Services, LLC (20240232824). CHECK TAMPERING PREVENTION USING BLOCKCHAIN simplified abstract
Contents
CHECK TAMPERING PREVENTION USING BLOCKCHAIN
Organization Name
Inventor(s)
Adam Vukich of Alexandria VA (US)
Colin Hart of Arlington VA (US)
Kaitlin Newman of Washington DC (US)
CHECK TAMPERING PREVENTION USING BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240232824 titled 'CHECK TAMPERING PREVENTION USING BLOCKCHAIN
The patent application focuses on techniques for ensuring the integrity of negotiable instruments, specifically checks, by recording an image of the check in a blockchain data block. This image is then retrieved when the check is presented for redemption to compare with the physical check, with a match indicating no alteration has occurred.
- Recording check images in a blockchain data block for verification purposes
- Retrieving stored images for comparison with physical checks presented for redemption
- Matching images to ensure no alteration of the check has taken place
- Enhancing security and trust in the handling of negotiable instruments
- Utilizing blockchain technology to prevent fraud and tampering in financial transactions
Potential Applications: - Banking and financial institutions - Payment processing companies - Retail businesses accepting checks - Government agencies issuing checks
Problems Solved: - Preventing alteration and fraud in negotiable instruments - Ensuring the authenticity of checks during redemption - Enhancing security and trust in financial transactions
Benefits: - Increased security and trust in check transactions - Reduction of fraud and tampering risks - Streamlined verification process for negotiable instruments
Commercial Applications: Title: Blockchain Check Verification System Potential commercial uses include implementing the technology in banking systems, payment processing platforms, and retail check acceptance systems. This innovation can provide a secure and reliable method for verifying the authenticity of checks, reducing the risk of fraud in financial transactions.
Prior Art: Readers can explore prior art related to blockchain technology in financial transactions, check verification systems, and fraud prevention methods to gain a deeper understanding of the existing technologies in this field.
Frequently Updated Research: Researchers may find updated studies on blockchain applications in financial services, security measures in check processing, and advancements in fraud detection technologies relevant to this innovation.
Questions about Blockchain Check Verification System:
1. How does blockchain technology enhance the security of negotiable instruments like checks?
- Blockchain technology provides a secure and immutable record of check images, ensuring the authenticity of the instrument throughout its lifecycle.
2. What are the potential implications of implementing blockchain check verification systems in the financial industry?
- Implementing blockchain check verification systems can lead to increased trust, reduced fraud, and streamlined check processing in the financial industry.
Original Abstract Submitted
various embodiments are directed to techniques for ensuring that a negotiable instrument has not been altered between the time the instrument leaves the hands of the payor and when the check is presented for redemption by the payee by recording an image of the check in a data block in a blockchain and retrieving the image when the check is presented for redemption for comparison with the check. a match between the stored image and the check indicates that no alteration of the check has occurred.
