INTERNATIONAL BUSINESS MACHINES CORPORATION (20240257233). PRIVACY-PRESERVING OVERDRAFT MANAGEMENT USING BLOCKCHAIN TECHNOLOGY simplified abstract
Contents
PRIVACY-PRESERVING OVERDRAFT MANAGEMENT USING BLOCKCHAIN TECHNOLOGY
Organization Name
INTERNATIONAL BUSINESS MACHINES CORPORATION
Inventor(s)
Kaoutar El Khiyaoui of Zürich (CH)
Elli Androulaki of Zürich (CH)
PRIVACY-PRESERVING OVERDRAFT MANAGEMENT USING BLOCKCHAIN TECHNOLOGY - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257233 titled 'PRIVACY-PRESERVING OVERDRAFT MANAGEMENT USING BLOCKCHAIN TECHNOLOGY
The invention is a computer-implemented method for managing user overdrafts in a privacy-preserving manner.
- First overdraft token issued based on user identifier, initial overdraft value, serial number, and shared encryption key.
- Zero-knowledge proof generated to show overdraft value equals maximal credit granted to user.
- Overdraft issuance transaction computed based on token and proof, signed using secret key, and submitted to blockchain for validation.
Potential Applications: - Banking and financial institutions - Fintech companies - Payment processing platforms
Problems Solved: - Protecting user privacy in overdraft management - Ensuring secure transactions - Preventing unauthorized access to sensitive financial information
Benefits: - Enhanced privacy protection - Secure and efficient overdraft management - Reduced risk of fraud and unauthorized transactions
Commercial Applications: Title: "Privacy-Preserving Overdraft Management System" This technology can be used by banks, fintech companies, and payment processors to offer secure and private overdraft services to their customers. It can improve trust and confidence in financial transactions while reducing the risk of fraud.
Questions about Privacy-Preserving Overdraft Management System: 1. How does this technology ensure user privacy in overdraft management? - The technology uses encryption keys and zero-knowledge proofs to protect user data and ensure secure transactions. 2. What are the potential commercial applications of this privacy-preserving overdraft management system? - This system can be utilized by banks, fintech companies, and payment processors to offer secure and private overdraft services to their customers.
Original Abstract Submitted
the invention is notably directed to a computer-implemented method of managing user overdrafts in a privacy-preserving manner. the method comprises issuing a first overdraft token computed based on a user identifier of a given user, an initial overdraft value, a first serial number, and an encryption key that is shared with the given user. next, the method generates a zero-knowledge proof of that said overdraft value is equal to a maximal value of credit granted to said given user. the method subsequently computes an overdraft issuance transaction based on the first overdraft token and the first zero-knowledge proof, signs the computed overdraft issuance transaction using a secret key that is not shared with the given user, and finally submits the overdraft issuance transaction to a blockchain for validation.
