VISA INTERNATIONAL SERVICE ASSOCIATION (20240320658). FEDERATED CUSTODIAN simplified abstract

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FEDERATED CUSTODIAN

Organization Name

VISA INTERNATIONAL SERVICE ASSOCIATION

Inventor(s)

Sivanarayana Gaddam of Santa Clara CA (US)

Atul Luykx of San Francisco CA (US)

Cuy Sheffield of Menlo Park CA (US)

FEDERATED CUSTODIAN - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240320658 titled 'FEDERATED CUSTODIAN

The abstract describes an enhanced federated custodian system that involves receiving approvals for transactions associated with authentication capsules from members of a federated blockchain. The system generates machine-readable codes in response to these approvals and transmits them to a cold interaction system for further processing.

  • Receive transaction approvals from members of a federated blockchain.
  • Generate machine-readable codes in response to transaction approvals.
  • Transmit generated codes to a cold interaction system for decryption.
  • Decrypt encrypted information for transactions and approvals.
  • Generate private keys corresponding to public keys for transactions.

Potential Applications: - Secure transaction processing in federated blockchain networks. - Enhanced authentication and authorization mechanisms. - Improved data protection and confidentiality in custodian systems.

Problems Solved: - Ensuring secure and efficient transaction processing. - Enhancing data security and privacy in custodian systems. - Streamlining authentication and approval processes in federated blockchain networks.

Benefits: - Increased security and confidentiality of transactions. - Simplified authentication and approval procedures. - Enhanced trust and reliability in custodian systems.

Commercial Applications: Title: Enhanced Federated Custodian System for Secure Transaction Processing This technology can be applied in financial institutions, healthcare organizations, and government agencies to ensure secure and efficient transaction processing. It can also be utilized by cryptocurrency exchanges and digital asset platforms to enhance data protection and confidentiality.

Questions about Enhanced Federated Custodian System: 1. How does this technology improve transaction security in federated blockchain networks? - The technology enhances transaction security by generating private keys for transactions and decrypting encrypted information for approvals, ensuring secure and confidential processing.

2. What are the potential implications of this technology for data protection in custodian systems? - This technology can significantly improve data protection in custodian systems by streamlining authentication and approval processes, enhancing trust and reliability in transaction processing.


Original Abstract Submitted

an enhanced federated custodian system is described. one embodiment is directed to a computer system executing instructions to: receive, from one or more members of a federated blockchain on a network of computing devices, an approval for a transaction associated with an authentication capsule; generate, via a first trusted execution environment, a first machine readable code in response to receiving the approval for the transaction; transmit to a cold interaction system, the first machine readable code; and the cold interaction system comprising one or more processors and one or more memories, the one or more memories comprising instructions executable by the one or more processors to: receive the first machine readable code comprising the encrypted information and the approval; decrypt the encrypted information for the transaction and the approval; and generate a private key that corresponds to a public key for the transaction.

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