Patent published on September 12, 2023

New Patent Could Rapidly Pinpoint Digital Money Traces on Devices

As we continue to immerse ourselves more deeply into the era of digital money, new problems are emerging that were unforeseen in the world of traditional, physical currency. One such issue involves the veritable maze of electronic trails, or cryptocurrency wallet artifacts as they're often referred, left behind by digital transactions on our personal devices. For the everyday user, this might seem like a minor inconvenience, but in cases like fraud or crime investigations, the ability to quickly and effectively track these digital breadcrumbs could be crucial.

The core challenge here is the difficulty and time-consuming nature of manually locating and analyzing these digital artifacts. Given the speed of tech advances and the release of new apps, the problem is getting more complex each day. A user's digital footprint could be scattered in photos, browser history, messages and in the layered directories of their smartphones or tablets. Working through all this data manually, particularly when speed is of the essence, can be an arduous and often impossible task.

This is where a patent (US11755958B1) granted to The Florida International University Board of Trustees steps in. The patent outlines an intelligent system that can spot the tell-tale signs of virtual money on a device. In essence, it's a sort of digital bloodhound, designed to sniff out digital money wallet apps, photos carrying concealed financial information or even traces left on the browser after conducting online transactions.

Sounding like something out of a science fiction narrative, this patent tracks the digital money trail by using advanced computer techniques. It searches through a huge amount of data to identify necessary components, often in places where an average user wouldn't think to look.

In a world where this problem is effectively addressed by this patent, investigations concerning digital money would be significantly faster and efficient. Any digital proof related to frauds or misusage could be spotted quicker, saving precious time in legal matters. The everyday user could also benefit from this technology. The system could alert them of their digital money traces on their phones, just like a reminder of forgetting their physical wallet at a restaurant.

Let's say you were at a café, paid for your latte using a cryptocurrency app, and then left. Upon leaving, you would have unknowingly left behind digital artifacts in your phone. These could be used for identity theft or online frauds. But with the patent's system activated, you could be immediately notified and guided on how to secure your digital footprint.

Keep in mind, this invention is currently at the patent stage. It's only a blueprint of a device or method that has been officially recognized. But there's no guarantee that it will eventually be built or released in the market. Yet, the very existence of such an idea is promising in itself. It shows that as long as digital threats evolve, so will our ways of countering them.

P.S.: A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of years. Patents are granted by the United States Patent and Trademark Office (USPTO).

Explore more