FIELD OF THE INVENTION
[001] The present invention belongs to the field of securing the financial transactions, and in particular to a payment chip utilizing a dynamically generated public-private key pair .
BACKGROUND OF THE INVENTION
[002] Recently, the use of different kind of payment cards such as credit cards, debit cards, and gift cards has become common in our current business transaction society.

[003] However, as these payment card transactions are becoming more common, so do the payment data thefts and has experienced an enormous rise in fraud and/or theft during recent years. Thefts can come from many sources, including employees, malicious software, and hardware devices to intercept the payment card details. The debit/credit card typically employs a magnetic stripe which stores the account information and needs to be securely taken care of. For example, in the past, systems used the magnetic stripe on the back of a payment cards or the CVV number when accepting purchases, but these systems became heavily corrupted with malware during the fraud crisis of 2014. Once the information is stolen, it can be put into a new strip and used to make fraudulent purchases. Accordingly, a variety of security features have been implemented ranging from inclusion of holograms and tamper proof signature strips to a hash code based on unique card details.

[004] Recently, the trend is moving towards using Smart card technology which is becoming commonplace in our culture and everyday life. A smart card is a card, generally developed in the size of conventional plastic credit cards, in which either a microprocessor and a memory chip are integrated, or only a memory chip with non-programmable logic.

[005] These smart cards are currently being utilized for various purposes such as credit cards, smart card for digital wallets, and recently greatly along with the crypto currencies. While, the currently available smart cards, also referred to in the industry as “microprocessor cards” or “cards with a chip,” provide more memory and better security than traditional magnetic stripe cards, they still possess some serious concerns such as for example, while the user can generate the public private key himself, it is still required to be done through an online / network based communication using internet / computer technology which is vulnerable to be hacked by hackers, and therefore still possess serious security concerns .

[006] To overcome such concerns, different kind of wallets, have also been adapted to store these cards and / or virtual currencies. Such wallets stores the details of the payment cards, or virtual money directly therewithin. Further, these wallets are themselves encrypted to provide additional security. However, if private key is once stolen, they can do nothing to avoid misuse of the cards, and / or theft of the virtual money.

[007] Henceforth there is an unmet need of a secure financial transaction system, particularly for enabling safe usage of the payment cards that allows dynamically upgradable public-private key pair without any risk of getting the information hacked.

SUMMARY OF THE INVENTION
[008] In an embodiment, a system for securing financial transactions, is disclosed. The system includes a payment chip associated to a user's account. The payment chip is further associated to a public key and a private key adapted to secure one or more transactions made using the payment chip. The public key is uniquely linked to the private key and is dynamically changeable by the user by changing the private key. The system further includes a key generator mechanism configured within the payment chip and adapted to dynamically generate a public-private key pair. The key generator mechanism includes a first private key generation module adapted to securely generate a private key offline and within the payment chip. The private key generation module generally includes one or more random number generation mechanism known in the art. The key generator module further includes a second conversion module adapted to generate a public key on the basis of private key generated by the private key generation module. Furthermore, the system includes a micro-processor unit adapted to execute one or more modules of the key generator mechanism.

[009] In an embodiment, the system further includes a payment approving gateway adapted to receive and / or read the dynamically generated public key from the payment chip so as to approve the transaction using the corresponding private key. In operation, when a transaction request is to be made, the key generator dynamically generates a public-private key pair. The public private key pair is generated in a completely offline mode. Thereafter, the payment approving gateway receives the public key in an encrypted form in an offline mode such that the payment device is not required to be in an online mode for the purpose of making a transaction. Further, the payment approving gateway is adapted to decrypt the public key to match it against a unique account identifier database, before proceeding the transaction request to the payment server, thereby, further securing the payments.

[0010] Numerous additional features, embodiments, and benefits of the methods and apparatus of the present invention are discussed below in the detailed description which follows.

OBJECTS OF THE INVENTION
[0011] An object of the invention is to provide a secure financial transaction system.

[0012] Yet another object of the invention is to generate public-private key pair dynamically and in a completely offline mode to make it secure from online hackers.

[0013] It is yet another object of the invention to provide dynamic public-private key pair for crypto currency wallets and making them truly secure.

[0014] It is yet another object of the present invention to provide a payment gateway adapted to receive only the secure transaction requests by verifying the public-private key pair against a unique account information identifier.
SHORT DESCRIPTION OF DRAWINGS
[0015] The accompanying drawings illustrate various embodiments of systems, methods, and other aspects of the disclosure. Any person having ordinary skill in the art will appreciate that the illustrated element boundaries (e.g., boxes, groups of boxes, or other shapes) in the figures represent one example of the boundaries. It may be that in some examples, one element may be designed as multiple elements or that multiple elements may be designed as one element. In some examples, an element shown as an internal component of one element may be implemented as an external component in another, and vice versa. Furthermore, elements may not be drawn to scale.

[0016] FIG. 1 is a system block diagram of a secure financial transaction system according to the present invention;

[0017] FIG. 2 is a system block diagram of a secure financial transaction system according to the present invention;

[0018] FIG. 3 is a system block diagram of a payment chip according to the present invention;

[0019] FIG. 4a is a front view of an exemplary payment chip in accordance with the present invention.

[0020] FIG. 4b is a back view of an exemplary payment chip in accordance with the present invention; and

[0021] FIG. 5 is a system block diagram of a payment accepting means according to the present invention.

[0022] Various embodiments will hereinafter be described in accordance with the appended drawings, which are provided to illustrate, and not to limit the scope in any manner, wherein like designations denote similar elements, and in which:
DETAILED DESCRIPTION OF DRAWINGS
[0023] The present disclosure is best understood with reference to the detailed figures and description set forth herein. Various embodiments are discussed below with reference to the figures. However, those skilled in the art will readily appreciate that the detailed descriptions given herein with respect to the figures are simply for explanatory purposes as the methods and systems may extend beyond the described embodiments. For example, the teachings presented and the needs of a particular application may yield multiple alternate and suitable approaches to implement the functionality of any detail described herein. Therefore, any approach may extend beyond the particular implementation choices in the following embodiments described and shown.

[0024] References to “one embodiment,” “an embodiment,” “at least one embodiment,” “one example,” “an example,” “for example,” and so on, indicate that the embodiment(s) or example(s) so described may include a particular feature, structure, characteristic, property, element, or limitation, but that not every embodiment or example necessarily includes that particular feature, structure, characteristic, property, element or limitation. Furthermore, repeated use of the phrase “in an embodiment” does not necessarily refer to the same embodiment.

[0025] FIG. 1 is a system block diagram of a system 100 adapted to securing financial transactions. The system 100 includes a payment chip 110 associated to a user's account. The system 100 further includes a key generator mechanism 120 configured within the payment chip 110 and adapted to dynamically generate a public-private key pair associated to the payment chip 110. The key generator mechanism 120 includes a first private key generation module 122 adapted to securely generate a private key 122a. The key generator module 120 further includes a second conversion module 124 adapted to generate a public key 124a on the basis of private key 122a generated by the private key generation module 122. Furthermore, the system 100 includes a micro-processor unit adapted to execute one or more modules 122, 124 of the key generator mechanism 120.

[0026] In a second embodiment of the current invention as illustrated in Fig. 2, the system 100 further includes a payment accepting means 130. The payment accepting means 130 includes a receiving means 132 adapted to read / receive the public key 124a from the payment chip 110 and a payment approving gateway 134. In operation, when a transaction request is to be made, the system generates a public-private key pair dynamically in a completely offline mode. Thereafter, the public key 124a thus generated is read by the receiving means 132 of the payment accepting means 130. Further, the payment approving gateway 134 is provided with the corresponding private key 122a which is utilized to decrypt the public key 124a and in turn to approve the transaction and proceed to a payment server [not shown] for completing the transaction.

[0027] Fig. 3 illustrates an exemplary payment chip 300 in accordance to a preferred embodiment of the current invention. As illustrated in Fig. 4a & 4b, the payment chip 300 is a card made of a predetermined material such as a plastic, and is generally developed in the size of a conventional credit cards, having a front face 310 and a back face 320.

[0028] Looping back to Fig. 3, the payment chip 300 include one or more functional components including a base chip 360 comprising a microprocessor 365, a power source 370, underlying algorithms 375, one or more biometric sensors 380, and a memory 364.
[0029] The first face 310 includes a first LED screen 312 adapted to display a private key 314. The payment chip 300 further includes a key generation mechanism 330 positioned onto the front face 310.

[0030] The key generation mechanism 330 includes a first private key generation module 340. In an embodiment of the present invention, the first private key generation module 340 is a module adapted to generate a random number 341 using one or more random number generator such as Practical true random number generator (PTRNG), Hardware true random number generator (HRNG) and / or a combination thereof. In a preferred embodiment, the first private key generation module 340 is a PTRNG utilizing an image / light sensors for the purpose of generation of random number. In such an embodiment, as illustrated in Fig. 4a, the key generation module 340 includes a light sensor 342, one or more randomizer button 344 for optionally randomizing the random number 341, and / or a lock button 346 for locking the encrypted random numbers 341 which is then displayed onto the first led screen 312 and is used as the private key 314. However, in other embodiments, any other mechanism suitable to randomly / securely generate private key 314.

[0031] The key generation mechanism 330 further includes a second conversion module 350, adapted to generate a public key 324 using the private key 314. In an embodiment, the second conversion module 350 includes a converter button 352 positioned onto the front face 310 which when pressed is adapted to display the public key 324 onto a second screen 322 positioned onto the back face 320 of the payment chip 310. In another embodiment, the second conversion module does not include any visible component and is performed automatically by the underlying microprocessor 365 and algorithms 375. Such configuration of microprocessors, algorithms, control unit etc is well known in the art and may be contemplated by a person skilled in the art.

[0032] Fig. 5 illustrates a payment accepting means 430. The payment accepting means 430 includes a receiving / reading means 432 adapted to read / receive the public key 324 from the payment chip 310 and a payment approving gateway 434 for decrypting the public key 324 using the corresponding private key 314. The payment approving gateway 434 is further connected to a payment server 436 adapted to make the payment and / or complete the transaction. The payment approving gateway 434 includes a database 435 containing a list of account information identifiers which when found, the transaction request is approved and forward to the payment server 436.

[0033] In operation, when a transaction request is to be made, the system 100 generates a public-private key pair dynamically in a completely offline mode. Thereafter, the public key 324 thus generated is read by the receiving / reading means 432 of the payment accepting means 430. Further, the payment approving gateway 134 is provided with the corresponding private key 314 which is utilized to decrypt the public key 324 and in turn to approve the transaction request and proceed to a payment server 436 for completing the transaction. In an embodiment, the payment approving gateway 434 is adapted to match the decrypted public key 324 against the database 435 containing the list of account information identifiers which when found, the transaction request is approved and forward to the payment server 436.

[0034] In some embodiments of the present invention, the public key 324 is additionally implemented as a QR code 325. In such embodiments the receiving / reading means 432 may be implemented in a QR code reader. In yet other embodiments, the public key may be implemented in any suitable means such as an image, a hex-code, and the like. In all such embodiments, the receiving / reading means 432 is implemented as a complementary means suitable to read the public key 324.

[0035] The payment chip 300 is uniquely associated to a user's account and in particular to a user account identifier such that the public key 324, when decrypted by the private key 314 provides the payment approving gateway 434 with the identifier and therefore approves the transaction request.

[0036] In an embodiment of the present invention, the payment chip 310 includes one or more biometric sensors 380 adapted to turn on the application of the payment chip. [0405]Accordingly, it is possible to neither steal nor counterfeit the private key 314 thereby completely securing the payment chip 300 and the corresponding transaction requests performed there through.

[0037] Further, the base chip 360 may be formed of an “uneditable and untemperable identification core such that even if the card is disassembled, it cannot be used for a fraud transaction without the knowledge of the user associated to unique account identifier.

[0038] The payment chip 310 including the base chip 360, the microprocessor 365, the power source 370, the underlying algorithms 375, the one or more biometric sensors 380, may be connected to the memory / buffer 364, through one or more chip level connections and is mounted on a common motherboard or in other manners as appropriate. The processor 365 can process instructions for execution within the system 100, including instructions / algorithms 375 stored in the memory 364.
[0039] Processor 102 may communicate with a user through control interface and display interface coupled to a display. The display screens 312, 314 may be, for example, a TFT LCD (Thin-Film-Transistor Liquid Crystal Display) or an OLED (Organic Light Emitting Diode) display, or other appropriate display technology. The display interface may comprise appropriate circuitry for driving the display to present public key 324 to the public and private key 314 remains visible to the user only. The control buttons may receive commands from a user and convert them for submission to the processor 365.

[0040] The payment chip 300 is shown as including the memory 364. The memory 364 may store executable instructions . The executable instructions may be stored or organized in any manner and at any level of abstraction, such as in connection with one or more applications, processes, routines, procedures, methods, functions, etc.

[0041] In one implementation, the memory 104 is a volatile memory unit or units. In another implementation, the memory 104 is a non-volatile memory unit or units. The memory 104 may also be another form of computer- readable medium, such as a magnetic or optical disk. In one implementation, a computer program product is tangibly embodied in an information carrier. The computer program product contains instructions that, when executed, perform one or more methods, such as those described above. The information carrier is a computer- or machine-readable medium, such as the memory, expansion memory, or memory on processor.
[0042] The system 100 is illustrative. In some embodiments, one or more of the entities may be optional. In some embodiments, additional entities not shown may be included. In some embodiments, the entities may be arranged or organized in a manner different from what is shown in FIG. 1.

[0043] It is noted that various connections are set forth between elements in the description and in the drawings (the contents of which are included in this disclosure by way of reference). It is noted that these connections in general and, unless specified otherwise, may be direct or indirect and that this specification is not intended to be limiting in this respect. In this respect, a coupling between entities may refer to either a direct or an indirect connection.

[0044] Various embodiments of the invention have been disclosed. However, it should be apparent to those skilled in the art that modifications in addition to those described, are possible without departing from the inventive concepts herein. The embodiments, therefore, are not restrictive, except in the spirit of the disclosure. Moreover, in interpreting the disclosure, all terms should be understood in the broadest possible manner consistent with the context. In particular, the terms “comprises” and “comprising” should be interpreted as referring to elements, components, or steps, in a non-exclusive manner, indicating that the referenced elements, components, or steps may be present, or utilized, or combined with other elements, components, or steps that are not expressly referenced.

[0045] Although a few implementations have been described in detail above, other modifications are possible. Moreover, other mechanisms for performing the systems and methods described in this document may be used. In addition, the logic flows depicted in the figures may not require the particular order shown, or sequential order, to achieve desirable results. Other steps may be provided, or steps may be eliminated, from the described flows, and other components may be added to, or removed from, the described systems. Accordingly, other implementations are within the scope of the following claims.

,CLAIMS:1. A system for making a secure financial transaction. the system comprising:
a payment chip corresponding to a user's account, the payment chip associated with a unique account identifier associated with the user's account;
a key generator mechanism adapted to dynamically generate a public-private key pair, the key generator mechanism comprising:
a private key generation module adapted to securely generate a private key, the private key generation mechanism comprising a random number generation mechanism;
a conversion module adapted to generate a public key on the basis of private key generated by the private key generation mechanism;
a micro-processor unit adapted to execute on or more modules of the key generator mechanism;
wherein the key generator mechanism is configured within the payment chip such that a new dynamic public-private key-pair may be generated dynamically for each transaction while being completely offline.
2. The system of claim 1, further comprising a payment accepting means having a payment approving gateway adapted to receive the dynamically generated public key from the payment chip so as to decrypt using the correspondingly private key and thereby approving the transaction towards a payment server.

3. The system of claim, wherein the payment approving gateway decrypts the public key to match it against a unique account identifier database, before proceeding the transaction request to the payment server

4. The system of claim 1, wherein the payment chip is a card shaped chip associated to the user's account selected from one or more of but not limited to a bank account, a crypto-currency wallet, a digital wallet and the like.

5. The system of claim 1, wherein the random number generation mechanism may be selected from one or more of but not limited to one or more cryptographic encryption techniques.

6. The system of claim 1, wherein the system further comprising a biometric sensors adapted to enable the execution of the payment chip by the user itself wherein the biometric sensor may be selected from one or more of but not limited to eye sensor, face sensor, fingerprint sensor, and the like.

7. The system of claim 1, wherein each of the public key generated is uniquely encrypted with the user's account information identifier adapted to be decrypted by the corresponding private key.

8. The system of claim 2, wherein the payment accepting means comprising a receiving means adapted to read the public key for the purpose of approving the transaction.

9. The system of claim 7 and 8, wherein the encrypted public key is in form of a QR code, and the receiving means is a QR code reader.

10. The system of claim 1, wherein the payment chip comprising one or more display for displaying the public key, the private key and / or the QR code.