Blockchain-based trustable guarantees

Abstract

Disclosed herein are methods, systems, and apparatus, including computer programs encoded on computer storage media, for processing blockchain-based guarantee information. One of the methods includesreceiving a cyphertext of a digital document specifying a guarantee and one or more zero-knowledge proofs (ZKPs) related to one or more values associated with the guarantee; verifying the one or moreZKPs; upon successfully verifying the one or more ZKPs, storing the cyphertext to a blockchain based on performing a consensus algorithm; receiving a first message from a first computing device associated with the beneficiary or a representative of the beneficiary indicating there is no outstanding claim for the guarantee; sending a second message to a second computing device associated with a guarantor to confirm that the guarantor is discharged from undertaking payment under the guarantee; receiving a third message from the second computing device associated with the guarantor requesting thestatus of the guarantee to be changed to expired; and updating the status of the guarantee stored in the blockchain to indicate that the guarantee has expired.

Description

technical field [0001] This paper deals with the provision of trusted letters of guarantee based on blockchain technology. Background technique [0002] A distributed ledger system (DLS), which may also be referred to as a consensus network and / or a blockchain network, enables participating entities to store data securely and immutably. Without referencing any specific use case, DLS is often referred to as a blockchain network. Examples of types of blockchain networks may include public blockchain networks, private blockchain networks, and consortium blockchain networks. The consortium blockchain network is provided for a selected group of entities that control the consensus process, and the consortium blockchain network includes an access control layer. [0003] Digital networks have enabled people around the world to find information and interact easily and efficiently. For example, social media platforms make it easy for people to share messages, photos and videos with...

AI Technical Summary

Problems solved by technology

However, due to different international technical or financial regulations, messages may pass through multiple nodes before reaching their final destination, making them time-consuming, expensive and lacking transparency

When more than two parties are involved, message routing between multiple parties becomes less efficient under a peer-to-peer infrastructure

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