System and method to facilitate rewritable transactions over a blockchain ledger

Abstract

The present invention discloses a system (100) designed to facilitate rewritable transactions within a blockchain ledger. The system (100) comprises a server (106) that communicates securely with computing devices (110) and users (112) over a blockchain network (108). The system (100) further comprises a processor (102) and a memory (104) to execute a set of instructions enabling it to receive modification requests from users (112) to alter transactions and smart contracts stored in a blockchain ledger (218). The processor (102) evaluates these requests by comparing them against predefined verified transactions and smart contracts and authenticates the users (112) based on their credentials and predefined criteria. Upon successful authentication, the processor (102) modifies and rewrites the requested transactions and smart contracts and correspondingly, obtains an agreement for their authenticity. When the agreement is obtained, the processor (102) is configured to record the modifications securely within the blockchain ledger (218).

Description

TECHNICAL FIELD

[0001] The present invention relates to the field of blockchain technologies, more specifically, to a system and method to facilitate rewritable transactions within a blockchain ledger.BACKGROUND

[0002] Background description includes information that may be useful in understanding the present disclosure. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed disclosure, or that any publication specifically or implicitly referenced is prior art.

[0003] Blockchain technology has emerged as a transformative innovation, revolutionizing various industries by providing a decentralized and immutable ledger system. Traditional blockchain systems offer the advantages of transparency, security, and trust without the need for intermediaries. However, these systems also suffer from limitations when it comes to flexibility and adaptability once transactions are recorded.

[0004] In traditional blockchains, once a transaction is added to a block and validated through a consensus mechanism, it becomes virtually immutable. While this immutability ensures the integrity and trustworthiness of the ledger, it also creates challenges when changes or modifications are required. Situations may arise where authorized entities need to alter or reverse transactions due to errors, changes in business requirements, disputes, or regulatory compliance.

[0005] Existing approaches to modifying blockchain transactions include complex consensus mechanisms or hard forks, which can be time-consuming, resource-intensive, and may lead to fragmentation or bifurcation of the blockchain network. These approaches limit the ability to adapt to dynamic business needs efficiently.

[0006] There is, therefore, a need to overcome the above drawback, limitations, shortcomings associated with the existing techniques, and that provide more flexibility in managing and modifying blockchain data.OBJECTS OF THE PRESENT DISCLOSURE

[0007] Some of the objects of the present disclosure, which at least one embodiment herein satisfies are as listed herein below.

[0008] An object of the present disclosure is to provide a system and method to facilitate rewritable transactions within a blockchain ledger.

[0009] Another object of the present disclosure is to provide a system and method to develop blockchain solutions that maintain the core principles of decentralization and immutability while enhancing flexibility for transaction modification.

[0010] Another object of the present disclosure is to explore innovative approaches to address the challenges of immutability in traditional blockchain systems, enabling reversible transactions when necessary.

[0011] Another object of the present disclosure is to create blockchain systems that strike a balance between transparency, security, and adaptability, fostering trust in a dynamic business environment.

[0012] Another object of the present disclosure is to investigate the potential of smart contracts and sidechains to improve the scalability and versatility of blockchain networks.

[0013] Another object of the present disclosure is to provide a system and a method to enhance the efficiency of blockchain networks by reducing the resource-intensive nature of existing transaction modification methods.

[0014] Another object of the present disclosure is to facilitate error correction and regulatory compliance within blockchain systems through innovative mechanisms for altering recorded transactions.

[0015] Another object of the present disclosure is to provide a system and method to improve the agility of blockchain technology to meet evolving business requirements and changing industry landscapes.

[0016] Another object of the present disclosure is to provide a system and method to develop protocols that allow for controlled transaction modifications without compromising the integrity of the blockchain ledger.

[0017] Another object of the present disclosure is to minimize the risk of network fragmentation or bifurcation caused by hard forks when implementing changes to blockchain systems.SUMMARY

[0018] Various aspects of the present disclosure relate to the field of blockchain ledgers, more specifically, to a system and method to facilitate rewritable transactions over a blockchain ledger. The proposed system develops blockchain solutions that maintain the core principles of decentralization and immutability while enhancing flexibility for transaction modification.

[0019] In an aspect, a system described herein facilitates rewritable transactions over a blockchain ledger. The system includes a server communicatively coupled with a processor and a memory. The processor is configured to one or more modification requests from one or more users through one or more computing devices to modify one or more transactions and smart contracts stored in a blockchain ledger. Further, the processor is configured to receive a set of credential data of the one or more users requesting to modify the one or more transactions and smart contracts. Further, the processor is configured to compare the requested one or more transactions and smart contracts for modification against a plurality of predefined verified transactions and smart contracts stored in the blockchain ledger. Further, the processor is configured to compare the received set of credential data against known credential data of a plurality of predefined authorized users and a set of criteria stored in the blockchain ledger. Further, the processor is configured to validate the authenticity of the modification request by verifying the one or more users along with the requested one or more transactions and smart contracts based on the comparison. Further, the processor is configured to modify and rewrite the requested one or more transactions and smart contracts upon determination of successful authentication. Further, the processor is configured to obtain an agreement for the authenticity of the modified one or more transactions and smart contracts.Thereafter, the processor is configured to record the modification made for the requested one or more transactions and smart contracts in the blockchain ledger.

[0020] In an aspect, the present disclosure provides a method to facilitate rewritable transactions over a blockchain ledger. The method including the steps of receiving, by a processor, one or more modification requests from one or more users through one or more computing devices to modify one or more transactions and smart contracts stored in a blockchain ledger. Additionally, the method receives, by the processor, a set of credential data of the one or more users requesting to modify the one or more transactions and smart contracts. Additionally, the method compares, by the processor, the requested one or more transactions and smart contracts for modification against a plurality of predefined verified transactions and smart contracts stored in the blockchain ledger. In addition, the method compares the received set of credential data against known credential data of a plurality of predefined authorized users and a set of criteria stored in the blockchain ledger. In addition, the method validates, by the processor, the authenticity of the modification request by verifying the one or more users along with the requested one or more transactions and smart contracts based on the comparison. In addition, the method modifies and rewrites, by the processor, the requested one or more transactions and smart contracts upon determination of successful authentication. In addition, the method obtains, by the processor, an agreement for the authenticity of the modified one or more transactions and smart contracts. In addition, the method records, by the processor, the modification made for the requested one or more transactions and smart contracts in the blockchain ledger.

[0021] Various objects, features, aspects, and advantages of the inventive subject matter will become more apparent from the following detailed description of preferred embodiments, along with the accompanying drawing figures in which like numerals represent like components.BRIEF DESCRIPTION OF DRAWINGS

[0022] The accompanying drawings are included to provide a further understanding of the present disclosure, and are incorporated in, and constitute a part of this specification. The drawings illustrate exemplary embodiments of the present disclosure, and together with the description, serve to explain the principles of the present disclosure.

[0023] In the figures, similar components, and / or features may have the same reference label. Further, various components of the same type may be distinguished by following the reference label with a second label that distinguishes among the similar components. If only the first reference label is used in the specification, the description is applicable to any one of the similar components having the same first reference label irrespective of the second reference label.

[0024] FIG. 1 illustrates an exemplary block diagram in which or with which a proposed system to facilitate rewritable transactions over a blockchain ledger may be implemented, in accordance with an embodiment of the present disclosure.

[0025] FIG. 2 illustrates exemplary functional components of a processor of the system, in accordance with an embodiment of the present disclosure.

[0026] FIG. 3 illustrates an exemplary flow diagram of the proposed method to facilitate rewritable transactions over a blockchain ledger, in accordance with an embodiment of the present disclosure.DETAILED DESCRIPTION

[0027] The following is a detailed description of embodiments of the disclosure depicted in the accompanying drawings. The embodiments are in such detail as to clearly communicate the disclosure. However, the amount of detail offered is not intended to limit the anticipated variations of embodiments. On the contrary, the intention is to cover all modifications, equivalents, and alternativesfalling within the spirit, and scope of the present disclosure as defined by the appended claims.

[0028] In the following description, numerous specific details are set forth in order to provide a thorough understanding of the embodiments of the present invention. It will be apparent to one skilled in the art that embodiments of the present invention may be practiced without some of these specific details. Embodiments of the present disclosure relate to the field of blockchain technologies, more specifically, to a system and method for credential management in a set of blockchain transactions.

[0029] If the specification states a component or feature "may", "can", "could", or "might" be included or have a characteristic, that particular component or feature is not required to be included or have the characteristic.

[0030] As used in the description herein and throughout the claims that follow, the meaning of "a," "an," and "the" includes plural reference unless the context clearly dictates otherwise. In addition, as used in the description herein, the meaning of "in" includes "in" and "on" unless the context clearly dictates otherwise.

[0031] In an exemplary and non-limiting aspect, wherein a buyer and a seller agreed to purchase a property using a blockchain-based smart contract. Further, upon recording the initial contract on the blockchain, unforeseen issues arose including a reduction in the purchase price to cover necessary repairs. In a traditional blockchain system, altering the terms of the smart contract would be a complex and time-consuming process, potentially leading to disputes and complications. However, with the present disclosure, both parties, along with their respective real estate agents and legal representatives, can collaboratively amend the smart contract to reflect the new terms efficiently and transparently, thereby, enhancing adaptability and reducing the risk of disputes, ultimately providing a more seamless and efficient experience for all parties involved.

[0032] FIG. 1 illustrates an exemplary block diagram in which or with which a proposed system to facilitate rewritable transactions over a blockchainledger may be implemented, in accordance with an embodiment of the present disclosure.

[0033] Referring to FIG. 1, a system 100 to facilitate rewritable transactions over a blockchain ledger, system 100 establishes a secure communication channel among one or more computing devices 110-1, 110-2...., and 110-N (collectively referred to as computing devices 110), one or more users 112-1, 112-2...., and 112-N (collectively referred to as users 112), and a server 106. The system 100 consists of a blockchain network 108, which is a communication channel between server 106, the one or more computing devices 110, and the one or more users 112. Moreover, the server 106 includes a processor 102 and a memory 104 to store instructions for providing secure communication. The processor 102 may include suitable logic, circuitry, and / or interfaces that are operable to execute one or more instructions stored in the memory 104 to perform pre-determined operations. The memory 104 may be operable to store the one or more instructions. The processor 102 may be implemented using one or more processor technologies known in the art. Examples of the processor 102 include, but are not limited to, an x86 processor, a RISC processor, an ASIC processor, a CISC processor, or any other processor.

[0034] The memory 104 stores a set of instructions and data. Some of the commonly known memory implementations include, but are not limited to, a Random Access Memory (RAM), a Read Only Memory (ROM), a Hard Disk Drive (HDD), and a Secure Digital (SD) card. Further, the memory 104 includes the one or more instructions that are executable by the processor 102 to perform specific operations. It will be apparent to a subject having ordinary skill in the art that the one or more instructions stored in the memory 104 enable the hardware of the system 100 to perform the predetermined operation.

[0035] In some embodiments, when a computing device 110 shares at least one packet from a host to a receiver, it is transmitted through a network path by a blockchain network 108. Exemplary computing device 110 includes a personal computer, tablet-style device, or a handheld computer (e.g., including a cellular telephone, a media player, an entertainment system, etc.), a networkcomputer, or an embedded processing device within another device or consumer electronic product. As used herein, the terms "computer" and "apparatus including a processing device" may be used interchangeably with the data processing system 600 and include the above-listed exemplary embodiments.

[0036] Examples of the blockchain network 108 may include, but are not limited to, a Wireless Fidelity (Wi-Fi) network, a Wide Area Network (WAN), a Local Area Network (LAN), or a Metropolitan Area Network (MAN). Various devices in the system 100 can connect to the blockchain network in accordance with the various wired and wireless communication protocols such as Transmission Control Protocol and Internet Protocol (TCP / IP), User Datagram Protocol (UDP), and 2G, 3G, and 4G communication protocols.

[0037] In an embodiment, an exemplary block diagram 100 in which or with which a proposed system to facilitate rewritable transactions over a blockchain ledger may be implemented, in accordance with an embodiment of the present disclosure. The system includes a server 106 communicatively coupled with a processor 102 and a memory 104. The memory 104 includes processor-executable instructions, which on execution, causes the processor 102 to execute a sequence of tasks. The processor 102 is configured to receive one or more modification requests from one or more users 112 through one or more computing devices 110 to modify one or more transactions and smart contracts stored in a blockchain ledger 218. Further, the processor 102 is configured to receive a set of credential data of the one or more users 112 requesting to modify the one or more transactions and smart contracts. The requested one or more transactions and smart contracts for modification are compared against a plurality of predefined verified transactions and smart contracts stored in the blockchain ledger 218. Correspondingly, the received set of credential data are compared against known credential data of a plurality of predefined authorized users 112 and a set of criteria stored in the blockchain ledger 218. By correlating the comparison, the processor 102 is configured to validate the authenticity of the modification request by verifying the one or more users 112 along with the requested one or more transactions and smart contracts. Upon validation, the processor 102 is furtherconfigured to modify and rewrite the requested one or more transactions and smart contracts upon determination of successful authentication. In addition, the processor 102 obtains an agreement on the authenticity of the modified one or more transactions and smart contracts and correspondingly, the modification made in the requested one or more transactions is recorded in the blockchain ledger 218.

[0038] In an exemplary embodiment, the processor 102 is configured to validate the modification request by utilizing one or more rewrite validation protocols and cryptographic techniques including a set of rules and regulations.

[0039] In another exemplary embodiment, the one or more rewrite validation protocols further includes any or a combination of mining techniques and chain reorganization techniques.

[0040] In another exemplary embodiment, the processor 102 is configured to verify the one or more users 112 based on the predefined set of criteria including any or a combination of the type of credentials, hierarchy of each transaction, and transaction quantity.

[0041] In another exemplary embodiment, the processor 102 is configured to record the modification made for the requested one or more transactions and smart contracts by storing information related to the name of the one or more users 112 requested the modification, the nature of the modification, and the timestamp of the modification.

[0042] FIG. 2 illustrates exemplary functional components of a processor of the system, in accordance with an embodiment of the present disclosure.

[0043] As illustrated in FIG. 2, a module diagram 200 for the system 100 may include one or more processors 102. The one or more processor 102 can be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, logic circuitries, and / or any devices that manipulate data based on operational instructions. Among other capabilities, the one or more processor 102 are configured to fetch and execute computer-readable instructions stored in a memory 104 of the system 100. The memory 104 can store one or more computer-readable instructions or routines, which can be fetched and executed to create or share the data units over a networkservice. The memory 104 can include any non-transitory storage device including, for example, volatile memory such as RAM, or non-volatile memory such as EPROM, flash memory, and the like.

[0044] The system 100 can also include an interface(s) 206. The interface(s) 206 can include a variety of interfaces, for example, interfaces for data input and output devices, referred to as I / O devices, storage devices, and the like. The interface(s) 206 can facilitate communication of system 100. The interface(s) 206 can also provide a communication pathway for one or more components of the system 100. Examples of such components include but are not limited to, processing engine(s) 208, a Turn Control Unit 210, a Rewrite Validation Unit 212, a Rewrite Agreement Unit 214, a Rewrite Record Unit 216, and a Blockchain Ledger 218.

[0045] The processing engine(s) 208 can be implemented as a combination of hardware and programming (for example, programmable instructions) to implement one or more functionalities of the processing engine(s) 208. In the examples described herein, such combinations of hardware and programming can be implemented in several different ways. For example, the programming for the processing engine(s) 208 can be processor-executable instructions stored on a non-transitory machine-readable storage medium, and the hardware for the processing engine(s) 208 can include a processing resource (for example, one or more processors), to execute such instructions. In the present examples, the machine-readable storage medium can store instructions that, when executed by the processing resource, implement the processing engine(s) 208. In such examples, the system 100 can include the machine-readable storage medium storing the instructions and the processing resource to execute the instructions, or the machine-readable storage medium can be separate but accessible to system 100 and the processing resource. In other examples, the processing engine(s) 208 can be implemented by electronic circuitry.

[0046] In an embodiment, the Turn Control Unit 210 is designed to orchestrate the orderly and secure access to transaction modification privileges given to one or more users 112. The Unit 210 acts as the guardian of theblockchain, meticulously allocating the rights to modify transactions and smart contracts exclusively to the authorized one or more users 112 within predefined criteria. In addition, the Turn-Control Unit 210 ensures that modifications occur with precision and transparency, ensuring the allocation of modification rights in real-time, taking into account crucial criteria including any or a combination of user roles, permissions, and priority levels.

[0047] In another embodiment, the Rewrite Validation Unit 212 ensures the veracity and reliability of modified transactions within the blockchain ledger 218, wherein the Unit 212 includes a meticulously designed set of rules and validation techniques configured for verifying the legitimacy and adherence to predefined rules of any changes made to the blockchain ledger 218. The purposed of the Unit 212 is to determine any unauthorized or malicious alterations, bolstering the blockchain ledger's 218 against fraudulent activities, and preserving the trust and confidence among the one or more users 112. Additionally, the Rewrite Validation Unit 212 leverages advanced cryptographic techniques to guarantee the integrity and irrefutability of all modified transactions, establishing it as an indispensable component in upholding the security and integrity of the rewritable blockchain system 100.

[0048] In another embodiment, the Rewrite Agreement Unit 214 is responsible for validating and sanctioning any requested modifications of one or more transactions and smart contracts stored in the blockchain ledger 218. When an authorized user 112 initiates changes to a transaction or smart contract, the Unit 214 takes on the pivotal task of ensuring unanimous consent among authorized network nodes regarding the modification's legitimacy. By facilitating this consensus among nodes, the Rewrite Agreement Unit 214 safeguards against potential issues such as double-spending or data inconsistencies, thereby upholding the overall integrity and trust over the blockchain ledger 218. The Unit 214 employs one or more agreement techniques, including any or a combination of proof-of-stake, proof-of-work, or practical Byzantine fault tolerance, ensuring that only legitimate and validated modifications are incorporated into the blockchain ledger 218.

[0049] In another embodiment, the Rewrite Record Unit 216 is configured to meticulously record every modifications made to the one or more transactions and smart contracts stored in the blockchain ledger 218. The Unit 216 creates an invaluable auditable trail of changes, recording essential details such as the identity of the responsible user, the nature of the modification, and the precise timestamp of the adjustment. Correspondingly, the Unit 216 facilitates auditing, traceability, and compliance with regulatory standards, ensuring that the blockchain ledger 218 operates with transparency and accountability. By enabling all modifications to be traced back to their source, the Rewrite Record Unit 216 establishes a robust mechanism for authorized entities to access and scrutinize the recorded modifications, affording them the capability to conduct comprehensive searches, apply filters, and export the modification record, thereby reinforcing reliability and trustworthiness of the system 100.

[0050] In another embodiment, the Blockchain Ledger 218 includes the machine-readable storage medium storing the instructions and the processing resource to execute the instructions, or the machine-readable storage medium may be separate but accessible to a user module and the processing resource. In other examples, the processing engine(s) 208 is implemented by electronic circuitry. The Blockchain Ledger 218 includes data that is either stored or generated as a result of functionalities implemented by any of the components of the processing engine(s) 208.

[0051] FIG. 3 illustrates an exemplary flow diagram of the proposed method to facilitate rewritable transactions over a blockchain ledger, in accordance with an embodiment of the present disclosure.

[0052] As illustrated, a method 300 to facilitate rewritable transactions over a blockchain ledger is disclosed. The method 300 begins at block 302 upon initiating a set of instructions, a processor 102, one or more modification requests from one or more users 112 through one or more computing devices 110 to modify one or more transactions and smart contracts stored in a blockchain ledger 218.

[0053] The method 300 includes, at block 304, further receiving, by the processor 102, a set of credential data of the one or more users 112 requesting to modify the one or more transactions and smart contracts.

[0054] The method 300 includes, at block 306, comparing, by the processor 102, the requested one or more transactions and smart contracts for modification against a plurality of predefined verified transactions and smart contracts stored in the blockchain ledger 218. Correspondingly, at block 308, the method 300 compares, by the processor 102, the received set of credential data against known credential data of a plurality of predefined authorized users 112 and a set of criteria stored in the blockchain ledger 218. By correlating both the comparisons at block 306 and 308, when a determination is yes, the block 306 and 308 proceeds to block 310. When a determination is no, the block 306 and 308 are preceded to block 302 to receive one or more information from the one or more users 112.

[0055] The method 300 includes, at block 310, validating, by the processor 102, the authenticity of the modification request by verifying the one or more users 112 along with the requested one or more transactions and smart contracts based on the comparison.

[0056] Upon determination of successful authentication, at block 310, the method 300 include, at block 312, modifying and rewriting, by the processor 102, the requested one or more transactions and smart contracts upon determination of successful authentication.

[0057] The method 300 may further includes, at block 314, obtaining, by the processor 102, an agreement for the authenticity of the modified one or more transactions and smart contracts.

[0058] When the agreement is obtained, at block 314, the method 300 correspondingly, at block 316, records, by the processor 102, the modification made in the requested one or more transactions and smart contracts in the blockchain ledger 218.

[0059] The method 300 includes, at block 318, determining, by the processor 102, whether the third party user has permission to access the requested set of credentials.

[0060] In an exemplary embodiment, the processor 102 is configured to validate the modification request by utilizing one or more rewrite validation protocols and cryptographic techniques including a set of rules and regulations.

[0061] In another exemplary embodiment, the one or more rewrite validation protocols further includes any or a combination of mining techniques and chain reorganization techniques.

[0062] In another exemplary embodiment, the processor 102 is configured to verify the one or more users 112 based on the predefined set of criteria including any or a combination of the type of credentials, hierarchy of each transaction, and transaction quantity.

[0063] In another exemplary embodiment, the processor 102 records the modification made for the requested one or more transactions and smart contracts by storing information related to the name of the one or more users 112 requested the modification, the nature of the modification, and the timestamp of the modification.

[0064] 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 used, or combined with other elements, components, or steps that are not expressly referenced.

[0065] Those skilled in the art will appreciate that the systems, modules, and sub-modules have been illustrated and explained to serve as examples and should not be considered limiting in any manner. It will be further appreciated thatthe variants of the above disclosed system elements, modules, and other features and functions, or alternatives thereof, may be combined to create other different systems or applications.

[0066] Those skilled in the art will appreciate that any of the aforementioned steps and / or system modules may be suitably replaced, reordered, or removed, and additional steps and / or system modules may be inserted, depending on the needs of a particular application. In addition, the systems of the aforementioned embodiments may be implemented using a wide variety of suitable processes and system modules, and are not limited to any particular computer hardware, software, middleware, firmware, microcode, and the like.

[0067] The claims can encompass embodiments for hardware and software, or a combination thereof.

[0068] While the foregoing describes various embodiments of the invention, other and further embodiments of the invention may be devised without departing from the basic scope thereof. The scope of the invention is determined by the claims that follow. The invention is not limited to the described embodiments, versions, or examples, which are included to enable a person having ordinary skill in the art to make and use the invention when combined with information and knowledge available to those having ordinary skill in the art.ADVANTAGES OF THE INVENTION

[0069] The present disclosure provides a system and method to facilitate rewritable transactions within a blockchain ledger.

[0070] The present disclosure provides a method and a system to ensure transparency by providing a publicly accessible ledger of transactions.

[0071] The present disclosure to offer robust security through cryptographic techniques and decentralization.

[0072] The present disclosure provides a method and a system to eliminate the need for intermediaries, fostering trust between parties.

[0073] The present disclosure provides a system and method to support virtually immutable transactions on a blockchain to enhance data integrity.

[0074] The present disclosure provides a system and method to reduce the risk of fraud and tampering with transaction records.

[0075] The present disclosure assists in maintaining regulatory compliance through transparent and auditable records.

[0076] The present disclosure facilitates efficient dispute resolution by providing an immutable record of transactions.

[0077] The present disclosure enables authorized entities to correct errors in recorded transactions.

Claims

1. A system (100) to facilitate rewritable transactions over a blockchain ledger, the system (100) comprises: a server (106) configured to communicate with one or more computing devices (110) and one or more users (112) by establishing a secure communication channel over a blockchain network (108); a processor (102) and a memory (104), wherein the said memory comprising a set of instructions, which when executed, cause the processor to: receive one or more modification requests from one or more users (112) through one or more computing devices (110) to modify one or more transactions and smart contracts stored in a blockchain ledger (218); receive a set of credential data of the one or more users (112) requesting to modify the one or more transactions and smart contracts; compare the requested one or more transactions and smart contracts for modification against a plurality of predefined verified transactions and smart contracts stored in the blockchain ledger (218); compare the received set of credential data against known credential data of a plurality of predefined authorized users (112) and a set of criteria stored in the blockchain ledger (218); validate the authenticity of the modification request by verifying the one or more users (112) along with the requested one or more transactions and smart contracts based on the comparison; modify and rewrite the requested one or more transactions and smart contracts upon determination of successful authentication; obtain an agreement for the authenticity of the modified one or more transactions and smart contracts; and record the modification made in the requested one or more transactions and smart contracts in the blockchain ledger (218).

2. The system (100) as claimed in claim 1, wherein the processor (102) is configured to validate the modification request by utilizing one or more rewrite validation protocols and cryptographic techniques comprising a set of rules and regulations.

3. The one or more rewrite validation protocols as claimed in claim 2, further comprises any or a combination of mining techniques and chain reorganization techniques.

4. The system (100) as claimed in claim 1, wherein the processor (102) is configured to verify the one or more users (112) based on the predefined set of criteria comprising any or a combination of the type of credentials, hierarchy of each transaction, and transaction quantity.

5. The system (100) as claimed in claim 1, wherein the processor (102) records the modification made for the requested one or more transactions and smart contracts by storing information related to the name of the one or more users (112) requested the modification, the nature of the modification, and the timestamp of the modification.

6. A method (300) to facilitate rewritable transactions over a blockchain ledger, the method (300) comprising the steps of: receiving (302), by the processor (102), one or more modification requests from one or more users (112) through one or more computing devices (110) to modify one or more transactions and smart contracts stored in a blockchain ledger (218); receiving (304), a set of credential data of the one or more users (112) requesting to modify the one or more transactions and smart contracts; comparing (306), by the processor (102), the requested one or more transactions and smart contracts for modification against a plurality of predefined verified transactions and smart contracts stored in the blockchain ledger (218); comparing (308), by the processor (102), the received set of credential data against known credential data of a plurality of predefined authorized users (112) and a set of criteria stored in the blockchain ledger (218); validating (310), by the processor (102), the authenticity of the modification request by verifying the one or more users (112) along with the requested one or more transactions and smart contracts based on the comparison; modifying and rewriting (312), by the processor (102), the requested one or more transactions and smart contracts upon determination of successful authentication; obtaining (314), by the processor (102), an agreement for the authenticity of the modified one or more transactions and smart contracts; and recording (316), by the processor (102), the modification made in the requested one or more transactions and smart contracts in the blockchain ledger (218).

7. The method (300) as claimed in claim 6, wherein the processor (102) is configured to validate the modification request by utilizing one or more rewrite validation protocols and cryptographic techniques comprising a set of rules and regulations.

8. The one or more rewrite validation protocols as claimed in claim 7, further comprises any or a combination of mining techniques and chain reorganization techniques.

9. The method (300) as claimed in claim 6, wherein the processor (102) is configured to verify the one or more users (112) based on the predefined set of criteria comprising any or a combination of the type of credentials, hierarchy of each transaction, and transaction quantity.

10. The method (300) as claimed in claim 6, wherein the processor (102) records the modification made for the requested one or more transactions and smart contracts by storing information related to the name of the one or more users (112) requested the modification, the nature of the modification, and the timestamp of the modification.