Method and system for blockchain-based commodity transactions

Abstract

A device for transaction management includes a local memory configured to store a copy of blockchain records corresponding to blockchain records of a trusted entity, each of the blockchain records associated with a transaction corresponding to a commodity smart contract. A processor is configured to generate a transaction certificate to certify a transaction, the transaction certificate being in a form of a non-fungible token (NFT) that is recorded onto one of the blockchain records in the local memory associated with the transaction, provide the transaction certificate to one or more participants of the transaction, and submit the transaction certificate to the trusted entity for recordation onto the one of the blockchain records managed by the trusted entity associated with the transaction corresponding to the commodity smart contract when a network connection between the device and the trusted entity is available.

Description

METHOD AND SYSTEM FOR BLOCKCHAIN-BASED COMMODITY TRANSACTIONSCROSS-REFERENCE TO RELATED APPLICATIONS

[0001] The present application claims priority to:U.S. Provisional Application No. 63 / 669,543, titled “METHOD, SYSTEM, AND DEVICE FOR PROPERTY TRANSACTION MANAGEMENT INVOLVING DISTRIBUTED LEDGER TECHNOLOGIES”, filed on July 10, 2024,Dutch Patent Application No. 2038183, titled “METHOD, SYSTEM, AND DEVICE FOR PROPERTY TRANSACTION MANAGEMENT INVOLVING DISTRIBUTED LEDGER TECHNOLOGIES”, filed on July 10, 2024,U.S. Provisional Application No. 63 / 669,559, titled “METHOD, SYSTEM, AND DEVICE FOR EXECUTING PROPERTY TRANSACTIONS INVOLVING DISTRIBUTED LEDGER TECHNOLOGIES”, filed on July 10, 2024,Dutch Patent Application No. 2038184, titled “METHOD, SYSTEM, AND DEVICE FOR EXECUTING PROPERTY TRANSACTIONS INVOLVING DISTRIBUTED LEDGER TECHNOLOGIES”, filed on July 10, 2024, andU.S. Provisional Application No. 63 / 692,543, titled “METHOD AND SYSTEM FOR BLOCKCHAIN-BASED COMMODITY TRANSACTIONS”, filed September 9, 2024, the contents of which are hereby incorporated by reference in its entirety for all purposes.FIELD OF INVENTION

[0002] The present disclosure relates to distributed ledger technologies, and more particularly to methods, systems and devices for executing commodity transactions involving distributed ledger technologies such as blockchain.BACKGROUND

[0003] For significant transactions of commodities that require legal compliance and verification across a supply chain from procurement to delivery, there is a need for an infrastructure to support all of the legal documentation, verification of compliance by government agents, as well as verification of production and shipment for such transactions. However, depending on the environment, tracking such requirements can be very timeconsuming and oftentimes inaccurate. Some government agencies may only produce such verifications by paper, or may be fraudulently procured. The responsibility of managing accurate information confirming the procurement, compliance, and delivery, especially if theunderlying government does not have proper infrastructure to manage such transactions, requires specialized infrastructure.

[0004] In the related art, the actual delivery of commodities may be different from the contract due to lack of verification across several crucial steps. Further, if the participants fail to store the paperwork and the verification details, problems may arise when questions on the details of the commodities delivery are raised. Storing secure and verifiable documents / records of the transactions is not only a challenge for transactions taking place between two or more entities, but also for any approvals, licenses, certifications, briefs, orders, notifications, and other legal and non-legal documents issued by third-party entities, such as government or judicial bodies.

[0005] In the related art, digitizing physical transactions presents several unique technical challenges. For example, digital records of transactions are generally easy to forge or tamper in comparison to physical records. Moreover, it is easy to change the values of the digital record of the transaction indiscernibly. Such records also need to be kept safe from unauthorized access, and tampering from miscreants.

[0006] Distributed Ledger Technologies (DLTs), such as blockchain, create and store verifiable records of transactions in digital form in a decentralized manner. DLTs are implemented using a network of nodes that interact with each other to enable transactions to be concluded therebetween, and record, validate, and store the concluded transactions in the ledger. Blockchain, for example, stores and records a list of transactions as blocks which are linked together through cryptographic hashes. When the transaction is concluded, other nodes in the network validate the transaction before storing a block having said transaction into the chain. After validating the transactions, other nodes in the network reach an agreement to synchronously update the validated transaction on their copies of the distributed ledger. Blockchain uses proof-of-work consensus protocols to validate transactions, while other DLTs may use other consensus protocols / algorithms such as proof-of-stake, proof of space, proof of burn, and so on.

[0007] However, commonly used consensus protocols are known to consume significant amounts of energy and computational resources, which are often wasteful and redundant for many applications. Such consensus protocols may be impractical for certain types of transactions. For instance, if the transaction corresponds to a license or a permit issued by the government, it is inappropriate to expect consensus from other nodes in the network. In addition, the recordation of transactions requires an internet connection to post the transaction onto the blockchain. However, in certain circumstances, there may not be any internet or network connection available for the participants to record their transaction.

[0008] Therefore, a need exists for a system for digitizing a transaction and storing the details of the transaction for commodities delivery and procurement, which takes into account the above-mentioned problems.SUMMARY

[0009] This summary is provided to introduce a selection of concepts in a simplified form that are further described below in the detailed description. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used as an aid in determining the scope of the claimed subject matter.

[0010] According to an aspect of the present disclosure, a device for transaction management is provided. The device includes a local memory, configured to store a copy of blockchain records corresponding to the blockchain records of a trusted entity, each of the blockchain records associated with a transaction corresponding to a commodity smart contract. The device also includes a processor, configured to, for recording a transaction associated with the corresponding property associated with one of the blockchain records: generate a transaction certificate to certify the transaction, the transaction certificate being in a form of a non-fungible token (NFT) that is recorded onto the one of the blockchain records in the local memory associated with the transaction; provide the transaction certificate to one or more participants of the transaction; and for a network connection between the device and the trusted entity being available, submit the transaction certificate to the trusted entity for recordation onto the one of the blockchain records managed by the trusted entity associated with the transaction corresponding to the commodity smart contract.

[0011] According to other aspects of the present disclosure, the device may include one or more of the following features. The transaction certificate may comprise a timestamp of the generation of the transaction certificate and location information associated with the device at the timestamp. The location information may be derived from Global Positioning Satellite (GPS) coordinates of the device and devices associated with the one or more participants of the transaction. The transaction certificate may comprise a transaction context indicating the execution of the commodity smart contract. The transaction certificate may comprise a representative of unique signatures of the one or more participants in the transaction.

[0012] The device may be a mobile device, wherein the copy of the blockchain records may be retrieved by a mobile device application from the trusted entity in response to authentication of ownership of the commodity smart contract through the mobile device application. Alternatively, the device may be a special purpose device corresponding to an owner of the corresponding property, wherein the copy of the blockchain records may be preset in the local memory.

[0013] The processor may be configured to, for providing proof of ownership of the corresponding property associated with the one of the blockchain records: generate a digital stamp in the form of another NFT, the digital stamp configured to authorize access to information associated with the corresponding property as managed in the one of the blockchain records when submitted to the trusted entity. The processor may be configured to, upon generation of the transaction certificate to certify the transaction, disable subsequent generation of transaction certificates for the corresponding property associated with one of the blockchain records. The processor may be configured to provide the transaction certificate to devices of the one or more participants of the transaction using short-range communication.

[0014] According to another aspect of the present disclosure, a method is provided. The method includes the steps performed by the device as described above.

[0015] According to yet another aspect of the present disclosure, a system is provided. The system involves a device as described above.

[0016] A device for transaction management may include a local memory configured to store a copy of blockchain records corresponding to blockchain records of a trusted entity. Each of the blockchain records may be associated with a transaction corresponding to a commodity smart contract. The device may also include a processor configured to generate a transaction certificate to certify a transaction. The transaction certificate may be in the form of a non- fungible token (NFT) that is recorded onto one of the blockchain records in the local memory associated with the transaction. The processor may provide the transaction certificate to one or more participants of the transaction. When a network connection between the device and the trusted entity is available, the processor may submit the transaction certificate to the trusted entity for recordation onto the one of the blockchain records managed by the trusted entity associated with the transaction corresponding to the commodity smart contract.

[0017] In some aspects, the transaction certificate may comprise a timestamp of the generation of the transaction certificate and location information associated with the device at the timestamp. The location information may be derived from Global Positioning Satellite (GPS) coordinates of the device and devices associated with the one or more participants of the transaction.

[0018] The transaction certificate may include a transaction context indicating the execution of the commodity smart contract. In some cases, the transaction certificate may comprise a representative of unique signatures of the one or more participants in the transaction.

[0019] The processor may be further configured to generate a digital stamp in the form of another NFT. The digital stamp may be configured to authorize access to informationassociated with the commodity smart contract as managed in the one of the blockchain records when submitted to the trusted entity.

[0020] In some implementations, upon generation of the transaction certificate to certify the transaction, the processor may disable subsequent generation of transaction certificates for the commodity smart contract associated with the one of the blockchain records.

[0021] The device may be a mobile device, and the copy of the blockchain records may be retrieved by a mobile device application from the trusted entity in response to authentication of ownership of the commodity smart contract through the mobile device application. Alternatively, the device may be a special purpose device corresponding to an owner of the commodity smart contract, wherein the copy of the blockchain records may be preset in the local memory.

[0022] A method for transaction management may include steps performed by the device as described above. Similarly, a system for transaction management may involve a device configured to perform the functions described above, along with a blockchain management system of the trusted entity configured to receive and record the transaction certificate onto the blockchain records.

[0023] The device, method, and system described herein may provide improved functionality for executing and recording commodity transactions in environments with limited network connectivity, while maintaining the security and verifiability benefits of blockchain technology.

[0024] In contrast to the related art implementations, a transaction management device stores a local copy of blockchain records corresponding to blockchain records of a trusted entity for a commodity smart contract for offline transaction processing and later synchronization. The combination of local blockchain record storage, NFT-based transaction certificates, offline distribution to participants, and later submission to a trusted entity is not utilized in the prior art as most blockchain based systems are related to confined environments such as a factory floor in which connectivity is relatively stable, and do not foresee commodity supply chain management including environments (e.g., on boats, in docks, as loaded on trucks) that require transaction certification and government compliance despite limited connectivity. Further, as the transaction management device maintains a local copy of blockchain records, even if the blockchain system goes down or becomes corrupted, the local copy of the blockchain records can be utilized as a ground truth and the transactions can be recovered from the transaction management device.

[0025] The foregoing general description of the illustrative embodiments and the following detailed description thereof are merely exemplary aspects of the teachings of this disclosure and are not restrictive.BRIEF DESCRIPTION OF FIGURES

[0026] Non-limiting and non-exhaustive examples are described with reference to the following figures.

[0027] FIG. 1 illustrates an example system for executing commodity transactions involving distributed ledger technologies.

[0028] FIG. 2 illustrates an example configuration of a transaction management device, in accordance with an example implementation.

[0029] FIG. 3 illustrates an example flow for execution and recordation of a transaction between multiple devices.

[0030] FIG. 4 illustrates an example flow for establishing proof of ownership in a blockchain-based transaction system.

[0031] FIG. 5 illustrates an example digital stamp code format that may be used to validate digitized or tokenized values in a blockchain-based transaction system.

[0032] FIG. 6 illustrates an example interface and process for validating a digital stamp code in a blockchain-based transaction system.

[0033] FIG. 7 illustrates an example flow for executing a transaction between a transaction management device and a transaction participant device.

[0034] FIG. 8 illustrates an example transaction certificate that may include several fields for recording transaction information.

[0035] FIGS. 9 A and 9B illustrate examples of tokenization of assets in a blockchain system.

[0036] FIG. 10 illustrates an example flow for fulfillment of smart contract requirements by third parties in a blockchain-based transaction system.DETAILED DESCRIPTION

[0037] The following description sets forth exemplary aspects of the present disclosure. It should be recognized, however, that such description is not intended as a limitation on the scope of the present disclosure. Rather, the description also encompasses combinations and modifications to those exemplary aspects described herein.

[0038] FIG. 1 illustrates an example system for executing commodity transactions involving distributed ledger technologies. The system may include a transaction management device 101, a transaction participant device 103, a local area network 102, a wide area network 104, and a blockchain management system 105.

[0039] A transaction management device 101 may be configured to manage and execute transactions related to commodities. A transaction participant device 103 may be associated with parties involved in the commodity transactions. The transaction management device 101 and the transaction participant device 103 may communicate through a local area network 102.

[0040] In some cases, the local area network 102 may utilize short-range communication technologies such as Bluetooth, local Ethernet, or cable connections. The local area network 102 may enable direct communication between the transaction management device 101 and the transaction participant device 103 when internet connectivity may not be available.

[0041] A wide area network 104 may provide connectivity between the transaction management device 101, the transaction participant device 103, and a blockchain management system 105 when internet access becomes available. The blockchain management system 105 may be configured to manage and maintain blockchain records associated with the commodity transactions.

[0042] The system architecture may allow for execution of transactions locally through the local area network 102, while also enabling synchronization with the blockchain management system 105 through the wide area network 104 when connectivity is established. This configuration may facilitate transaction execution in environments with limited internet access while maintaining the ability to record and verify transactions on a distributed ledger.

[0043] FIG. 2 illustrates an example configuration of the transaction management device 101, in accordance with an example implementation. The transaction management device 101 may include a processor 202, a local interface 204, a display 206, local memory 208, a network interface 210, and a graphical user interface 212.

[0044] A processor 202 may execute instructions and process data for the transaction management device 101. The processor 202 may be a central processing unit (CPU), a microprocessor, or any other suitable processing device.

[0045] A local interface 204 may enable communication between the transaction management device 101 and a user. The local interface 204 may include input mechanisms such as a touchscreen, microphone, keyboard, or mouse.

[0046] A display 206 may provide visual output to the user of the transaction management device 101. The display 206 may be a liquid crystal display (LCD), light-emitting diode (LED) display, or any other suitable display technology.

[0047] Local memory 208 may store data and programs for operation of the transaction management device 101. The local memory 208 may include volatile memory such as random access memory (RAM) and non-volatile memory such as flash memory or a solid-state drive.

[0048] A network interface 210 may enable communication between the transaction management device 101 and other devices or systems through network connections. The network interface 210 may support connections to the local area network 102 and the wide area network 104.

[0049] A graphical user interface 212 may provide an interface for user interaction with the functionality of the transaction management device 101 through the display 206.

[0050] The local memory 208 may contain an application 281, a blockchain copy 282, and proof of ownership 283. The application 281 may execute transaction recording and management functions on the transaction management device 101. The blockchain copy 282 may maintain a copy of blockchain records associated with transactions. The proof of ownership 283 may contain data for verifying ownership of assets or transactions.

[0051] In some cases, the transaction management device 101 may be a mobile device such as a smartphone, tablet, phablet, or laptop. In other cases, the transaction management device 101 may be a special purpose device issued by the blockchain management system 105 or a government entity.

[0052] The components of the transaction management device 101 may communicate with each other through interconnections. The processor 202 may connect to the local interface 204, display 206, and local memory 208 to coordinate device operations. The network interface 210 and graphical user interface 212 may connect to enable external communications and user interactions respectively.

[0053] FIG. 3 illustrates an example flow for execution and recordation of a transaction between multiple devices. The flow may involve a transaction management device 101, a transaction participant device 103, and a blockchain management system 105.

[0054] The process may begin when the transaction management device 101 transmits an initiation signal 172 to the transaction participant device 103. The initiation signal 172 may indicate the start of a transaction process between the devices.

[0055] Following receipt of the initiation signal 172, an ownership verification step 174 may be performed. During the ownership verification step 174, the transaction participant device 103 may verify ownership credentials provided by the transaction management device 101. In some cases, the ownership verification step 174 may involve checking the proof of ownership 283 stored in the local memory 208 of the transaction management device 101.

[0056] After ownership verification, a transaction execution step 176 may occur between the transaction management device 101 and the transaction participant device 103. The transaction execution step 176 may involve the exchange of transaction details and agreement on terms between the parties.

[0057] The transaction management device 101 may then proceed to a certificate generation step 180 to generate a transaction certificate. The certificate generation step 180 may involve creating a digital record of the executed transaction using the processor 202 of the transaction management device 101.

[0058] An execution signal 178 may be transmitted from both the transaction management device 101 and the transaction participant device 103 to the blockchain management system 105. The execution signal 178 may contain information about the completed transaction and the generated certificate.

[0059] Upon receiving the execution signal 178, the blockchain management system 105 may perform a transaction verification step 182 to verify and record the transaction certificate. The transaction verification step 182 may involve validating the transaction details and adding the certificate to the blockchain records.

[0060] In some cases, after generating a transaction certificate during the certificate generation step 180, the transaction management device 101 may disable the generation of further certificates for the same transaction. This disabling may continue until the current certificate is recorded on the blockchain by the blockchain management system 105. The disabling of further certificate generation may help prevent conflicting or duplicate records for the same transaction.

[0061] The transaction management device 101 and the transaction participant device 103 may communicate through the local area network 102 during the transaction process. Once internet connectivity becomes available, the devices may use the wide area network 104 to transmit the execution signal 178 to the blockchain management system 105.

[0062] FIG. 4 illustrates an example flow for establishing proof of ownership in a blockchain-based transaction system. The flow may involve interactions between a transaction participant device 103, a blockchain management system 105, and a transaction management device 101.

[0063] The process may begin with an ownership proof request step 401. During the ownership proof request step 401, the transaction participant device 103 may transmit a request for proof of ownership to the blockchain management system 105. This request may initiate the verification process for a particular transaction or asset.

[0064] Following the ownership proof request step 401, an authorization request step 402 may occur. In the authorization request step 402, the blockchain management system 105 may forward a request for authorization to the transaction management device 101. This step may involve the blockchain management system 105 seeking permission from the transaction management device 101 to generate and distribute proof of ownership.

[0065] The process may then proceed to an authorization provision step 403. During the authorization provision step 403, the transaction management device 101 may transmit an authorization signal back to the blockchain management system 105. This authorization may grant permission for the blockchain management system 105 to generate and distribute the requested proof of ownership.

[0066] After receiving authorization, a blockchain recording step 404 may take place. In the blockchain recording step 404, the blockchain management system 105 may generate and record proof of ownership on the blockchain. The proof of ownership may be in the form of a digital stamp or a non-fungible token (NFT). The blockchain recording step 404 may involve creating a unique digital asset that represents ownership of a particular item or transaction.

[0067] The final step in the process may be an ownership proof distribution step 405. During the ownership proof distribution step 405, the blockchain management system 105 may distribute the generated proof of ownership to relevant parties. The proof of ownership may be sent to both the transaction participant device 103 and the transaction management device 101.

[0068] In some cases, the proof of ownership distributed in the ownership proof distribution step 405 may be stored in the local memory 208 of the transaction management device 101 as the proof of ownership 283. The transaction management device 101 may later use the proof of ownership 283 during the ownership verification step 174 of a transaction process.

[0069] The proof of ownership flow illustrated in FIG. 4 may provide a secure and verifiable method for establishing ownership within the blockchain-based transaction system. By involving multiple parties and requiring explicit authorization, the process may help ensure the integrity and authenticity of ownership claims.

[0070] FIG. 5 illustrates an example digital stamp code format that may be used to validate digitized or tokenized values in a blockchain-based transaction system. The digital stamp code may include multiple fields, each containing specific information related to the asset or transaction being represented.

[0071] An entity category 501 may indicate a commodity category or other physical goods represented as a number or code. In some cases, the entity category 501 may correspond to commodities such as coffee, tea, industrial parts, bananas, oil, or other goods tracked within the blockchain system.

[0072] A virtualization type 502 may specify the object virtualization method used for the digital representation. The virtualization type 502 may include options such as digital (for stamps on digital objects not stored in the blockchain), tokenized (for stamps on digital objects stored in the blockchain), or collection (for stamps on collections of identical items).

[0073] A blockchain storage 503 may contain a blockchain code for tokenized objects. In some cases, the blockchain storage 503 may indicate the specific blockchain network or protocol used, such as Ethereum or Solana.

[0074] A binary sequence 504 may comprise a binary index code based on the binary data of the tokenized object. The binary sequence 504 may be derived from the media file or collection of stamp attributes associated with the digital asset.

[0075] An algorithm code 505 may include an internal technical code related to the processing or validation of the digital stamp. The algorithm code 505 may specify the cryptographic or hashing algorithms used in creating or verifying the digital stamp.

[0076] A timestamp code 506 may indicate the date and time of the object creation. The timestamp code 506 may be used to establish the chronological order of digital stamp creation and help prevent duplicate or conflicting records.

[0077] An issuer code 507 may contain the object creator's encoded payment address shortcode. In some cases, the issuer code 507 may correspond to the tokenized object issuer and may be used to verify the authenticity of the digital stamp.

[0078] The digital stamp code format may be used in conjunction with the transaction management device 101 and the transaction participant device 103 during the ownership verification step 174 of a transaction process. The blockchain management system 105 may utilize the digital stamp code to validate and record transactions on the blockchain.

[0079] In some cases, the digital stamp code may be generated during the certificate generation step 180 performed by the transaction management device 101. The generated digital stamp code may then be included in the transaction certificate and transmitted as part of the execution signal 178 to the blockchain management system 105.

[0080] The fields of the digital stamp code (501-507) may be arranged in a specific sequence to form a complete code that can be used to validate tokenized objects and transactions within the blockchain-based system. The structure of the digital stamp code may allow for efficient verification and tracking of digital assets throughout the transaction process.

[0081] FIG. 6 illustrates an example interface and process for validating a digital stamp code in a blockchain-based transaction system. The validation process may involve interactions between a transaction participant device 103 and a validation interface provided by the blockchain management system 105.

[0082] The process may begin with the transaction participant device 103 transmitting a request signal to the validation interface. In some cases, the validation interface may be implemented as a search interface, allowing users to input and submit digital stamp codes for verification.

[0083] The request signal transmitted by the transaction participant device 103 may contain an identifier associated with a non-fungible token (NFT) or other digital asset requiring verification. This identifier may correspond to the digital stamp code format described in relation to FIG. 5, including fields such as the entity category 501, virtualization type 502, blockchain storage 503, binary sequence 504, algorithm code 505, timestamp code 506, and issuer code 507.

[0084] Upon receiving the request signal, the validation interface may process the submitted digital stamp code. The validation interface may be configured to compare the received digital stamp code against blockchain records maintained by the blockchain management system 105. This comparison may involve verifying the authenticity and integrity of each field within the digital stamp code.

[0085] After processing the request, the validation interface may generate a response signal. The response signal may indicate whether the submitted digital stamp code is "valid" or "invalid" based on the verification results. In some cases, the response signal may include additional information about the verified digital asset, such as ownership details or transaction history.

[0086] The validation interface may then transmit the response signal back to the transaction participant device 103. The transaction participant device 103 may receive the response signal and display the validation result to the user through the display 206 or graphical user interface 212.

[0087] In some cases, the communication between the transaction participant device 103 and the validation interface may occur through Application Programming Interfaces (APIs). The use of APIs may allow for standardized and efficient data exchange between the devices and the blockchain management system 105.

[0088] The validation process illustrated in FIG. 6 may provide a mechanism for verifying the authenticity of digital assets and transactions within the blockchain-based system. By allowing participants to validate digital stamp codes, the system may enhance trust and security in commodity transactions involving distributed ledger technologies.

[0089] FIG. 7 illustrates an example flow for executing a transaction between a transaction management device 101 and a transaction participant device 103.

[0090] The process may begin with the transaction participant device 103 submitting a transaction context 701 to the transaction management device 101. The transaction context 701 may include information related to the transaction, such as transaction details, terms, or other relevant data.

[0091] After receiving the transaction context 701 , the transaction management device 101 may proceed to a step 702 to generate a transaction certificate. The step 702 may involve usingthe processor 202 of the transaction management device 101 to create a digital record of the transaction based on the received transaction context 701.

[0092] The process may then move to a step 703, where the generated transaction certificate may be stored in the local memory 208 of the transaction management device 101. In some cases, the transaction certificate may be stored as part of the blockchain copy 282 maintained in the local memory 208.

[0093] Following storage, a transaction certificate 704 may be provided to the transaction participant device 103. The transaction certificate 704 may serve as proof of the executed transaction for the participants.

[0094] In some cases, the transaction management device 101 and the transaction participant device 103 may communicate through the local area network 102 during the transaction process. Once connectivity to the wide area network 104 becomes available, both devices may attempt to upload the transaction certificate to the blockchain management system 105 on a competitive basis. This competitive uploading may help ensure that the transaction is recorded on the blockchain even if one of the devices experiences connectivity issues or other problems.

[0095] The blockchain management system 105 may receive the uploaded transaction certificate and perform a transaction verification step 182 to validate and record the transaction on the blockchain. In some cases, if the transaction certificate has already been uploaded by one device, the blockchain management system 105 may add a confirmation token to the blockchain records indicating that a copy of the certificate was also uploaded by the other device.

[0096] This process may allow for the execution and recording of transactions without requiring consensus from all devices associated with the transaction. The transaction may be completed and certified even if one of the devices becomes unavailable or unable to transmit to the blockchain management system 105 after the initial transaction execution.

[0097] FIG. 8 illustrates a transaction certificate 800 that may include several fields for recording transaction information.

[0098] A transaction certificate 800 may comprise transaction context information 802, which may contain details about the transaction itself. The transaction context information 802 may include data such as the parties involved, the commodity being traded, quantities, prices, or other relevant transaction details.

[0099] A transaction status field 804 may indicate the current state of the transaction. In some cases, the transaction status 804 may include values such as "Active", "Completed", "Pending", or "Cancelled" to reflect the current status of the transaction.

[0100] The transaction certificate 800 may include a transaction status timestamp 806 that records when the transaction occurred or when the status was last updated. The transaction status timestamp 806 may be used to establish a chronological order of events related to the transaction.

[0101] A transaction location 808 may store information about where the transaction took place. In some cases, the transaction location 808 may be derived from Global Positioning Satellite (GPS) coordinates of the transaction management device 101 and the transaction participant device 103 involved in the transaction.

[0102] The transaction certificate 800 may maintain references to previous related certificates through a preceding certificate identifier 810. The preceding certificate identifier 810 may contain a unique identifier or reference number of a previous certificate in the transaction chain.

[0103] A preceding certificate date 812 may be included to record the date of the preceding certificate referenced by the preceding certificate identifier 810. The preceding certificate date 812 may help establish the timeline of related transactions.

[0104] In some cases, the transaction certificate 800 may be generated during the certificate generation step 180 performed by the transaction management device 101. The transaction certificate 800 may be stored in the local memory 208 of the transaction management device 101 as part of the blockchain copy 282.

[0105] The transaction certificate 800 may be transmitted to the blockchain management system 105 through the wide area network 104 as part of the execution signal 178. The blockchain management system 105 may use the information contained in the transaction certificate 800 during the transaction verification step 182 to validate and record the transaction on the blockchain.

[0106] In some cases, assets such as commodities may be represented digitally through tokenization. A commodity container 902 may be tokenized into a tokenized container 904. The tokenized container 904 may be a digital representation of the physical commodity container 902 on a blockchain managed by the blockchain management system 105.

[0107] The tokenized container 904 may contain metadata and information about the commodity stored in the commodity container 902. In some cases, the metadata may include details such as the type of commodity, quantity, origin, destination, and other relevant information.

[0108] In some implementations, the tokenized container 904 may be subdivided into multiple subordinate tokens. A transport token 905-1 may be created to represent shipping information related to the commodity container 902. The transport token 905-1 may include data such as shipping routes, estimated arrival times, and carrier details.

[0109] A certification token 905-2 may be generated to contain verification data for the commodity. The certification token 905-2 may store information about quality certifications, regulatory compliance, or other forms of authentication related to the commodity.

[0110] A condition token 905-3 may be used to track the state of the commodity. The condition token 905-3 may include data about temperature, humidity, or other environmental factors affecting the commodity during transport or storage.[OHl] In some cases, the tokenization process may be performed by the transaction management device 101 or the blockchain management system 105. The tokenized representations may be stored in the blockchain copy 282 maintained by the transaction management device 101 and synchronized with the blockchain management system 105 through the wide area network 104.

[0112] The tokenization of assets may enable digital representation and tracking of physical commodities through blockchain technology. The use of multiple tokens for different aspects of the commodity may allow for granular management and verification of various attributes throughout the supply chain.

[0113] In some implementations, the transaction participant device 103 may interact with the tokenized representations during the transaction execution step 176. The transaction certificate generated during the certificate generation step 180 may include references to the relevant tokens associated with the transaction.

[0114] The blockchain management system 105 may use the tokenized representations during the transaction verification step 182 to validate and record transactions related to the commodity on the blockchain. The use of tokenized assets may facilitate more efficient and transparent tracking of commodities throughout the transaction process.

[0115] FIG. 10 illustrates an example flow for fulfillment of smart contract requirements by third parties in a blockchain-based transaction system. The flow may involve interactions between a transaction participant device 103, a blockchain management system 105, and a transaction management device 101.

[0116] The process may begin with a transaction context step 1001. During the transaction context step 1001, the transaction participant device 103 may transmit transaction context to the blockchain management system 105. The transaction context may include information related to the fulfillment of smart contract requirements, such as verification of commodity weight, government compliance checks, or confirmation of loading onto a specific mode of transportation.

[0117] Following the transaction context step 1001, an authorization request step 1002 may occur. In the authorization request step 1002, the blockchain management system 105 may forward the transaction context along with a request for authorization to the transactionmanagement device 101. This step may involve the blockchain management system 105 seeking permission from the transaction management device 101 to proceed with the transaction based on the provided context.

[0118] The process may then proceed to an authorization provision step 1003. During the authorization provision step 1003, the transaction management device 101 may review the transaction context and, if acceptable, transmit an authorization signal back to the blockchain management system 105. This authorization may grant permission for the blockchain management system 105 to generate a transaction certificate based on the provided context.

[0119] After receiving authorization, a certificate generation step 1004 may take place. In the certificate generation step 1004, the blockchain management system 105 may generate a transaction certificate based on the authorized transaction context. The transaction certificate may serve as a digital record of the fulfilled smart contract requirements.

[0120] The final step in the process may be a certificate distribution step 1005. During the certificate distribution step 1005, the blockchain management system 105 may distribute the generated transaction certificate to relevant parties. The transaction certificate may be sent to the transaction participant device 103, the transaction management device 101, and potentially other relevant third-party entities involved in the smart contract fulfillment.

[0121] In some cases, the transaction location recorded in the transaction certificate may be determined by averaging Global Positioning Satellite (GPS) coordinates of the participants involved in the transaction. This approach may provide a more accurate representation of the transaction location, especially in cases where multiple parties are involved in fulfilling the smart contract requirements.

[0122] The flow illustrated in FIG. 10 may allow for the verification and recording of transactions related to smart contract fulfillment by third parties. By involving the blockchain management system 105 and requiring authorization from the transaction management device 101, the process may help ensure the integrity and authenticity of transactions occurring at various points in the supply chain or regulatory compliance process.

[0123] A number of implementations have been described. Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the disclosure. Accordingly, other implementations are within the scope of the following claims.

Claims

CLAIMS1. A device for transaction management, comprising: a local memory configured to store a copy of blockchain records corresponding to blockchain records of a trusted entity, each of the blockchain records associated with a transaction corresponding to a commodity smart contract; and a processor configured to: generate a transaction certificate to certify a transaction, the transaction certificate being in a form of a non-fungible token (NFT) that is recorded onto one of the blockchain records in the local memory associated with the transaction; provide the transaction certificate to one or more participants of the transaction; and submit the transaction certificate to the trusted entity for recordation onto the one of the blockchain records managed by the trusted entity associated with the transaction corresponding to the commodity smart contract when a network connection between the device and the trusted entity is available.

2. The device of claim 1, wherein the transaction certificate comprises a timestamp of the generation of the transaction certificate and location information associated with the device at the timestamp.

3. The device of claim 2, wherein the location information is derived from Global Positioning Satellite (GPS) coordinates of the device and devices associated with the one or more participants of the transaction.

4. The device of claim 1, wherein the transaction certificate comprises a transaction context indicating the execution of the commodity smart contract.

5. The device of claim 1, wherein the transaction certificate comprises a representative of unique signatures of the one or more participants in the transaction.

6. The device of claim 1, wherein the processor is further configured to: generate a digital stamp in the form of another NFT, the digital stamp configured to authorize access to information associated with the commodity smart contract as managed in the one of the blockchain records when submitted to the trusted entity.

7. The device of claim 6, wherein the processor is further configured to: upon generation of the transaction certificate to certify the transaction, disable subsequent generation of transaction certificates for the commodity smart contract associated with the one of the blockchain records.

8. A method for transaction management, comprising:storing, in a local memory of a device, a copy of blockchain records corresponding to blockchain records of a trusted entity, each of the blockchain records associated with a transaction corresponding to a commodity smart contract; generating, by a processor of the device, a transaction certificate to certify a transaction, the transaction certificate being in a form of a non-fungible token (NFT) that is recorded onto one of the blockchain records in the local memory associated with the transaction; providing the transaction certificate to one or more participants of the transaction; and submitting the transaction certificate to the trusted entity for recordation onto the one of the blockchain records managed by the trusted entity associated with the transaction corresponding to the commodity smart contract when a network connection between the device and the trusted entity is available.

9. The method of claim 8, wherein the transaction certificate comprises a timestamp of the generation of the transaction certificate and location information associated with the device at the timestamp.

10. The method of claim 9, wherein the location information is derived from Global Positioning Satellite (GPS) coordinates of the device and devices associated with the one or more participants of the transaction.

11. The method of claim 8, wherein the transaction certificate comprises a transaction context indicating the execution of the commodity smart contract.

12. The method of claim 8, wherein the transaction certificate comprises a representative of unique signatures of the one or more participants in the transaction.

13. The method of claim 8, further comprising: generating a digital stamp in the form of another NFT, the digital stamp configured to authorize access to information associated with the commodity smart contract as managed in the one of the blockchain records when submitted to the trusted entity.

14. The method of claim 13, further comprising: upon generation of the transaction certificate to certify the transaction, disabling subsequent generation of transaction certificates for the commodity smart contract associated with the one of the blockchain records.

15. A system for transaction management, comprising: a transaction management device comprising a local memory configured to store a copy of blockchain records corresponding to blockchain records of a trusted entity, each of the blockchain records associated with a transaction corresponding to a commodity smart contract; anda processor configured to: generate a transaction certificate to certify a transaction, the transaction certificate being in a form of a non-fungible token (NFT) that is recorded onto one of the blockchain records in the local memory associated with the transaction; provide the transaction certificate to one or more participants of the transaction; and submit the transaction certificate to the trusted entity for recordation onto the one of the blockchain records managed by the trusted entity associated with the transaction corresponding to the commodity smart contract when a network connection between the device and the trusted entity is available; and a blockchain management system of the trusted entity configured to receive and record the transaction certificate onto the blockchain records.

16. The system of claim 15, wherein the transaction certificate comprises a timestamp of the generation of the transaction certificate and location information associated with the transaction management device at the timestamp.

17. The system of claim 16, wherein the location information is derived from Global Positioning Satellite (GPS) coordinates of the transaction management device and devices associated with the one or more participants of the transaction.

18. The system of claim 15, wherein the processor is further configured to: generate a digital stamp in the form of another NFT, the digital stamp configured to authorize access to information associated with the commodity smart contract as managed in the one of the blockchain records when submitted to the trusted entity.

19. The system of claim 18, wherein the processor is further configured to: upon generation of the transaction certificate to certify the transaction, disable subsequent generation of transaction certificates for the commodity smart contract associated with the one of the blockchain records.

20. The system of claim 19, wherein the blockchain management system is further configured to: validate the transaction certificate by comparing information in the transaction certificate with the blockchain records; and upon successful validation, update the blockchain records with the information from the transaction certificate.

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