Accelerated Resource Allocation System with Blockchain
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Solution Overview
Problem
Traditional resource allocation processes, such as commercial loan financing, are time-consuming and resource-intensive, requiring extensive planning, multiple meetings, and paper-based documentation, leading to inefficiencies and opportunity costs due to the lack of control for resource requesters and the need for credit underwriting and approval.
Innovation Solution
An accelerated resource allocation system that allows entities to independently commence, advance, and complete resource allocation processes in minutes through authentication, pre-committal, and digital documentation, using a user-friendly interface for uploading and signing documents, with blockchain storage for immutability and transparency.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional resource allocation processes are used, then credit underwriting and approval can be performed, but the process duration is extended from minutes to weeks
Solution Approach 1:
The system performs pre-committal assessments before formal resource allocation, evaluating creditworthiness and resource needs in advance. This preliminary action allows the formal allocation process to proceed rapidly once initiated, reducing overall process duration while maintaining reliability through staged verification.
Solution Approach 2:
The resource allocation process is divided into distinct phases: pre-committal assessment, formal allocation, and execution. Each phase handles specific verification tasks independently, allowing parallel processing and reducing the cumulative time of sequential traditional processes while maintaining comprehensive credit underwriting.
2Reliability
If traditional paper-based documentation is used, then comprehensive contractual terms can be established, but paper usage increases and transparency decreases
Solution Approach 1:
The system creates digital copies of all contractual documents and resource allocation terms, replacing physical paper documentation. These digital copies maintain complete contractual information while enabling instant replication, distribution, and storage without additional paper consumption, thus reducing substance loss while preserving comprehensive terms establishment.
3Reliability
If traditional resource allocation processes are used, then thorough verification can be performed, but the system complexity and resource intensity increase
Solution Approach 1:
The system enables entities to independently initiate and complete resource allocation processes through automated verification mechanisms. Entities submit requests that are automatically verified against pre-established criteria, reducing the need for complex manual review systems while maintaining thorough verification through algorithmic assessment of creditworthiness and resource eligibility.
4Reliability
If traditional resource allocation processes are used, then credit underwriting can be performed, but control over terms is lost for resource requesters
Solution Approach 1:
The system provides dynamic control mechanisms that allow resource requesters to adjust and select from multiple allocation terms and parameters. While credit underwriting establishes baseline eligibility, the requester can dynamically modify allocation conditions within approved parameters, combining reliable verification with operational flexibility and control.
Data Source
AI summary
Disclosed in some examples are methods, systems, devices, and machine-readable mediums that provide an ability for an entity to independently commence, advance, and complete a resource allocation offer in a matter of minutes as opposed to weeks or months after an automated resource pre-committal process. The system, using and incorporating machine learning techniques and algorithms, may have several phases, including a setup phase, resource pre-committal phase, an import phase, a processing phase, a verification phase, a resource allocation offer phase, and a resource allocation phase in which the system allocates resources to a vendor.