AXEL Blockchain Dual-Ledger Privacy and Trust
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Solution Overview
Problem
Current blockchain systems lack efficient and scalable methods for private transaction management of digital content while ensuring privacy and security, and they often require centralized control mechanisms, which can compromise user trust and data integrity.
Innovation Solution
The Autonomous eXchange via Entrusted Ledger (AXEL) blockchain employs a unique dual-ledger approach with a public and private chain configuration, allowing for private transaction recording on user-controlled nodes, utilizing smart contracts and a witness consensus algorithm to maintain transaction privacy and integrity, and incorporates features like self-sovereign identity and decentralized storage to ensure security and compliance with regulations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional blockchain systems are used to ensure transaction transparency and trust, then network trust and data integrity are improved, but user privacy is compromised because all transaction details are publicly visible
Solution Approach 1:
The patent divides the blockchain into two separate chains: a public chain that records only transaction hashes and metadata for transparency and trust, and a private chain that stores detailed transaction information locally on user devices for privacy protection. This segmentation allows the system to simultaneously achieve both public verifiability and private data protection.
2Productivity
If centralized control mechanisms are implemented to manage digital content transactions, then transaction management efficiency is improved, but user trust and data integrity are compromised
Solution Approach 1:
The patent implements a decentralized architecture where users maintain their own private chains locally on their devices and independently manage their digital content transactions. Each user's device acts as its own node, storing and verifying transactions without requiring centralized control, thereby maintaining both efficiency and user trust through self-sovereign data management.
3Measurement precision
If all nodes in the network have visibility to transaction details for verification, then transaction verification accuracy is improved, but network bandwidth and storage requirements increase
Solution Approach 1:
The patent extracts detailed transaction information from the public blockchain and stores it locally on user devices in private chains. The public chain only contains transaction hashes and minimal metadata, which are sufficient for verification purposes. This extraction reduces network bandwidth requirements while maintaining verification accuracy, as nodes only need to verify hashes rather than process complete transaction details.
Data Source
AI summary
An Autonomous Exchange via Entrusted Ledger (AXEL) blockchain is discussed herein. The AXEL blockchain enables users to perform transactions in a private setting while enabling the transaction records thereof to be verified by other network users without publicly divulging the contents or details of the transaction records. The token identification system and method allows the tokens to carry an immutable identification to prevent negative blockchain occurrences such as double spending. A payment methodology allowing integration of external financial institutions with user owned and managed wallet.