Multi-Service Platform Batch Settlement Digital Ledger
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Solution Overview
Problem
Current business-to-business (B2B) settlement systems face inefficiencies due to unconnected payment processes, high computing demands, and costly methods for monitoring and accelerating payments, leading to strain on processing power and increased bank fees.
Innovation Solution
A multi-services platform utilizing digital ledgers, such as blockchains, for account management, entity claiming, and purchase order procurement status registration, which facilitates secure, transparent, and efficient electronic payment transactions by storing data in an immutable format, reducing the need for individual transaction processing and communications.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If individual payment transactions are settled through traditional payment networks, then transaction security and reliability are maintained, but processing time and computational resources increase significantly
Solution Approach 1:
The patent combines multiple individual payment transactions into a single batch settlement transaction. The system aggregates payment data from multiple sources, consolidates them into a unified settlement request, and processes them simultaneously through a single transaction on the distributed ledger, thereby reducing total processing time while maintaining security through cryptographic verification of each individual payment obligation.
Solution Approach 2:
The system performs preliminary actions by pre-validating and preparing payment data before settlement. Payment obligations are identified, validated, and organized into batches in advance of the actual settlement event. This preliminary processing reduces the computational burden during the actual settlement transaction, enabling faster processing while maintaining reliability through pre-verification of payment data integrity.
2Measurement precision
If traditional settlement systems process each transaction individually, then transaction accuracy is ensured, but computational power and processing capacity are overwhelmed
Solution Approach 1:
The patent merges multiple individual transaction validations into a single batch validation process. By consolidating payment data from multiple transactions into unified settlement batches, the system performs one comprehensive validation operation instead of numerous separate validations, significantly reducing total computational power requirements while maintaining transaction accuracy through cryptographic verification of each payment obligation within the batch.
Solution Approach 2:
The system creates simplified copies or representations of payment transactions in the form of standardized data structures that can be efficiently processed and validated. These standardized representations capture the essential payment obligations without requiring full processing of original transaction data, enabling accurate validation with reduced computational overhead.
3Adaptability or versatility
If multiple unconnected payment methods are used in B2B systems, then flexibility in payment options is provided, but system complexity and integration costs increase
Solution Approach 1:
The patent implements a universal settlement interface that can handle multiple types of payment transactions through a single standardized process. The distributed ledger system and batch settlement mechanism serve as a multi-functional platform that accommodates various payment methods and transaction types while maintaining a unified processing approach, thereby reducing system complexity despite supporting diverse payment options.
Solution Approach 2:
The system introduces a standardized batch settlement interface as an intermediary layer between diverse payment methods and the underlying processing system. This intermediary standardizes different payment types into a common format for batch processing, allowing flexibility in payment options while simplifying the overall system architecture by abstracting away the complexity of individual payment method variations.
4Reliability
If suppliers independently monitor and manage credit risk, then payment security can be maintained, but costly collections activities and efforts are required
Solution Approach 1:
The distributed ledger system provides automatic feedback to suppliers about payment status, customer credit standing, and payment obligations. This real-time visibility into payment intent and status eliminates the need for costly manual collections activities, as suppliers can monitor payment progress and credit risk through the transparent ledger while maintaining payment security through the system's cryptographic verification mechanisms.
Data Source
AI summary
A method for providing a multi-service platform to entities includes the storage of profiles for a plurality of entities involved in services with other entities, including point to point and business to business transactions, including entities not registered, that can be claimed by each entity, where each entity can provide for roles and hierarchies of authorized users of the platform for that entity, and where the platform is configured to provide, among other services, registration of procurement status for purchase orders in a digital ledger that provides for auditability and immutability.