Blockchain Aggregate Records for Reliable Financial Data Sharing
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Solution Overview
Problem
Traditional systems for generating aggregate records, such as QuickBooks®, are often modifiable and unreliable, leading to inaccurate sharing of financial information between organizations, which affects business decision-making.
Innovation Solution
A system using blockchain technology to append data subsets to immutable blocks, ensuring accurate and reliable sharing by extracting data subsets based on user preferences and dynamically updating records.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional systems are used to generate aggregate records, then ease of operation is maintained, but reliability and accuracy of data sharing deteriorate
Solution Approach 1:
The patent introduces a blockchain intermediary layer between organizations to enable trusted data sharing. The blockchain ledger acts as a neutral mediator that stores verified data subsets with cryptographic hashes, allowing organizations to share financial information reliably without directly trusting each other's traditional systems.
Solution Approach 2:
The system extracts only necessary data subsets from complete organizational records based on sharing preferences. By taking out and storing only relevant portions of data on the blockchain with their cryptographic hashes, the system achieves reliable data sharing while maintaining simplicity in implementation.
2Measurement precision
If traditional modifiable systems are used, then ease of updating information is maintained, but accuracy and trustworthiness of shared information deteriorate
Solution Approach 1:
The system performs preliminary actions by extracting and storing data subsets with their cryptographic hashes on the blockchain before sharing occurs. This preliminary hashing and storage of verified data subsets eliminates the need for real-time verification during data sharing, achieving high accuracy without significant time loss.
3Reliability
If selective data sharing is implemented, then accuracy of shared information improves, but device complexity increases
Solution Approach 1:
The patent segments organizational data into distinct data subsets based on sharing preferences. Each data subset is independently hashed and stored on the blockchain, allowing selective sharing of specific information types without managing the complexity of entire datasets. This segmentation simplifies the data management complexity while maintaining high accuracy.
Data Source
AI summary
Disclosed embodiments may include a system for generating aggregate records. The system may retrieve data corresponding to a first user. The system may receive, from the first user, first sharing preference(s) associated with a second user. The system may extract first data subset(s) from the data based on the first sharing preference(s). The system may generate block(s) of a blockchain ledger. The system may append the first data subset(s) to at least a first block of the block(s) of the blockchain ledger. The system may provide the second user with access to the first data subset(s) on the at least first block.