Blockchain Alias Validation for Secure P2P Transactions
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Solution Overview
Problem
Current systems for person-to-person (P2P) transactions, such as payments, lack efficient mechanisms for secure and intermediary-free transactions using aliases, which are not validated and authorized effectively within blockchain networks.
Innovation Solution
A system connected to a blockchain distributed network that receives resource or transaction records with aliases, accesses distributed ledgers, retrieves alias-to-entity mappings, and validates these aliases to authorize and update transactions, enabling secure P2P resource allocation and payment processes without intermediaries.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional P2P transaction systems are used, then transactions can be processed, but security and reliability are insufficient due to lack of effective alias validation and intermediary dependency
Solution Approach 1:
The patent introduces a blockchain-based intermediary validation mechanism that verifies aliases without requiring traditional financial intermediaries. The system uses distributed ledger technology with smart contracts to mediate between transacting parties, validating aliases through cryptographic proofs and consensus mechanisms while maintaining decentralization and security.
Solution Approach 2:
The system enables self-service through automated alias validation using smart contracts on the blockchain. Participants can independently verify aliases and complete transactions without manual intermediary intervention. The automated validation process checks alias authenticity against the distributed ledger, allowing users to securely transact autonomously.
2Reliability
If alias validation is implemented in blockchain networks, then transaction security is improved, but processing time and operational complexity increase
Solution Approach 1:
The system performs preliminary alias registration and validation before actual transactions occur. Aliases are pre-verified and stored in the distributed ledger with associated cryptographic identifiers. When transactions occur, the pre-validating mechanism allows for rapid verification by simply checking against the already-validated alias database, significantly reducing transaction processing time.
Solution Approach 2:
The patent replaces traditional mechanical validation processes with cryptographic verification mechanisms. Instead of manual or centralized validation systems, the solution uses blockchain-based cryptographic proofs and smart contract automation to validate aliases, reducing both time and operational complexity through algorithmic efficiency.
3Reliability
If distributed ledger access is required for alias validation, then transaction authenticity is improved, but system accessibility and ease of operation decrease
Solution Approach 1:
The system introduces lightweight intermediary components that handle complex distributed ledger interactions. These intermediaries manage the complexity of blockchain access, consensus verification, and smart contract execution, presenting simplified interfaces to users while maintaining high security standards through the underlying distributed ledger technology.
Data Source
AI summary
Embodiments provide a system operatively connected with a block chain distributed network and for using the block chain distributed network for facilitating a person-to-person (P2P) alias-based resource allocation. Embodiments receive an event record associated with a P2P event between a first user and a second user. The event record comprises an alias associated with the first user and/or the second user. A distributed ledger is accessed that is updated based on communications from a block chain distributed network. An alias-to-entity mapping is retrieved from the accessed distributed ledger. The alias-to-entity mapping indicates at least an entity to which the alias is mapped. Based on the mapping the alias is determined to be at least partially valid. In some cases, embodiments determine that the alias corresponds to a resource depository number maintained by the entity in a private ledger and authorizes a resource event associated with the resource event request.