Blockchain Asset Payment Control With Smart Contract Allocation
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Solution Overview
Problem
Existing systems lack an efficient and secure method to automate the calculation and allocation of income and costs to owners of blockchain-based assets, particularly in scenarios where ownership is split among multiple entities.
Innovation Solution
A blockchain-based system utilizing cryptographic techniques and smart contracts to generate and execute transactions for income or cost payments, involving a hierarchy of computing agents to monitor and manage asset ownership and trigger payments based on predefined rules.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual calculation and allocation of income and costs is used for blockchain asset owners, then flexibility and customization are maintained, but automation and efficiency are reduced
Solution Approach 1:
The smart contract automatically calculates and allocates income and costs to asset owners based on predefined rules embedded in the contract. The system serves itself by using the blockchain's native scripting capabilities to perform calculations and execute payments without requiring external manual intervention or complex external systems.
Solution Approach 2:
The blockchain platform provides a universal framework that can handle multiple functions including asset ownership tracking, income calculation, cost allocation, and automated payment execution through a single integrated system. The smart contract serves multiple purposes by combining event detection, calculation logic, and payment execution in one mechanism.
2Reliability
If proprietary systems and data sources are accessed to provide evidence for contract delinquency, then detailed control and monitoring are achieved, but security and accessibility are reduced
Solution Approach 1:
The blockchain serves as a neutral intermediary that provides a public, immutable record of all transactions related to the asset. Instead of accessing proprietary systems of individual parties, the blockchain ledger acts as a shared mediator that all parties can verify, eliminating the need to penetrate into private systems while maintaining reliability through cryptographic proof.
Solution Approach 2:
The system creates a public copy of the transaction record on the blockchain that serves as evidence for contract fulfillment. This cryptographic copy replaces the need to access original proprietary records, providing the same evidentiary value while maintaining security and accessibility for all network participants.
3Reliability
If multiple private cryptographic keys are used for asset ownership, then security and anonymity are improved, but key generation and management complexity increases
Solution Approach 1:
The asset ownership is segmented into multiple private cryptographic keys, each representing a portion or aspect of the asset. This segmentation allows different entities to control different keys while maintaining security and anonymity. The blockchain system manages these segmented keys through its scripting language, reducing the burden on individual key holders.
Data Source
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AI summary
According to one perspective, the invention provides a technical arrangement to calculate, register and/or apportion costs and/or generate income in proportion to the current ownership of an asset. One or more embodiments also comprise a novel technique for generating cryptographic sub-keys. Thus, one benefit provided by the invention is that it allows the secure distribution of costs and income for an asset registered and maintained on the Blockchain. In turn, this increases the capability of such assets to meet the real-world needs of various entities such as the asset itself and investing parties. In one embodiment the invention provides a computer-implemented system for controlling a transfer made via a blockchain in respect of an asset, the system comprising an asset having a plurality of private cryptographic keys, each private key being associated with an owner of the asset; a registry comprising a plurality of public cryptographic keys wherein each public key corresponds to a private key in the asset's plurality of private keys, and is associated with a redeem script hash that can be identified within an unspent blockchain transaction; a smart contract comprising at least one rule relating to the automated generation of one or more blockchain transactions to enable a transfer to be made in respect of the asset; and a computing agent arranged to evaluate and/or execute the at least one rule of the smart contract. In some embodiments, a hierarchy of computing agents is managed by a master agent to carry out the asset related tasks defined in the smart contract. The master and subordinate agents communicate to execute discrete tasks.