Blockchain Transaction Call-Backs for Instant Payment Writing
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Solution Overview
Problem
Existing blockchain transaction systems lack the ability to provide secure, reliable, and instantaneous writing of digital asset payments into the blockchain, especially for merchants, while maintaining transparency and reducing costs.
Innovation Solution
Implementing a payment service as an application programming interface (API) that allows clients to dynamically mine transactions into the blockchain using a call-back mechanism, enabling instant transactions (0-conf) with secure and reliable mining through a payment processor and miner communication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If traditional blockchain transaction validation is used, then transaction security is ensured through miner validation, but transaction speed is slow due to the mining process
Solution Approach 1:
The system performs preliminary actions by having the payment processor pre-validate transactions and generate proof-of-work before submitting to miners. This preliminary validation ensures that when transactions are submitted to the blockchain, they are already verified, reducing the actual mining time while maintaining security through the pre-computed validation.
Solution Approach 2:
The payment processor acts as an intermediary between clients and the blockchain network. It handles the complex validation and mining coordination, allowing clients to submit transactions without directly performing mining operations. This intermediary manages the balance between speed and security by coordinating with multiple miners and handling the computational overhead centrally.
2Reliability
If multiple miners are used for transaction validation, then transaction reliability is improved through distributed validation, but system complexity increases
Solution Approach 1:
The system merges the coordination function of multiple miners into a single payment processor that manages the mining pool. Instead of each client interacting with multiple miners independently, the payment processor consolidates the validation requests and coordinates with miners centrally, reducing client-side complexity while maintaining distributed validation reliability.
Solution Approach 2:
The payment processor performs multiple functions: it validates transactions, coordinates with miners, manages proof-of-work generation, and handles blockchain submissions. This multi-functional approach consolidates what would otherwise require separate systems, reducing overall system complexity while maintaining the reliability benefits of multiple miners.
3Speed
If clients perform their own transaction validation, then transaction speed is improved by eliminating intermediaries, but computational overhead for clients increases
Solution Approach 1:
The system enables self-service by allowing the payment processor to handle validation and mining coordination on behalf of clients. Clients simply submit transactions through the payment processor interface, which then manages the computationally intensive validation and mining processes. This maintains speed by eliminating manual client validation while reducing their computational burden through automated processor handling.
Data Source
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AI summary
In an aspect, the present disclosure proposes methods, devices and systems for processing blockchain transactions associated with a client. A payment service is implemented as a gateway or an API endpoint to which one or more clients have access to. A request to submit a transaction received from a given client is associated with a call-back identifier. The call-back identifier is such that it enables direct communication between the given client and another entity, such as a miner or another counterparty. The payment processer submits the transaction to a miner, this submission associated with the call-back identifier. Then, once a corresponding blockchain transaction has been created by a miner, a call-back notification pertaining to it can be provided for the client directly from the miner using the call-back identifier.