Blockchain Consumer Data Validation Across Tenants
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current financial systems face inefficiencies in asset transfer settlement times, involve high intermediary fees, and struggle with conditional transfers, fraud prevention, and complexity, especially when implementing commerce rewards across multiple merchants.
Innovation Solution
Implementing consumer data validation, matching, and merging across tenants using blockchain technology within a cloud-based computing environment, enabling the creation of a shared ledger for asset ownership and smart contract management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If traditional financial systems are used for asset transfer, then intermediary fees are paid and settlement takes multiple days, but if blockchain technology is implemented, then intermediary fees are eliminated and settlement time is reduced to near-real-time
Solution Approach 1:
The patent replaces traditional financial intermediaries (banks, clearinghouses) with a blockchain-based distributed ledger system. The blockchain acts as a new intermediary that enables direct peer-to-peer asset transfers while maintaining security and trust through its decentralized consensus mechanism, thereby eliminating intermediary fees and reducing settlement time from days to near-real-time.
Solution Approach 2:
The patent substitutes the mechanical, centralized system of traditional financial intermediation with a cryptographic, decentralized blockchain system. Instead of relying on physical paperwork, manual reconciliation, and centralized ledgers, the system uses cryptographic hashing, distributed consensus algorithms, and smart contracts to automate and secure asset transfers, dramatically reducing settlement time and eliminating intermediary fees.
2Loss of energy
If multiple intermediaries are involved in asset transfer, then fees are paid to each intermediary, but if blockchain is used, then these intermediary fees are eliminated
Solution Approach 1:
The patent replaces multiple traditional financial intermediaries with a single blockchain-based distributed ledger that performs all intermediary functions (validation, recording, settlement) in a decentralized manner. This eliminates the need to pay fees to multiple intermediaries while maintaining or improving reliability through cryptographic security and consensus mechanisms that prevent fraud without requiring trusted third parties.
Solution Approach 2:
The blockchain system enables participants to perform their own validation and settlement operations without relying on external intermediaries. Each node in the network independently verifies transactions through consensus algorithms, and smart contracts automatically execute transfer conditions, eliminating intermediary fees while enhancing fraud prevention through transparent, immutable recording of all transactions.
3Loss of information
If traditional ledgers are used for tracking asset ownership, then it is difficult to determine current owner or transfer status, but if blockchain is implemented, then ownership and transfer status are transparently visible
Solution Approach 1:
The blockchain ledger serves multiple functions simultaneously: it acts as a distributed database for tracking asset ownership, a transparent audit trail for all transactions, a smart contract execution platform, and a consensus-based validation system. This universal platform provides real-time visibility of ownership and transfer status to all participants while eliminating the need for separate tracking systems and manual reconciliation processes.
4Adaptability or versatility
If conventional systems are used for commerce rewards across merchants, then rewards are difficult to share across multiple merchants, but if blockchain is used, then rewards can be seamlessly exchanged across merchants
Solution Approach 1:
The blockchain system creates a universal reward platform that functions across multiple independent merchants without requiring separate reward systems for each merchant. Digital rewards are tokenized on the blockchain, enabling them to be transferred, stored, and redeemed across any participating merchant seamlessly. The smart contract infrastructure automatically handles reward issuance, transfer, and redemption, providing high adaptability while managing complexity through automated protocols.
Data Source
AI summary
Systems, methods, and apparatuses for implementing consumer data validation, matching, and merging across tenants with optional verification prompts utilizing blockchain technologies in conjunction with a cloud based computing environment are described herein. For example, according to one embodiment there is a system having at least a processor and a memory therein executing within a host organization and having therein, means for: operating multiple cloud platforms on behalf of a plurality of merchants, in which each of the multiple cloud platforms store customer records on behalf of the plurality of merchants; retrieving a first customer record associated with a first tenant of the host organization using one of the multiple cloud platforms; retrieving a second customer record for comparison with the first customer record, in which the second customer record is either a customer record from any of the multiple cloud platforms which is associated with a second tenant of the host organization or a customer record associated with the first tenant from a different one of the multiple cloud platforms; determining at least a partial match exists for the first customer record and the second customer record and generating a candidate record with a proposed data merge of the first and second customer records; creating a new global ID for a user represented by the generated candidate record; issuing a transaction to the blockchain with a new asset embodying the candidate record; and subjecting the new asset to consensus by one of: (i) the user represented by the candidate record, (ii) the first tenant, (iii) the second tenant, or any combination thereof. Other related embodiments are disclosed.