Blockchain-Enforced Contract Creation via Payment Service Intermediary
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Solution Overview
Problem
Ordinary merchants and customers face significant hurdles in using smart contracts for everyday transactions due to the requirement of specialized expertise, lack of integration with point-of-sale devices, and the immutable nature of blockchain, which prevents dispute resolution and reversibility of transactions.
Innovation Solution
A payment service system that enables the creation and execution of blockchain-enforced contracts at the point of sale without requiring distributed-application programming or blockchain data storage, automatically generating code for smart contracts, allowing for dispute resolution and reversibility of transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If smart contracts are manually created and deployed to blockchain network, then contract execution reliability is improved, but creation complexity and time delay increase substantially
Solution Approach 1:
The system enables merchants and customers to create smart contracts through intuitive interfaces without requiring programming expertise or specialized software. The platform automatically generates, validates, and deploys contracts to the blockchain network, making the complex process self-service accessible to ordinary users.
Solution Approach 2:
A specialized platform acts as an intermediary between users and the blockchain network. This platform handles the technical complexity of contract creation, validation, and deployment, translating user-friendly inputs into executable smart contract code while maintaining reliability.
2Productivity
If blockchain transactions are carried out without trusted third party, then transaction efficiency and cost are improved, but dispute resolution capability deteriorates
Solution Approach 1:
The platform serves as a trusted intermediary that enables peer-to-peer transactions while providing dispute resolution mechanisms. It facilitates efficient direct transactions between merchants and customers while maintaining the ability to intervene in case of disputes, combining the benefits of both decentralized efficiency and centralized reliability.
3Reliability
If smart contract code is permanently fixed on blockchain, then transaction certainty is improved, but reversibility and customer protection deteriorate
Solution Approach 1:
The system introduces dynamic elements to the traditionally static blockchain contract model. While maintaining the immutable nature of blockchain for security, the platform enables conditional executions and dispute resolution mechanisms that can modify outcomes dynamically based on predefined conditions and user actions.
Solution Approach 2:
The platform incorporates preliminary dispute resolution clauses and conditional logic into smart contracts before execution. These pre-programmed mechanisms allow for potential reversals or adjustments under specific conditions, providing customer protection while maintaining the overall certainty of blockchain transactions.
Data Source
AI summary
In one embodiment, techniques include receiving, by a computing device associated with a payment service system, a request to create a blockchain-enforced contract corresponding to a new transaction between a merchant and a customer. Techniques include generating, based on analysis using machine-learned models of a transaction history associated with the merchant, a condition of the blockchain-enforced contract requisite for completion of the new transaction. Techniques includes generating the blockchain-enforced contract including the condition. Techniques include providing the blockchain-enforced contract to nodes in a blockchain network. Techniques include creating a blockchain transaction addressed to the blockchain-enforced contract and including information regarding the condition. Techniques include providing the blockchain transaction to the nodes. Techniques include receiving confirmation that the nodes have validated the blockchain transaction. Techniques include causing a value associated with the new transaction to be transferred to a merchant account associated with the merchant.