Blockchain Contract for Digital Asset Buyback and Transfer
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Solution Overview
Problem
The traditional ownership and trading of valuable assets like antiques, artworks, or collectibles are often restricted to a select group due to their high value and complexity, requiring substantial knowledge to authenticate and value them, and are typically managed by exclusive exchange institutions, leading to limited market accessibility and coordination issues among institutions.
Innovation Solution
A blockchain-based system for digital asset management that enables the creation, issuance, transfer, and valuation of digital assets corresponding to tangible assets, using blockchain contracts and transactions to facilitate secure, transparent, and traceable ownership and trading, while providing an online platform for users to manage digital assets through APIs and automated software solutions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional exchange institutions manage valuable assets, then asset ownership and trading can be facilitated, but market accessibility is limited and coordination among institutions is difficult
Solution Approach 1:
The patent introduces a blockchain system as an intermediary layer between exchange institutions and users. The blockchain provides a shared ledger and standardized protocol that enables different institutions to coordinate automatically without complex direct communication, thereby improving market accessibility while reducing coordination complexity
Solution Approach 2:
The blockchain platform serves multiple exchange institutions simultaneously with a unified protocol for asset management, trading, and settlement. This universal system allows any participating institution to access the same infrastructure, eliminating the need for institution-specific coordination mechanisms
2Reliability
If exchange institutions have exclusive control over asset records, then transaction security can be maintained, but information transparency is reduced
Solution Approach 1:
The patent merges the distributed ledgers of multiple exchange institutions into a single blockchain ledger that all institutions share. This combination maintains security through cryptographic verification while simultaneously improving transparency by making the same information visible to all authorized participants
Solution Approach 2:
The blockchain system provides real-time feedback to all participants about transaction states, asset ownership, and market conditions. This feedback mechanism ensures that security rules are enforced transparently while keeping all institutions informed about the current state of the system
Data Source
AI summary
Methods, systems, and apparatus, including computer programs encoded on computer storage media, for digital asset buyback. One of the methods includes: obtaining a request for buying back a digital asset from a first blockchain account, the request comprising a quantity of the digital asset; identifying, based on the request, a blockchain contract that is deployed on the blockchain and that corresponds to the digital asset; generating a blockchain transaction for transferring the quantity of the digital asset from the first blockchain account to a second blockchain account associated with digital asset buyback, wherein the blockchain contract comprises a restriction prohibiting transfer of the digital asset out of the second blockchain account; and sending, to a blockchain node for adding to the blockchain, the blockchain transaction for transferring the quantity of the digital asset from the first blockchain account to the second blockchain account.