Blockchain Digital Asset Validation System
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Solution Overview
Problem
In distributed computing environments, there is a growing challenge in securing and validating digital assets due to the complexity and interconnectivity of transactions, leading to discrepancies and inefficiencies in financial settlements between parties.
Innovation Solution
The implementation of a computer-implemented method using blockchain technology to store and validate digital assets, ensuring immutability, transparency, and trust among parties by utilizing a secure private blockchain for cross-validation of contracts, purchase orders, invoices, and payments, and integrating optical character recognition and artificial intelligence for data processing and standardization.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual reconciliation processes are used for validating digital assets, then flexibility in handling complex transactions is maintained, but time consumption and error rates increase
Solution Approach 1:
The system enables automated self-validation of digital assets by having the blockchain network automatically verify transaction contents, cross-reference with smart contracts, and confirm compliance with business rules without requiring manual intervention from reconciliation officers
Solution Approach 2:
The patent replaces manual mechanical validation processes with automated computer-based systems that use algorithms, smart contracts, and blockchain consensus mechanisms to validate digital assets, thereby increasing speed and reducing human error
2Reliability
If blockchain technology is implemented for storing digital assets, then data integrity and trust are improved, but system complexity and implementation costs increase
Solution Approach 1:
The system segments the blockchain implementation into a private consortium chain for core validation functions, while maintaining separate permissioned networks for different business domains, thereby reducing overall system complexity while preserving data integrity
Solution Approach 2:
The patent introduces a centralized coordination layer or gateway that acts as an intermediary between the complex blockchain infrastructure and simpler application systems, allowing businesses to access blockchain capabilities without directly managing the underlying complexity
3Extent of automation
If automated validation systems are deployed, then processing speed and consistency are improved, but initial setup complexity and technical requirements increase
Solution Approach 1:
The system performs preliminary actions by pre-configuring validation rules, smart contracts, and business logic before actual validation occurs, allowing complex validation logic to be embedded in advance and executed automatically without requiring complex real-time decision-making
Solution Approach 2:
The patent enables flexible parameter configuration where validation rules can be dynamically adjusted based on transaction types, parties involved, and business conditions, allowing the system to adapt to different scenarios without requiring complex reconfiguration
Data Source
AI summary
A first digital asset of a first entity is stored in a blockchain, in response to checking that an electronic option is selected for storing the first digital asset in the blockchain. A second digital asset of a second entity is received and is based at least in part on having satisfied the first digital asset. The first digital asset is validated for agreement with the second digital asset. The second digital asset is stored in the blockchain, in response to checking that an electronic option is selected for storing the second digital asset in the blockchain and in response to the being in agreement. A third digital asset is received on behalf of the first entity, in response to the first and second digital assets being available in the blockchain, the third digital asset being an indication that a requirement is satisfied for the second digital asset.