Blockchain Transaction Dual Verification via Tokenized Locking Script
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Solution Overview
Problem
Current blockchain systems lack an efficient method for dual verification, where a user can confirm both the availability of funds and compliance with verification criteria in a single transaction, often requiring multiple processes and increasing complexity.
Innovation Solution
A method involving a token issuer verification, where a token is issued to confirm compliance, and a blockchain transaction with a locking script containing a data payload, allowing a single output to verify both fund availability and compliance, enabling a dual verification process through a single transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If separate verification processes are used for fund availability and compliance, then verification completeness is improved, but system complexity increases
Solution Approach 1:
The patent combines two separate verification processes (fund availability check and compliance verification) into a single blockchain transaction. The locking script includes both the fund locking mechanism and the compliance verification logic, allowing one transaction to simultaneously verify both conditions without requiring separate processes.
Solution Approach 2:
The single blockchain transaction is designed to perform multiple functions: it locks funds, verifies compliance through the locking script conditions, and enables the commercial transaction. This multi-functional approach eliminates the need for separate verification systems while maintaining complete verification coverage.
2Measurement precision
If multiple transactions are used for verification, then verification accuracy is improved, but transaction efficiency decreases
Solution Approach 1:
The patent merges multiple verification functions into a single transaction, reducing the total number of transactions from multiple separate verification transactions plus the commercial transaction to just one combined transaction. This maintains verification accuracy while significantly improving transaction efficiency.
3Reliability
If verification data is stored separately, then data integrity is improved, but access complexity increases
Solution Approach 1:
The patent combines verification data (compliance information) directly into the transaction structure itself, specifically within the locking script and data payload. This eliminates the need for separate data storage systems and simplifies access while maintaining integrity through the immutable blockchain record.
Data Source
AI summary
A token issuer issues a token evidencing that a first party passed a verification. A first blockchain transaction recorded on chain comprises an output comprising a) funds of the first party for a commercial transaction to be conducted with a second party and b) a locking script defining a condition for unlocking the funds. The locking script further comprises a data payload comprising the token. A second party verifies that the first blockchain transaction has been validated for recordal on the blockchain and that its output remains unspent, and thus in doing so verifies both that the first party has the funds available and is evidenced to have passed the verification by the token issuer. The commercial transaction is dependent on this verification, and involves a second blockchain transaction being recorded on chain, having an input pointing to the output of the first transaction and comprising a corresponding unlocking script.