Blockchain Digital Identity for Equipment Marketplace Trust
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Solution Overview
Problem
The aerospace industry faces challenges in establishing trust among buyers and sellers on equipment online marketplaces due to lack of trust in seller identities, equipment listings, and payment methods, with limited integration of resources among airlines, airports, and original equipment manufacturers (OEMs, leading to low online transaction volumes.
Innovation Solution
A blockchain-based equipment online marketplace platform generates a digital identity for equipment by receiving images or documents, extracting relevant information, and creating a blockchain entry in a shared ledger, establishing trust through immutable records, equipment traceability, and consensus-based accreditation methods.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional brokerage marketplaces are used for equipment trading, then trust between buyers and sellers can be established through intermediaries, but the trading process becomes complex and time-consuming requiring multiple conversations
Solution Approach 1:
The patent creates a digital copy of the physical equipment using blockchain technology. The blockchain entry serves as an immutable digital twin that contains all equipment information, replacing the need for physical inspection and multiple verification conversations. This digital copy can be accessed and verified by both parties simultaneously, simplifying the trading process while maintaining trust.
Solution Approach 2:
The patent replaces the mechanical/physical verification process (requiring multiple conversations and manual inspections) with an automated digital system. The blockchain automatically stores, verifies, and provides access to equipment information, eliminating the need for human intermediaries to manually verify details and reducing the complexity of the trading process.
2Reliability
If equipment information is manually verified through intermediaries, then trust in seller identity and listing accuracy can be established, but the trading time and operational efficiency decrease
Solution Approach 1:
The patent performs preliminary verification of equipment information at the time of listing creation. The seller provides documentation and images that are immediately verified and stored on the blockchain, creating a trusted digital record before the trading process begins. This preliminary action eliminates the need for time-consuming verification conversations during the trading process itself.
Solution Approach 2:
The blockchain provides continuous access to verified equipment information throughout the entire trading process. Once information is recorded on the blockchain, it remains permanently accessible to all parties, eliminating the need to repeat verification steps or wait for intermediaries to provide updated information. This continuous availability accelerates the trading process while maintaining trust.
3Reliability
If multiple high-assets (airlines, airports, OEMs) trade equipment separately, then each participant can maintain control over their transactions, but integration and resource sharing among participants is limited
Solution Approach 1:
The patent creates a universal blockchain platform that can be used by all types of equipment participants (airlines, airports, OEMs, maintenance facilities) for all types of equipment transactions. The same blockchain infrastructure serves multiple functions: identity verification, listing verification, transaction recording, and resource integration. This multi-functional platform enables different participants to maintain control over their transactions while simultaneously integrating resources across the entire equipment ecosystem.
Data Source
AI summary
A computer-implemented method for generating a digital identity of equipment on an equipment online marketplace platform is disclosed. The method may include: receiving, by a server executing the equipment online marketplace platform through a network, one or more images or documents containing information of the equipment from a user accessing the equipment online marketplace platform on a user device through the network; extracting, by the server, from the images or documents of the equipment information identifying the equipment; and generating, by the server, a blockchain entry for the equipment in a shared ledger, the blockchain entry containing the information identifying the equipment.