Blockchain Equipment Tracking via Smart Contract Automation

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Solution Overview

Problem

Existing systems face inefficiencies and delays in verifying and managing events related to equipment throughout its lifetime, particularly in scenarios requiring physical presence or attestation, such as collateralized or titled assets like automobiles and industrial equipment.

Innovation Solution

A distributed trust computing network is used to register and manage events as data blocks, enabling validated tracking and automated registration of equipment, with a virtual registration object and smart contracts for resource arrangement and property right-related events, allowing for secure and efficient verification and action triggering.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If physical presence or attestation is required for verifying equipment events, then verification reliability is improved, but processing time and operational efficiency deteriorate

Engineering Contradiction:

Improveverification reliabilityVSAvoidprocessing time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The patent creates digital copies of verification processes through blockchain data structures. Instead of requiring physical presence, the system captures event data in digital form (location data, images, videos, sensor readings) and stores it immutably on the blockchain, allowing verification to occur remotely and automatically while maintaining reliability

Inventive Principle:

Principle #26Copying

Solution Approach 2:

The patent replaces mechanical/physical verification systems with automated digital verification. Smart contracts and automated enrollment processes substitute for manual physical attestation, enabling verification to occur through digital means without requiring physical presence while maintaining or improving reliability through cryptographic validation

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Measurement precision

If manual verification processes are used for equipment events, then verification accuracy is improved, but productivity and automation level deteriorate

Engineering Contradiction:

Improveverification accuracyVSAvoidprocessing efficiency

Core Design Contradiction:

Measurement precisionVSProductivity

Solution Approach 1:

The patent implements self-service verification through automated enrollment processes. The system automatically enrolls equipment in verification programs, captures event data, and processes verification without requiring manual intervention at each step, thereby maintaining accuracy through standardized processes while dramatically improving productivity

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The patent incorporates feedback mechanisms where verification results automatically trigger subsequent actions. Smart contracts monitor verified events and automatically execute predetermined actions, creating a closed-loop system that maintains verification accuracy while improving overall process efficiency through automated feedback responses

Inventive Principle:

Principle #23Feedback

3Loss of information

If comprehensive event tracking is implemented throughout equipment lifetime, then information completeness is improved, but system complexity deteriorates

Engineering Contradiction:

Improveinformation completenessVSAvoidsystem complexity

Core Design Contradiction:

Loss of informationVSDevice complexity

Solution Approach 1:

The patent segments the comprehensive tracking system into modular functional components: event capture modules, verification modules, blockchain registration modules, and action execution modules. Each module handles specific aspects of the tracking process, making the overall complex system manageable through clear separation of concerns while maintaining complete event tracking

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The patent creates a universal blockchain-based verification platform that can track multiple types of equipment events (location changes, maintenance, transfers, incidents) through a common infrastructure. The smart contract framework provides multi-functional capabilities that handle diverse verification scenarios without requiring separate systems, thereby reducing overall complexity while maintaining information completeness

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS11610160B2System for validated tracking and management of events associated with equipment during lifetime usage

Publication Date: 2023.03.21 BANK OF AMERICA CORP

AI summary

Validated tracking and managing of events associated with equipment during a usage lifetime. Equipment is registered within a distributed register/ledger of a distributed trust network according to an equipment identifier and subsequently events related to the equipment are registered and managed within the distributed register/ledger during the usage lifetime. Such events include resource arrangement-related events and property-right-related events. In addition, logic may be included in the distributed register/leger that triggers various actions in response to the events.