Blockchain Escrow Transaction System with Visual Code Redirect
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Solution Overview
Problem
Current transaction systems fail to ensure compliance with terms and conditions in digital transactions, particularly across multiple platforms, leading to dissatisfaction and security risks due to complex and costly processes.
Innovation Solution
A blockchain-based transaction system utilizing an EOS platform with an escrow feature and price-tagged images, allowing secure, flexible, and efficient transactions across various platforms without requiring users to create multiple accounts, using visual codes for redirecting buyers to a transaction system for negotiation and ensuring compliance through blockchain technology.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain technology is used to ensure compliance with transaction terms, then transaction security and reliability are improved, but system complexity increases
Solution Approach 1:
The patent introduces an intermediary escrow system that mediates between buyers and sellers. The escrow service holds funds temporarily and releases them when transaction conditions are met, acting as a trusted third party that simplifies the overall system while maintaining reliability through automated smart contracts on the blockchain.
Solution Approach 2:
The patent extracts the compliance guarantee function from the general blockchain system and implements it through specific escrow smart contracts. This separation allows the core blockchain to remain simple while the escrow module handles the complex compliance verification independently.
2Reliability
If multiple platform accounts are required for transactions, then platform-specific security is improved, but ease of operation deteriorates
Solution Approach 1:
The patent creates a universal escrow account system that can be used across multiple platforms. Instead of requiring separate accounts for each platform, users have a single escrow account that functions universally, eliminating the need to create and manage multiple platform-specific accounts while maintaining security through the standardized escrow protocol.
Solution Approach 2:
The patent merges multiple platform-specific account requirements into a single universal escrow account. This consolidation reduces the number of accounts users need to manage while maintaining the security benefits of platform-specific implementations through the standardized escrow interface.
3Reliability
If personal information is collected for each transaction platform, then transaction verification is improved, but security risks increase
Solution Approach 1:
The patent extracts personal information collection from individual platform processes and consolidates it into the universal escrow system. Information is collected once during escrow account creation rather than repeatedly for each platform transaction, reducing exposure to security breaches while maintaining verification accuracy through the centralized escrow record-keeping.
Solution Approach 2:
The patent performs verification through the escrow system before the actual transaction occurs on any platform. By pre-verify(ing) user identities and account details through the escrow registration process, the system eliminates the need for repeated information collection and verification across multiple platforms, reducing security risks associated with data exposure.
Data Source
AI summary
A method of selling a good or service online includes creating a price tagged image including a visualization of the good or service and a visual code including information regarding the good or service and configured to be interacted with by a buyer of the good or service, sharing the price tagged image to an online platform, redirecting a buyer of the good or service to a transaction system provided independently of the online platform following an interaction of the buyer with the visual code corresponding to the good or service based on the information of the visual code, and negotiating a transaction between the buyer and a seller regarding the good or service corresponding to the visual code interacted with by the buyer via use of the transaction system.