Blockchain Transaction Validation for Financial Data Sharing

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Solution Overview

Problem

Users face the inconvenience of accessing transaction information from multiple financial institutions individually or through an unrelated aggregator, which may have limited access and retention issues.

Innovation Solution

A system utilizing a blockchain distributed network to facilitate the sharing of non-monetary transaction information among financial institutions, allowing users to access a consolidated transaction record through a single access point by validating and authenticating transaction records with unique authentication keys or signatures.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If an unrelated aggregator is used to access transaction information from multiple financial institutions, then users can access transaction information through a single access point, but access to transactional information may be limited and the financial institutions' transaction information may be retained and accessed by the unrelated aggregator

Engineering Contradiction:

Improvesingle access point for transaction informationVSAvoidaccess authority and information security

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

The patent introduces a blockchain network as an intermediary between financial institutions and users. The blockchain acts as a neutral mediator that enables information sharing without requiring a central aggregator to retain control over the data. Financial institutions publish transaction information to the blockchain, and users can access this information through the blockchain network without giving control to any single aggregator entity.

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The patent segments the centralized aggregator model into a distributed blockchain network model. Instead of one central entity controlling all transaction information, the system divides the information storage and access authority across multiple independent nodes in the blockchain network. Each financial institution maintains its own data while contributing to the shared ledger, eliminating the need for a single controlling aggregator.

Inventive Principle:

Principle #1Segmentation

2Reliability

If users access transaction information from each financial institution individually, then information security and access authority are maintained, but users face the inconvenience of accessing multiple systems separately

Engineering Contradiction:

Improveaccess authority and information securityVSAvoidconvenience of accessing transaction information

Core Design Contradiction:

ReliabilityVSEase of operation

Solution Approach 1:

The blockchain network provides a universal platform that serves multiple financial institutions simultaneously. A single user interface can access transaction information from any number of connected financial institutions through the blockchain, eliminating the need for separate access to each institution's system while maintaining the security benefits of not centralizing data control.

Inventive Principle:

Principle #6Universality (Multi-functionality)

3Productivity

If a centralized system is used to consolidate transaction records, then users can obtain a consolidated transaction record, but the system requires a central aggregator that may have limited access and retention issues

Engineering Contradiction:

Improveconsolidated transaction record accessVSAvoidcentralized aggregator infrastructure

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The blockchain system enables financial institutions to self-publish their transaction information to the distributed ledger without requiring a central aggregator to collect, store, and manage the data. Each institution independently contributes its transaction records to the blockchain, and the network automatically maintains the consolidated view, eliminating the need for complex centralized aggregation infrastructure.

Inventive Principle:

Principle #25Self-service

Data Source

PatentUS10135870B2System for external validation of secure process transactions

Publication Date: 2018.11.20 BANK OF AMERICA CORP

AI summary

A closed-loop system is operatively connected with a block chain distributed network for using the block chain distributed network for facilitating operation of a transaction record sharing system between member institutions comprising a host system and a source system. Host and source institutions function to share the transaction records from member institutions such that a host institution that is a member of the block chain may obtain the transaction records of all source institutions of the block chain. The transaction records are validated on the block chain such that the transaction records are secure represent a source of truth.