Cross-Blockchain Fund Conversion via Smart Contract Authorization
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Solution Overview
Problem
Current blockchain platforms lack separation of roles for transactions, leading to dependency on preceding transactions, slow computing times due to intense tasks on single nodes, and vulnerability to attacks, with no satisfactory solutions for client flexibility or computational efficiency in developing distributed applications with immutability and transaction finality.
Innovation Solution
A method involving a processor and local storage device running a first smart contract on a first blockchain platform to restrict access to a client's funds for a second smart contract on a second blockchain platform, using authorization tickets and atomic fund transfer with predetermined thresholds, enabling secure and efficient cross-platform transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If blockchain platforms process transactions on single nodes without role separation, then transaction finality is achieved, but computing time increases and productivity decreases
Solution Approach 1:
The patent divides the blockchain network into different role-based nodes (e.g., validator nodes, executor nodes, observer nodes). Each node type performs specific functions rather than all nodes performing all transaction processing tasks. This segmentation allows parallel processing across specialized nodes, reducing computing time and increasing overall transaction throughput.
2Adaptability or versatility
If blockchain platforms allow direct access to client funds across platforms, then flexibility is improved, but security decreases and vulnerability to attacks increases
Solution Approach 1:
The patent introduces smart contracts as intermediary components that mediate cross-platform fund transfers. These smart contracts implement security protocols, authorization verification, and atomic transfer mechanisms. The intermediaries ensure that funds can be transferred flexibly across platforms while maintaining security through verified authorization and preventing direct unauthorized access.
Solution Approach 2:
The patent implements preliminary authorization mechanisms where clients must pre-approve fund transfers through smart contract authorization functions. Before actual fund transfer occurs, the system performs preliminary checks including client authorization verification, destination validation, and amount confirmation. This preliminary action prevents unauthorized transfers while enabling legitimate cross-platform transactions.
3Reliability
If blockchain platforms implement role separation and authorization mechanisms, then security is improved, but device complexity increases
Solution Approach 1:
The patent designs smart contracts with universal authorization functions that can handle multiple types of transactions across different platforms through a standardized interface. The same smart contract framework serves multiple purposes: authorization verification, fund transfer, and transaction finalization. This multi-functionality reduces overall system complexity despite implementing role separation and security mechanisms.
Data Source
AI summary
An approach is disclosed for running a first smart contract on a first blockchain platform which restricts access to a client's funds appropriated to a second smart contract running on a second blockchain platform. A transaction is received by invoking the first smart contract authorizing the second smart contract. In response to receiving an indication of a successful completion of the first smart contract, a plurality of client's authorization tickets are sent to the second smart contract which restricts access to the client's funds appropriated to the second smart contract running on the second blockchain platform. The invoked smart contract receives the set of authorization information and records the set of authorization information. After receiving a set of authenticated authorization tickets exceeding a predetermined threshold, the funds are atomically eliminated on the first blockchain platform and a converted funds generated on the second blockchain platform.