Blockchain Guarantee Mediator for Cross-Chain Transparency
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Solution Overview
Problem
Current secure messaging networks, such as SWIFT, face inefficiencies and lack transparency due to complex routing and regulatory challenges, particularly when more than two parties are involved, necessitating a platform that provides transparent, immutable, and verifiable messaging records while ensuring data privacy.
Innovation Solution
A blockchain-based method for processing guarantees, involving the generation of digital guarantees, encryption, and zero-knowledge proofs, which are stored on a blockchain network for consensus, enabling secure and transparent transactions between multiple parties.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional peer-to-peer messaging networks are used for guarantee transactions, then data security and privacy can be maintained between two parties, but transparency and efficiency deteriorate when multiple parties are involved due to complex routing through multiple nodes
Solution Approach 1:
The patent introduces a blockchain network as an intermediary layer that mediates between multiple parties involved in guarantee transactions. Instead of complex peer-to-peer routing through multiple nodes, the blockchain serves as a trusted mediator that records and verifies transactions immutably. The smart contract acts as an automated intermediary that executes guarantee conditions without human intervention, resolving the contradiction by providing both security through cryptographic verification and efficiency through automated execution.
Solution Approach 2:
The blockchain network provides universal functionality that handles multiple aspects of guarantee transactions simultaneously: it stores encrypted guarantee data, verifies zero-knowledge proofs for condition satisfaction, executes smart contracts for automated payments, and maintains transparent audit trails. This multi-functional platform replaces multiple specialized systems, improving overall transaction efficiency while maintaining security through a unified trusted infrastructure.
2Adaptability or versatility
If traditional messaging networks route messages through multiple nodes for regulatory compliance, then international transactions can be supported, but transaction time increases and transparency is lost
Solution Approach 1:
The patent implements preliminary action by pre-defining guarantee conditions, payment terms, and routing rules in smart contracts before transactions occur. Regulatory compliance requirements are embedded in the smart contract logic in advance, so when international transactions are executed, the blockchain automatically applies the appropriate rules without requiring real-time routing decisions through multiple intermediary nodes. This eliminates time-consuming manual routing while maintaining adaptability to different international regulations.
Solution Approach 2:
The blockchain provides real-time feedback on transaction status, condition satisfaction, and compliance verification to all parties involved. Through zero-knowledge proofs and smart contract execution, the system immediately verifies whether guarantee conditions are met and notifies relevant parties, eliminating the delays associated with traditional multi-node routing where messages must physically travel through multiple intermediaries. The transparent ledger provides continuous feedback on transaction progress without sacrificing adaptability to international requirements.
3Reliability
If guarantee information is stored in encrypted form on blockchain, then data privacy is protected, but verification of guarantee conditions requires additional zero-knowledge proof mechanisms
Solution Approach 1:
The patent replaces the mechanical system of encrypted data verification with cryptographic proof mechanisms. Instead of decrypting encrypted guarantee data to verify conditions (which would compromise privacy), the system uses zero-knowledge proofs that cryptographically demonstrate condition satisfaction without revealing the underlying data. This substitution maintains strong data privacy protection while the complexity is managed through standardized cryptographic protocols rather than ad-hoc verification mechanisms.
Solution Approach 2:
The verification mechanism serves itself through automated smart contract execution. When guarantee conditions are met, the smart contract automatically generates and verifies the necessary zero-knowledge proofs without requiring external intervention. The encrypted data and its proofs are self-verified by the blockchain network through consensus mechanisms, reducing the perceived complexity for end users while maintaining robust privacy protection. The system performs its own verification tasks autonomously.
Data Source
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AI summary
Disclosed herein are methods, systems, and apparatus, including computer programs encoded on computer storage media, for processing blockchain-based guarantee information. One of the methods includes receiving, by a blockchain node of a first blockchain network, a cross-chain request for relaying a cyphertext of a digital document to a second blockchain network, wherein the cross-chain request is sent from a first computing device associated with a guarantor, the digital document specifies a guarantee from the guarantor and one or more predetermined conditions of executing the guarantee; storing the cross-chain request and the cyphertext to a first blockchain associated with the first blockchain network based on performing a consensus algorithm; receiving a message from a second computing device for relaying information between the first blockchain network and the second blockchain network, the message includes a confirmation that the guarantee is accepted by the beneficiary and stored on a second blockchain associated with the second blockchain network; and updating a status of the guarantee to indicate that the guarantee has been voided on the first blockchain.