Blockchain Guarantee System Using Zero-Knowledge Proofs
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Solution Overview
Problem
Current messaging systems, such as traditional secure messaging networks, face inefficiencies and lack transparency when routing messages between multiple parties, particularly in international transactions, due to regulatory complexities and peer-to-peer infrastructure limitations.
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 secure, transparent, and verifiable record-keeping, ensuring data privacy and immutability.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional peer-to-peer messaging systems are used for international transactions, then data security and privacy can be maintained between two parties, but transparency and efficiency deteriorate when multiple parties are involved due to regulatory complexities and routing through multiple nodes
Solution Approach 1:
The patent introduces a blockchain network as an intermediary layer that mediates between multiple parties involved in international transactions. Instead of direct peer-to-peer communication that requires multiple routing nodes, all parties communicate through the blockchain ledger, which provides a single source of truth. This mediator approach maintains security through cryptographic protocols while improving efficiency by eliminating complex multi-node routing and regulatory compliance checks across different jurisdictions.
Solution Approach 2:
The patent merges multiple separate communication channels and routing paths into a single unified blockchain network. By combining the messaging, verification, and record-keeping functions into one distributed ledger system, the patent eliminates the need for multiple intermediate nodes and reduces transaction complexity. This merging approach maintains security through the blockchain's cryptographic protocols while significantly improving transaction efficiency and transparency.
2Reliability
If messages pass through multiple nodes for international transactions, then regulatory compliance can be addressed, but transaction time and cost increase while transparency decreases
Solution Approach 1:
The blockchain network serves as a regulatory-compliant intermediary that embeds compliance rules directly into the smart contracts and consensus mechanisms. Rather than requiring messages to pass through multiple intermediate nodes for compliance checks, the blockchain network enforces regulatory requirements at the protocol level. This approach maintains regulatory compliance while reducing transaction time by eliminating redundant verification steps at each node.
Solution Approach 2:
The patent implements preliminary action by pre-configuring regulatory compliance rules into the blockchain network's smart contracts and consensus protocols before transactions occur. This allows the network to automatically enforce compliance requirements without requiring real-time intervention from multiple regulatory nodes. Transactions that comply with regulations are processed immediately, while non-compliant transactions are rejected upfront, significantly reducing transaction time and eliminating the need for multiple sequential compliance checks.
3Ease of manufacture
If traditional messaging systems are used, then implementation is simple, but transparency and verifiability of transaction records are lacking
Solution Approach 1:
The blockchain network acts as a transparent intermediary that records all transaction information on an immutable distributed ledger. While traditional messaging systems keep records private and difficult to verify, the blockchain intermediary provides all participants with access to the same verified transaction history. This maintains ease of implementation through standardized blockchain protocols while dramatically improving transparency and verifiability of transaction records.
Solution Approach 2:
The patent uses copying by creating identical copies of the transaction ledger across all blockchain nodes. Instead of relying on a single centralized record that may be altered or lost, every participant receives and maintains a copy of the complete transaction history. This copying approach ensures that transaction records are transparent and verifiable by all parties while maintaining implementation simplicity through automated distributed replication protocols.
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 a cyphertext of a digital document specifying a guarantee and one or more zero-knowledge proofs (ZKPs) related to one or more values associated with the guarantee; verifying the one or more ZKPs; upon successfully verifying the one or more ZKPs, storing the cyphertext to a blockchain based on performing a consensus algorithm; receiving a drawdown request of the guarantee from a first computing device associated with the beneficiary or a representative of the beneficiary; storing the drawdown request to the blockchain based on performing a consensus algorithm; and delivering a first message about the drawdown request to a second computing device.