Blockchain Interaction Hold Mechanism for Error Cancellation
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Solution Overview
Problem
Interactions recorded on a blockchain network cannot be canceled once confirmed, leading to potential loss if sent to the wrong address, especially for anonymous or pseudonymous transactions where the owner is unknown.
Innovation Solution
A system and method that allows users to submit a cancel request to an entity server before a hold time elapses, enabling the entity server to cancel or postpone the interaction on the blockchain if a cancel request is received during the hold duration, or to record it after the duration if no request is made.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If interactions are recorded on the blockchain network immediately upon receipt, then the blockchain network achieves high processing speed and efficiency, but users lose the ability to cancel erroneous interactions once recorded
Solution Approach 1:
The system performs a preliminary action by introducing a hold period between interaction receipt and blockchain recording. During this hold period, the interaction is temporarily stored and can be canceled if needed, before being permanently recorded on the blockchain. This resolves the contradiction by allowing immediate processing while preventing irreversible recording until cancellation is ruled out.
2Device complexity
If the blockchain network records interactions permanently without cancellation option, then the system maintains simplicity and immutability, but data security is compromised when interactions are sent to wrong addresses
Solution Approach 1:
The system introduces an intermediary mechanism (the hold period with cancellation capability) between the user and the blockchain recording process. This intermediary layer allows for error correction and cancellation without affecting the final blockchain immutability, thus maintaining data security while preserving blockchain simplicity.
3Reliability
If users are allowed to cancel interactions before recording, then data security and error correction are improved, but the system complexity increases due to additional cancellation request handling
Solution Approach 1:
The cancellation capability is implemented as a preliminary action during the hold period. The system checks for cancellation requests before final recording, allowing users to prevent erroneous transactions. This adds minimal complexity by utilizing the existing hold period infrastructure rather than creating entirely new complex systems.
Data Source
AI summary
A system is configured to perform an interaction between a first user and a second user. The system comprises memory operable to store a data log comprising information associated with the interaction and a hold duration. The system comprises a processor operably coupled to the memory and a blockchain network. The processor is configured to receive a request from a first user device to record the interaction on the blockchain network, and store information associated with the interaction in a data log. The processor is configured to determine whether a cancel request is received. If received, the processor is configured to cancel the request to record the interaction on the blockchain network. If not received, the processor is configured to hold the request to record the interaction on the blockchain network for the hold duration, and subsequently record the interaction on the blockchain network.