Blockchain Smart Contract for Key Lease Payment Enforcement
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Solution Overview
Problem
Current systems for hiring keys on lease online lack mechanisms for automatic payment enforcement when keys are not returned on time and do not restrict users from accessing extra features without subscription.
Innovation Solution
A blockchain-based system that creates smart contracts for key leases, using digital tokens for transactions, ensuring timely payment and restricting access to subscribed features, with automatic termination and recording of transactions in blockchain blocks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If online key lease system is implemented, then convenience of key hiring is improved, but reliability of payment collection deteriorates
Solution Approach 1:
The smart contract automatically executes payment collection and penalty imposition in advance-defined conditions. When a key is not returned by the lease expiry time, the contract automatically triggers additional payment requirements without needing manual intervention, thus ensuring reliable payment collection while maintaining online hiring convenience
Solution Approach 2:
The system provides automatic feedback through the smart contract that monitors key return status and communicates payment obligations to users. The blockchain network provides transparent recording of lease conditions and payment status, creating a feedback loop that ensures users are aware of and accountable for their payment obligations
2Adaptability or versatility
If online key lease system is implemented, then accessibility to key features is improved, but control over unauthorized feature access deteriorates
Solution Approach 1:
The smart contract defines and restricts access to key features based on subscription status before the lease begins. The contract contains pre-programmed conditions that automatically enable or disable specific key features according to what the user has paid for, preventing unauthorized access before it can occur
Solution Approach 2:
The smart contract autonomously manages feature access control without requiring external intervention. The contract itself enforces the subscription agreements by automatically enabling or disabling key features based on payment status, providing self-service control that maintains both accessibility and authorization
3Device complexity
If manual payment collection is used, then system complexity is reduced, but productivity of payment processing deteriorates
Solution Approach 1:
The smart contract performs payment processing autonomously without requiring manual intervention from administrators or users. The contract automatically calculates lease fees, monitors key return status, and enforces payment collection based on predefined conditions, significantly improving payment processing productivity while the modular blockchain structure keeps system complexity manageable
Solution Approach 2:
The smart contract merges multiple functions (payment calculation, lease management, penalty imposition, and feature access control) into a single automated system. This consolidation improves productivity by eliminating manual processing steps while the use of standardized smart contract templates and blockchain infrastructure keeps the overall system complexity at an acceptable level
Data Source
AI summary
A system and method for executing and recording transactions for a key in a blockchain. A method includes creating a smart contract on receiving a request to order a key on lease for a first period of time. The method further includes determining an availability of the key and determining an availability of digital tokens in an account of the user. The method also includes executing the smart contract for the first period of time by executing a first transaction using the digital tokens and recording the executed first transaction and the executed smart contract in a block of a block chain to provide the key on lease.