Blockchain Metric Tokens for Enterprise Change Tracking
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Solution Overview
Problem
Current metric repositories in enterprises are inefficient and ineffective in tracking metric metadata, leading to inaccurate reporting and downstream business decisions due to informal maintenance and lack of visibility into metric modifications.
Innovation Solution
Implementing a blockchain network with smart contracts to store metric definitions and changes, enabling automated notification of stakeholders through metric tokens and change tokens, ensuring accurate and consistent metric management across an enterprise.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If metric values and definitions are maintained informally in traditional databases, then storage and access are simple, but tracking metric metadata and modifications becomes inefficient and ineffective
Solution Approach 1:
A blockchain network acts as an intermediary layer between metric creators and consumers, providing a distributed ledger that automatically tracks metric metadata, definitions, and modifications. The blockchain serves as a neutral mediator that records all metric changes immutably, enabling transparent tracking without requiring complex centralized management systems.
Solution Approach 2:
The patent creates digital tokens (metric tokens, change tokens, consumer tokens) that represent copies of metric information on the blockchain. These tokens replicate metric data and metadata in a structured format, allowing multiple stakeholders to access consistent copies of metric definitions and modification histories without directly manipulating the source data.
2Reliability
If metric modifications occur without stakeholder knowledge, then changes are implemented quickly, but downstream reporting accuracy deteriorates
Solution Approach 1:
The blockchain network provides immediate feedback to stakeholders whenever metric modifications occur. Change tokens are automatically generated and recorded on the blockchain, creating an instant feedback loop that notifies all relevant parties of metric changes. This ensures downstream users are aware of modifications in real-time, maintaining reporting accuracy without significant delays.
Solution Approach 2:
Stakeholders and notification rules are registered in advance on the blockchain before metric modifications occur. When changes happen, the system automatically identifies and notifies pre-registered stakeholders, eliminating the need for time-consuming post-change identification and ensuring immediate awareness among relevant parties.
3Adaptability or versatility
If different business units use differing metric components and data sources, then local flexibility is improved, but aggregation of metric data across the enterprise becomes problematic
Solution Approach 1:
The blockchain network serves as a universal platform that accommodates multiple business units with different metric requirements while maintaining enterprise-wide consistency. The distributed ledger structure allows each business unit to define and track their specific metrics locally, while the blockchain simultaneously enables centralized aggregation and comparison across all units, providing both local flexibility and global coherence.
Solution Approach 2:
The patent segments metric management into independent, tokenized units on the blockchain. Each metric is represented as a separate token with its own definition, data sources, and stakeholder registry. This segmentation allows different business units to manage their specific metrics independently while the blockchain's distributed structure enables seamless aggregation and cross-unit analysis without requiring centralized coordination.
4Extent of automation
If informal metric repositories are used, then implementation is simple, but automated metric change notifications cannot be generated
Solution Approach 1:
The blockchain network enables automated metric change notifications through self-executing smart contracts and pre-registered notification rules. When a metric modification occurs, the system automatically generates change tokens, identifies affected stakeholders based on registered rules, and triggers notifications without human intervention. This self-service automation reduces manual overhead while the blockchain's distributed nature prevents single-point failures.
Data Source
AI summary
The disclosed technology relates to assessing and securing credit risk using credit worthiness tokens issued in a blockchain network responsive to particular financial events. An exemplary blockchain node device may store an issuance smart contract associated with an identity and including a first wallet address and allocation parameters. An event query may be sent to an oracle device external to the blockchain network. The event query may include the identity. Event data associated with the identity may then be received from the oracle device in response to the event query. A number of credit worthiness tokens is determined based on an application of the allocation parameters to the event data. The determined number of credit worthiness tokens is then allocated to the identity via the first wallet address. Thereafter, the credit worthiness tokens can be transferred or collateralized, e.g., and can represent credit worthiness for the identity across financial institutions.