Blockchain Ownership Verification Using Smart Contract Wallet Mapping
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Solution Overview
Problem
Existing property ownership confirmation and transfer processes are inefficient, difficult to implement, and costly, with challenges in verification, evidence collection, and trust issues, as seen in prior art systems like US 2019/080,402 A1 and CN 109 716 375A.
Innovation Solution
A blockchain-based method and system for confirming and transferring property rights using encoded information, wallet addresses, and smart contracts, involving random number generation and private key signature verification to ensure efficient and secure ownership confirmation and transfer.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional confirmation process involving multiple parties (owner, notary, custodian) is used, then property ownership can be confirmed, but the process takes a long time and has poor effectiveness
Solution Approach 1:
The patent introduces a blockchain system as an intermediary that replaces traditional notaries and custodians. The blockchain network validates and records ownership information through distributed consensus, eliminating the need for multiple intermediate parties and significantly reducing confirmation time while maintaining reliability.
Solution Approach 2:
The patent replaces the mechanical system of manual verification and paper-based documentation with a digital blockchain system. Ownership information is stored and verified through cryptographic algorithms and distributed ledger technology, transforming the confirmation process from a manual, time-consuming procedure to an automated, efficient digital process.
2Reliability
If conventional confirmation process with multiple parties is used, then property ownership can be confirmed, but data transmission and verification costs are high
Solution Approach 1:
The blockchain system acts as a neutral intermediary that enables direct peer-to-peer verification between parties. By eliminating traditional notaries and custodians, the system reduces the number of intermediaries involved in the verification process, thereby reducing data transmission and verification costs while maintaining confirmation reliability.
Solution Approach 2:
The blockchain system provides multiple functions within a single platform: it serves as a registry for ownership information, a verification mechanism through cryptographic proof, and a transparent audit trail. This multi-functionality consolidates multiple separate verification processes into one unified system, reducing overall verification costs.
3Ease of operation
If owner provides identification and documents for right implementation, then property rights can be transferred, but the process is complicated and trust cost is high
Solution Approach 1:
The patent creates a digital copy of ownership information stored on the blockchain that can be verified without handling physical identification and documents. The blockchain record serves as an immutable digital counterpart to traditional paper documentation, enabling right transfer through cryptographic verification rather than physical document exchange, thus simplifying the process while maintaining trust.
4Reliability
If verification process for identification and documents is used, then property ownership can be safeguarded, but the process is complicated and long, and self-evidence is difficult
Solution Approach 1:
The blockchain system enables self-verification of ownership through cryptographic proofs and transparent ledger records. Parties can independently verify ownership claims by checking the blockchain without requiring complex manual verification processes. The system's inherent design provides self-evident proof of ownership through its immutable and transparent nature, reducing verification complexity while maintaining safeguard reliability.
Data Source
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AI summary
The present disclosure discloses methods, systems, an electronic device, and a storage medium for confirming a property right and for transferring a property right. The method for confirming a right includes: presetting encoded information corresponding to a property; obtaining a corresponding wallet address according to the encoded information; storing a correspondence between the encoded information and the wallet address in a smart contract of a blockchain; generating a random number and sending it to a target object; obtaining a first wallet address corresponding to a target property in the smart contract obtained by the target object according to the random number, target encoded information corresponding to the target property, and a target private key; obtaining a target wallet address corresponding to the target encoded information in the smart contract according to the correspondence; and judging whether the first wallet address is consistent with the target wallet address, and if yes, determining that the target object owns the target property. The present disclosure realizes the confirmation and transfer of the ownership of a property and traceback of the ownership of the property, making the process of right confirmation and implementation is more efficient and secure, and improving the user experience.