Blockchain Transaction Tracking for Payment Lifecycle Recreation
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Solution Overview
Problem
Large data processing for complex payment structures requires tracking transactions across multiple applications, which is difficult due to the lack of efficient record-keeping and real-time monitoring, especially in a decentralized environment.
Innovation Solution
A system utilizing a private block chain infrastructure to store each process point of the complete payment structure, generating blocks that track transactions from client origination to external clearing, allowing for real-time tracking and tracing through metadata.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If distributed ledger technology is used to store complete payment structures and their transition across application life-cycles, then transaction tracking accuracy and real-time monitoring capability are improved, but system complexity and data processing requirements increase
Solution Approach 1:
The system segments the payment processing lifecycle into distinct stages (file receipt, batch parsing, payment processing, external clearing) and creates separate blockchain blocks for each stage. This segmentation allows precise tracking of transactions at each step while managing system complexity through modular block structure.
Solution Approach 2:
The patent adds a temporal dimension to transaction tracking by creating a chronological chain of blocks that records the complete lifecycle of each payment. This dimensional approach enables real-time monitoring and historical reconstruction simultaneously, improving tracking accuracy without proportionally increasing complexity.
2Productivity
If multiple applications run in parallel to process large data volumes, then processing capacity and productivity are improved, but the difficulty of detecting and measuring transaction status across applications increases
Solution Approach 1:
The blockchain system serves multiple functions simultaneously: it acts as a distributed ledger, a transaction status tracker, a historical record keeper, and a real-time monitoring system. This universal approach enables parallel processing across multiple applications while maintaining centralized visibility of all transaction states through the unified blockchain structure.
3Reliability
If complete payment structures are stored on a distributed ledger for each transaction, then data security and reliability are improved, but memory and storage requirements increase
Solution Approach 1:
The system creates blockchain copies of transaction data at each processing stage rather than storing all original data repeatedly. Each block contains essential transaction information and references to previous blocks, providing security through replication while optimizing storage through selective data capture and chaining.
Data Source
AI summary
Embodiments of the invention are directed to a system, method, or computer program product for utilizing a block chain distributed network for generation of blocks with searchable metadata code embedded therein for recreating a historic record of how a transaction is processed from a client origination to external clearing. The invention provides a process by which a distributed ledger technology is utilized to store complete payment structures and their events across application life-cycles to recreate a historic record of event processing. The record allows for complex tracking and tracing across complex event processing where data points are received, spliced, and processed across multiple applications in a high quantity high velocity environment.