Blockchain Digital Payment Token Update via Smart Contract Feedback
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Solution Overview
Problem
Current blockchain technology lacks efficient methods for securely generating, tracking, and updating payment obligations between multiple transaction parties, particularly in automating status updates based on payment confirmations from third-party servers and smart contract calculations.
Innovation Solution
The system generates and updates digital payment tokens within a blockchain by receiving payment requests, transmitting transaction requests to third-party servers, and updating token blocks based on confirmation messages, leveraging cryptographic hashes for immutability and smart contracts for automated calculations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain technology is used to store payment obligation data, then data integrity and security are improved, but the ability to automatically track and update payment statuses is insufficient
Solution Approach 1:
The system enables self-service automation through smart contracts that automatically track payment obligations and update their status without manual intervention. The smart contract monitors payment events, updates payment status fields, and executes predefined logic based on payment confirmation, allowing the blockchain system to serve itself in tracking and updating payment states.
Solution Approach 2:
The system implements feedback mechanisms where smart contracts continuously monitor payment status changes and automatically update the blockchain state based on received feedback from payment processors. When payment confirmation is received, the smart contract detects the change and executes status updates, creating a closed-loop feedback system that maintains accurate payment obligation records.
2Device complexity
If manual tracking of payment obligations is used, then system complexity is reduced, but productivity and efficiency are worsened
Solution Approach 1:
The system applies preliminary action by pre-programming smart contracts with the logic and rules for tracking payment obligations before actual payments occur. The smart contracts are deployed in advance with predefined conditions and update rules, so when payments are made, the tracking and updating happen automatically without requiring complex manual processes or system reconfiguration.
3Productivity
If automated smart contract calculations are implemented, then productivity is improved, but device complexity increases
Solution Approach 1:
The system segments the payment tracking functionality into modular smart contract components, where each contract handles specific payment obligation aspects independently. This segmentation allows the complex automated calculation logic to be divided into manageable, reusable modules that can be deployed and updated separately, reducing the overall system complexity while maintaining high productivity through automated processing.
Data Source
AI summary
Systems and methods described herein may generate a digital payment token associated with a payor-user indicating the status of a payment obligation of the payor-user. The systems and methods may generate a first block containing the digital payment token and append the first block to a blockchain. The systems and methods may receive a confirmation message from a third-party transaction server that the payor-user has either fully or partially fulfilled his or her payment obligation. Based upon the confirmation message, the systems and methods may retrieve the block containing the digital payment token and update the digital payment token to generate an updated digital payment token. The system and methods may generate a second block containing the updated digital payment token to supersede the first block and append the second block to the blockchain. The updated digital payment token may indicate that the digital payment token has expired.