Blockchain Profile Pricer for Secure Currency Quotes
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Solution Overview
Problem
Current systems for foreign currency exchanges face challenges in providing secure, timely, and transparent communication of pricing information, leading to inefficiencies and missed opportunities due to the lack of security, timeliness, and transparency in disseminating trade and pricing data.
Innovation Solution
A crypto-machine learning enabled blockchain-based system that receives third-party data to determine user profiles for customized currency exchange quotes, providing secure, transparent, and real-time quotes by utilizing a cryptography machine learning apparatus and blockchain technology for secure and transparent communication.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional communication methods (phone calls and e-mails) are used to deliver trade and pricing information, then the system is simple to operate, but security and transparency are insufficient
Solution Approach 1:
The patent introduces a blockchain as an intermediary system between the pricing service and customers. The blockchain serves as a transparent mediator that records all pricing information and transactions in an immutable, publicly verifiable ledger, eliminating the need for traditional secure communication protocols while enhancing both security and transparency simultaneously.
Solution Approach 2:
The patent replaces traditional mechanical communication systems (phone calls and e-mails) with a cryptographic blockchain system. This substitution eliminates the security vulnerabilities inherent in conventional methods by using cryptographic hashing, digital signatures, and distributed consensus mechanisms to ensure data integrity and transparency.
2Speed
If traditional communication methods are used, then the system is easy to implement, but timeliness of pricing information delivery is insufficient
Solution Approach 1:
The blockchain system operates continuously and automatically, with pricing information being broadcasted to all nodes in real-time. This continuous operation eliminates delays associated with traditional communication methods, ensuring that pricing information is delivered instantly to all customers without requiring manual intervention or waiting for communication cycles.
Solution Approach 2:
The system incorporates real-time feedback mechanisms where pricing information is immediately verified and confirmed across the blockchain network. This feedback loop ensures that pricing updates are instantly reflected for all customers, enabling rapid response to market changes and eliminating the timeliness issues of traditional communication methods.
3Loss of information
If traditional communication methods are used, then the system is simple to operate, but transparency of trade information is insufficient
Solution Approach 1:
The patent segments the pricing information into individual, verifiable transactions that are recorded separately in the blockchain. Each pricing entry is a discrete unit that can be individually examined, verified, and traced, providing complete transparency while maintaining system simplicity through modular data structure.
Solution Approach 2:
The blockchain creates a complete copy of all pricing information and transactions that is distributed to all nodes in the network. This copying mechanism ensures that every customer receives an identical, unalterable record of all trade information, eliminating information asymmetry and providing full transparency without requiring complex verification processes.
4Reliability
If machine learning and blockchain technology are integrated, then security and transparency are enhanced, but device complexity increases
Solution Approach 1:
The patent merges machine learning algorithms with blockchain technology into a unified system where the blockchain provides the secure infrastructure and machine learning models provide the intelligence for pricing optimization. This combination enhances security through cryptographic verification while machine learning components automatically analyze patterns and predict outcomes, achieving superior security without proportionally increasing complexity.
Solution Approach 2:
The blockchain system serves multiple functions simultaneously: it provides secure data storage, enables transparent verification, facilitates real-time communication, and supports machine learning analysis. This multi-functionality allows the system to enhance security and transparency while avoiding the need for separate specialized systems, thereby limiting the increase in overall complexity.
Data Source
AI summary
Methods and systems for a crypto-machine learning enabled blockchain based profile pricer are described herein. In one example, computer-readable instructions are stored in memory, and one or more processors execute the instructions to determine requested information for a user that can be displayed on a user interface in real-time or near real-time of the user's request. In addition, the provided data can be customized for the user based on a user profile stored in the memory as well as based on third party data stored in a database of related information. The data is communicated to the user using blockchains. At least some advantages of such an arrangement are providing requested data to a user, for display on a user interface, in a transparent, secure, and timely manner.