Blockchain Resource Transfer Validation for Unbanked Users
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Solution Overview
Problem
Current systems for tracking resource transfers between parties, especially unbanked and underbanked users, face challenges in validating untrackable transactions, leading to inefficiencies in managing transaction history within process data networks.
Innovation Solution
A blockchain-based system that electronically receives and validates resource transfer indications, updates user information, and allows authorized access to transaction records, using a distributed network to manage transaction history and determine creditworthiness for financial transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If each party tracks and maintains transfer data independently, then data ownership is preserved, but validation of untrackable transfers becomes difficult
Solution Approach 1:
The patent combines independent party data with a centralized blockchain ledger to create a unified tracking system. Each party maintains their own records while the blockchain provides a shared, immutable ledger that all parties can reference, enabling validation without requiring one party to trust the other independently.
Solution Approach 2:
The blockchain acts as an intermediary between the two parties, providing a neutral platform for recording and validating transfers. The system uses a tracking entity that mediates the validation process by comparing independent party records against the blockchain ledger, enabling trustless validation of untrackable transfers.
2Measurement precision
If blockchain is used to track all transfers, then validation accuracy improves, but system complexity and access control difficulty increase
Solution Approach 1:
The patent implements differentiated access rights where different entities have different levels of access to the blockchain. The tracking entity has read access to validate transfers, while parties have access to their own data. This localized quality of access control reduces overall system complexity by giving each entity only the access they need.
Solution Approach 2:
The system segments blockchain access into different permission levels: full access for system administrators, read-only validation access for tracking entities, and personal data access for individual parties. This segmentation allows accurate tracking while managing complexity through role-based access control.
3Productivity
If independent tracking is maintained, then data privacy is preserved, but transaction history management becomes inefficient
Solution Approach 1:
The blockchain serves multiple functions simultaneously: it acts as a decentralized ledger for all transfers, a validation reference for the tracking entity, and a privacy-preserving mechanism that allows selective disclosure. This multi-functionality improves transaction history management efficiency without compromising data privacy or creating information loss.
4Measurement precision
If validation requires mutual agreement, then transfer accuracy improves, but processing time increases
Solution Approach 1:
The system performs preliminary actions by having parties record their transfer data in advance on the blockchain before validation is needed. When validation is required, the tracking entity can immediately compare records against the pre-recorded blockchain data without requiring real-time mutual agreement, thus maintaining accuracy while reducing validation time.
Data Source
AI summary
Systems, computer program products, and methods are described herein for a system for using the block chain distributed network for managing transaction history of unbanked and underbanked users in a process data network. The present invention is configured to electronically receive an indication from a computing system associated with a first user that the first user has executed a transfer of resources with a second user; retrieve information associated with the transfer of resources from the first user; retrieve information associated with a block chain of user information associated with the first user; transmit a notification to a computing system associated with the second user to validate the transfer of resources; receive an input from the second user validating the transfer of resources; and update the block chain of user information with the validated transfer of resources based on at least receiving the input from the second user.