Blockchain Shipping Insurance Data Management
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Solution Overview
Problem
Current shipping insurance processes face inefficiencies due to inconsistent data exchange and authenticity verification challenges, particularly in point-to-point communications, which hinder the processing of shipping insurance data and premium distributions among online shopping platforms, delivery services, and insurance companies.
Innovation Solution
A blockchain-based method is implemented to manage shipping insurance data, using smart contracts and consensus algorithms to validate insurance orders, record transactions immutably, and distribute premiums efficiently, ensuring data integrity and transparency while protecting privacy through trusted execution environments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If point-to-point communication is used for data exchange between parties, then communication simplicity is maintained, but data authenticity verification becomes difficult and data loss recovery is hindered
Solution Approach 1:
The patent introduces a blockchain network as an intermediary between parties. The blockchain provides a decentralized ledger that all parties can access, enabling automatic verification of data authenticity through cryptographic hashing and consensus mechanisms. This resolves the contradiction by maintaining simple point-to-point communication for data transmission while adding a trusted intermediary layer for verification and integrity assurance.
2Adaptability or versatility
If data is supplied from different parties through point-to-point communication, then data exchange flexibility is maintained, but data consistency is reduced and processing efficiency decreases
Solution Approach 1:
The patent implements a universal blockchain-based data exchange platform that serves multiple functions: data transmission, authentication, consistency verification, and processing coordination. All parties interact through this universal platform, which standardizes data formats and verification processes. This maintains flexibility in who can participate while improving processing efficiency through automated consensus and reduced manual verification.
3Reliability
If blockchain consensus algorithm is used to record data, then data integrity and immutability are ensured, but system complexity and processing time increase
Solution Approach 1:
The patent segments the blockchain system into specialized components: smart contracts for automated business logic, consensus nodes for integrity verification, and a distributed ledger for data storage. This segmentation allows each component to perform its specific function efficiently, reducing overall system complexity while maintaining data integrity through the coordinated operation of these modular elements.
4Extent of automation
If smart contracts are executed to validate insurance orders and distribute premiums, then automation and accuracy are improved, but computational resources and energy consumption increase
Solution Approach 1:
The patent implements preliminary validation rules and data preprocessing before smart contract execution. Data is formatted, validated, and prepared in advance, reducing the computational burden during actual smart contract execution. This allows high levels of automation while optimizing energy consumption by performing lightweight validation operations before triggering resource-intensive consensus and smart contract processes.
Data Source
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AI summary
Disclosed herein are methods, systems, and apparatus, including computer programs encoded on computer storage media, for managing blockchain-based event messages. One of the methods includes: storing shipping data and shipping insurance order data associated with a purchase order on a blockchain based on initiating a consensus algorithm through a blockchain node associated with the computing system; determining whether a shipping insurance order associated with the shipping insurance order data is valid; generating an event message dedicated to an insurance provider notifying that a shipping insurance of the purchase order is effective; storing the event message to a hardware cache managed by the computing system; sending the event message to a blockchain node associated with the insurance provider; and processing the event message in response to receiving a feedback message from the blockchain node associated with the insurance provider.