Blockchain Smart Contract Action Tracking System
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Solution Overview
Problem
Low-trust relationships between online systems hinder effective collaborative actions and transparent record-keeping in multiparty transactions, leading to reduced action and deed frequency, and uncertainty about fulfillment of promises, especially when funds are involved.
Innovation Solution
A system utilizing smart contracts on a public blockchain to facilitate and monitor actions between parties, ensuring transparent and verifiable record-keeping, where a sponsor deploys a smart contract upon funding, and a monitoring service confirms predefined actions, enabling secure and transparent funding releases to impact providers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If smart contracts on blockchain are used to track actions and deeds, then trust and transparency are enhanced, but device complexity increases
Solution Approach 1:
The patent introduces a monitoring service as an intermediary component that sits between the external system and the smart contract. This monitoring service simplifies the overall system by handling the complexity of action verification, event generation, and smart contract interaction, while presenting a simpler interface to external systems. The monitoring service translates complex blockchain operations into manageable tasks, resolving the contradiction between enhanced reliability and reduced complexity.
2Measurement precision
If monitoring service tracks all actions in external system, then action verification is improved, but loss of time increases
Solution Approach 1:
The patent implements preliminary action by pre-configuring the monitoring service with specific action definitions, event templates, and verification rules before actual tracking begins. The smart contracts are deployed with predetermined conditions and parameters. This pre-preparation allows the system to quickly verify actions against established criteria without time-consuming analysis during execution, thus improving verification accuracy while minimizing time loss.
Solution Approach 2:
The monitoring service implements continuous feedback by systematically capturing action data from the external system, comparing it against predefined criteria, and generating events that trigger smart contract responses. This automated feedback loop enables rapid verification of actions against established rules, improving measurement precision while reducing manual review time through systematic automated comparison and event generation.
3Productivity
If smart contract automatically releases funds upon action verification, then productivity is improved, but reliability of fund security may worsen
Solution Approach 1:
The patent implements self-service through smart contracts that automatically execute fund releases when predefined conditions are met. The monitoring service autonomously verifies actions, generates events, and triggers fund transfers without manual intervention. This automation dramatically improves productivity by eliminating manual processing steps. Fund security is maintained through cryptographic verification and predetermined conditions embedded in the smart contract, ensuring funds are only released when verified actions occur, thus resolving the contradiction between speed and security.
Data Source
AI summary
Aspects of the disclosure support a server that supports a method for action tracking and deeds between multiple parties using a blockchain. The method may include providing a marketplace for projects, receiving a selection of a project, deploying a smart contract, determining a funding amount is transmitted to the smart contract, and activating a monitoring service. The monitoring service may monitor a data feed of an external system to determine whether a triggering action is performed. The data feed may include data corresponding to actions performed on the external system by a plurality of user identifiers in association with the sponsor. The method may further include causing a funding release action to be executed by the smart contract in accordance with the triggering action being performed, such that at least a portion of the funding amount to the sponsor, a provider for the project, or both.