Blockchain Smart Contract Ownership Tracking
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Solution Overview
Problem
Current blockchain technologies face limitations in effectively tracking and verifying the ownership of physical goods, particularly in ensuring the authenticity and chronological proof of ownership history.
Innovation Solution
A computerized method utilizing a blockchain with smart contracts that reference real-world objects, allowing owners to modify ownership records through a chronological mathematical proof format, utilizing QR codes for transfer and storage improvements, and leveraging event logs for efficient data management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain is used to track ownership of goods, then authenticity and chronological proof are improved, but device complexity and operational difficulty increase
Solution Approach 1:
The patent introduces smart contracts as intermediary components that mediate between the blockchain system and physical goods ownership tracking. The smart contract acts as a mediator that automatically executes ownership transfer logic when conditions are met, reducing the need for complex manual verification processes while maintaining reliability through cryptographic proof
2Loss of information
If detailed ownership history is stored on blockchain, then chronological proof is improved, but data storage costs and gas fees increase
Solution Approach 1:
The patent extracts only the essential ownership information (owner address, timestamp, transaction hash) and stores it on the blockchain, while removing unnecessary detailed data. This selective extraction approach preserves the chronological proof of ownership transfers while significantly reducing storage costs and gas fees by eliminating redundant information
3Ease of operation
If smart contracts are used to automate ownership transfer, then ease of operation is improved, but device complexity increases
Solution Approach 1:
The smart contract is designed to automatically execute ownership transfer operations without requiring manual intervention. When a transfer condition is met (such as a valid transaction), the smart contract self-service executes the ownership change, updates the ledger, and emits events automatically, simplifying the user operation while the complexity is encapsulated within the automated system
Data Source
AI summary
In one aspect, a computerized method for digitally tracking ownership of goods with a blockchain includes the steps of providing a blockchain. The blockchain includes a set of blockchain ownership records provided in a chronological mathematical proof format such that specified data exists in a specific chronological order. The method includes the step of saving a smart contract that references a real-world object in the blockchain. The smart contract includes a tool for tracking ownership of the real-world object. With a computer application, the method enables an owner of the real-world object to modify an owner data portion of the smart contract to a new owner entity to change the ownership of the real-world object in the blockchain. The method includes the step of updating the owner data portion of the smart contract in the blockchain to include the new owner entity.