Blockchain Data Transfer for Supplier Accounts Receivable
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Solution Overview
Problem
The infrastructure sector faces inefficiencies in settling work item accounts receivable due to opaque and uncreditable information, leading to low capital transfer efficiency, as existing methods lack transparency and visualization in the value transfer process.
Innovation Solution
A data transfer and circulation method utilizing blockchain technology to authenticate and verify user identities, generate digital bills, and create credit transfer certificates, enhancing transparency and credibility through a public blockchain-based system for multi-level supplier nodes and factoring agencies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If traditional methods are used for transferring work item accounts receivable, then the process is simple, but the information transparency and credibility are poor
Solution Approach 1:
The patent introduces a blockchain as an intermediary system that mediates between suppliers and core enterprises. The blockchain platform provides a decentralized, transparent ledger that records all transactions, enabling information sharing without requiring complex centralized systems. This intermediary layer solves the transparency issue while maintaining relative system simplicity.
Solution Approach 2:
The patent replaces traditional mechanical information verification systems with a blockchain-based digital verification mechanism. Instead of relying on manual document checking and trust-based relationships, the system uses cryptographic hashes, smart contracts, and distributed ledgers to automatically verify and record transactions, achieving transparency without proportional increases in complexity.
2Productivity
If work item accounts receivable transfer is implemented without blockchain technology, then the process is fast, but the capital transfer efficiency is low due to lack of visualization
Solution Approach 1:
The patent implements continuous monitoring and recording of accounts receivable transfers through the blockchain system. Once a transfer is initiated, the smart contract automatically tracks the entire lifecycle of the transaction, providing real-time visibility and eliminating the need for manual follow-up. This continuous action accelerates capital transfer by removing information asymmetry and building trust instantly.
Solution Approach 2:
The system incorporates real-time feedback mechanisms where the blockchain continuously updates transaction status, and smart contracts automatically execute based on predefined conditions. This feedback loop eliminates delays caused by manual verification and negotiation, allowing capital transfers to proceed at full speed once initiated, while the visualization aspect provides continuous tracking for all participants.
3Reliability
If traditional accounts receivable settlement is used, then the process is straightforward, but litigation risk increases due to opaque information
Solution Approach 1:
The patent creates an immutable digital copy of all transactions on the blockchain. Every transfer, verification, and settlement action is permanently recorded as a cryptographic hash that cannot be altered or deleted. This digital copy serves as infallible evidence, eliminating the need for legal disputes over document authenticity or transaction history, thereby reducing litigation risk while enhancing credibility.
Solution Approach 2:
The system performs all verifications, authorizations, and recordings in advance before any potential dispute can arise. Smart contracts pre-establish the terms and conditions, and the blockchain pre-records all actions with cryptographic proof. This beforehand cushioning prevents litigation by ensuring that all transactions are transparent, verifiable, and irrefutable from the outset, eliminating the need for legal intervention.
Data Source
AI summary
A data transfer and circulation method is performed as follows. Blockchain certificates of multi-level supplier nodes are obtained and sent to a core enterprise node. After receiving a confirmation feedback of the user identities of the multi-level supplier nodes, the first-level supplier node sends a request for a completed work item to the core enterprise node. A completed work item digital bill of the first-level supplier node is generated based on a preset smart contract and the completed work item. The multi-level supplier nodes generate credit transfer digital certificates based on the preset smart contract. The multi-level supplier nodes request factoring information from a factor node based on the credit transfer digital certificates. A device and a computer-readable storage medium for data transfer and circulation are also provided.