Blockchain Transaction System for Supply Chain Automation
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Solution Overview
Problem
Conventional supply chain management systems rely heavily on paper documentation, which is inefficient and prone to errors, requiring manual processing and minimal integration with computing systems.
Innovation Solution
A blockchain-based system that electronically receives and stores documents and payments, processes conditionally assigned criteria, and authenticates data with timestamps, enabling secure and transparent transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If paper documentation is used to track assets and supply chain management, then manual processing is required, but efficiency is reduced and errors increase
Solution Approach 1:
The patent replaces the mechanical paper-based documentation system with an electronic blockchain-based system. Documents, payments, and supply chain records are transformed from physical paper formats to digital formats stored on a blockchain ledger, eliminating the need for manual paper handling and enabling automated processing through smart contracts.
Solution Approach 2:
The patent creates digital copies of paper documents and stores them on a blockchain. Instead of manipulating physical papers, the system uses electronic replicas that can be automatically verified, shared, and processed across the supply chain network without losing any information or requiring physical handling.
2Loss of information
If paper documentation is used for tracking assets, then information distribution is limited, but transparency and accessibility are reduced
Solution Approach 1:
The blockchain system serves multiple functions simultaneously: it stores documents, tracks payments, verifies credentials, and provides a shared ledger for all supply chain participants. This multi-functional platform eliminates the need for separate systems for each function and enables universal access to information across the entire supply chain network.
Solution Approach 2:
The blockchain acts as an intermediary layer between different supply chain participants and their existing systems. It provides a neutral, shared platform that connects manufacturers, suppliers, logistics providers, and customers, enabling information exchange without requiring direct integration between each party's systems.
3Speed
If manual processing is used for document approval, then human intervention is required, but processing speed is reduced
Solution Approach 1:
The system implements self-service through smart contracts that automatically execute document approvals and payment processing based on pre-defined conditions. When documents meet the specified criteria, the smart contract automatically verifies and processes them without requiring human intervention, enabling 24/7 processing at full speed.
Solution Approach 2:
The smart contracts contain pre-programmed approval criteria and rules that are established beforehand. This preliminary configuration allows the system to automatically evaluate and process documents against these pre-set conditions, eliminating the need for manual review and significantly accelerating the approval process.
4Reliability
If paper documents are emailed and printed, then information can be distributed, but security and tamper-proofing are reduced
Solution Approach 1:
The patent combines multiple security mechanisms into a composite blockchain system: cryptographic hashing, digital signatures, distributed ledger technology, and smart contract validation. This composite approach layers multiple security protocols together to create a robust, tamper-proof system that is significantly more secure than simple email transmission.
Solution Approach 2:
The patent replaces the insecure mechanical process of emailing and printing papers with an electronic blockchain-based system. Documents are transformed from physical/digital hybrids that can be easily altered to cryptographic records on a distributed ledger that are immutable and transparently verifiable by all participants.
Data Source
AI summary
A computer-implemented method, system or program product of providing a transaction on a blockchain for conditionally assigned criteria, including: electronically receiving a document via aGUI, an IoT MessageInterface, or Application Programming Interface (API); electronically receiving payment via the GUI, IoT MessageInterface, or API; electronically storing document and payment in cloud-based or on premise storage, a node of data network or storage system; electronically transferring via blockchain user interface or blockchain gateway API; electronically processing data stipulated as conditionally assigned criteria on blockchain; or Distributed Ledger Technology (DLT) including routing and adding IoT data to asset record when conditions are met; electronically authenticating data with a timestamp, and encoding; electronically updating a data record including adding IoT data to asset record as a blockchain entry of an Non-Fungible Token (NFT) or a cryptographically linked off-chain entry, when conditionally assigned criteria are fulfilled; electronically notifying a permissioned participant; or authorizing permissioned participant by GUI.