Blockchain Token Verification via Certification Elements
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Solution Overview
Problem
The inefficiency in validating blockchain-based tokens due to extensive transaction history, leading to increased resource demands and costs, particularly when the token's chain of history becomes lengthy, making it impractical and costly to verify the token's legitimacy and origin.
Innovation Solution
Incorporating a certification element in token transactions that serves as a verifiable mark of authenticity, allowing for quick validation without tracing the token's history back to its origin, and enabling a 'melt and re-mint' process to reset the transaction chain, reducing bandwidth and storage requirements.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If the complete transaction history is traced back to the origin to validate token authenticity, then the reliability of token verification is improved, but the processing time and resource consumption increase significantly
Solution Approach 1:
The patent applies preliminary action by pre-computing and storing cryptographic proofs (Merkle proofs) of token authenticity in the blockchain transaction history. When verification is needed, the system retrieves these pre-computed proofs rather than recalculating the entire transaction history, thus maintaining reliability while dramatically reducing verification time and resource consumption.
2Reliability
If the complete transaction history is traced back to the origin to validate token authenticity, then the reliability of token verification is improved, but the computational resources and costs increase significantly
Solution Approach 1:
The patent extracts the essential verification information (Merkle proofs and authentication data) from the complete transaction history and stores it in a compact form within the blockchain. This allows verification to be performed using only the extracted proof data rather than processing the entire transaction history, significantly reducing computational resources and costs while maintaining verification reliability.
3Quantity of substance
If tokens are re-issued to reset the transaction chain and reduce history length, then the bandwidth and storage requirements are reduced, but the issuance process becomes more complex
Solution Approach 1:
The patent introduces an intermediary mechanism (Merkle proofs and authentication data) that bridges the original token issuance and subsequent transactions. This allows the system to maintain a compact representation of token history without requiring complete re-issuance, reducing transaction chain size while managing issuance complexity through standardized proof generation and verification processes.
Data Source
AI summary
Embodiments provide improved solutions for verifying one or more tokens provided via a token transaction on a blockchain. The token transaction is generated by an issuer and forms a link in a chain of token transactions which can be traced back to a minting transaction that was used by the issuer to generate the token(s). At least one certification element is provided in one or more token transactions within the chain, wherein the certification element certifies the authenticity of the token(s) by or on behalf of the issuer. A validating entity need only traverse the token's history chain back to a transaction which comprises a certification element rather than back to the mint transaction. Additionally, or alternatively, the disclosure provides improved solutions for melting and reminting the token when a pre-determined threshold, limit or specified value has been reached. Melting and reminting may comprise issuance on the blockchain of a new mint transaction subsequent to the original mint transaction in the token's chain of history, or replacement of an issuer-associated component such as an identifier which serves thereafter to identify the token, the issuer and/or the new or original mint transaction.