Blockchain Transaction Tracing via Smart Contract Encryption
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Solution Overview
Problem
Existing industrial transaction processes involve multiple organizations with cumbersome confirmation processes, lack of a unified consortium, and inadequate data sharing between organizations.
Innovation Solution
A method and apparatus for tracing transactions based on a blockchain, which enables real-time production data access, regulatory compliance, seamless data sharing between joint ventures, and reduces the need for middlemen by utilizing encryption, smart contracts, and a consortium chain.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional transaction confirmation processes are used involving multiple organizations, then transaction security can be maintained through multiple confirmations, but the process becomes cumbersome and time-consuming
Solution Approach 1:
The patent introduces a blockchain intermediary system that acts as a trusted mediator between multiple organizations. The blockchain network with consensus mechanisms (PoW, PoS, PoA) replaces the need for multiple sequential confirmations, enabling single-step transaction validation while maintaining security through distributed verification across the network.
Solution Approach 2:
The patent implements preliminary actions through smart contracts that are deployed and configured in advance on the blockchain. These pre-programmed contracts automatically execute transaction validation and enforcement rules, eliminating the need for real-time manual confirmations and reducing transaction processing time while maintaining security constraints.
2Loss of information
If data is shared between multiple organizations in traditional systems, then transparency can be achieved, but data security and privacy protection become compromised
Solution Approach 1:
The patent applies local quality by implementing permissioned access control where different nodes in the blockchain network have different levels of data visibility and access rights. Sensitive transaction data is encrypted and only decryptable by authorized parties with appropriate private keys, while maintaining transparent verification of transaction validity across the network.
Solution Approach 2:
The patent segments data access rights by organizing the blockchain network into different node types (consensus nodes, business nodes, monitoring nodes) with differentiated permissions. This segmentation allows selective data sharing where organizations can view only the transaction information relevant to their role, maintaining both transparency and security.
3Reliability
If multiple middlemen are involved in industrial transactions, then transaction verification can be thorough, but transaction costs increase significantly
Solution Approach 1:
The patent merges the functions of multiple middlemen (verification, settlement, record-keeping) into a single blockchain network infrastructure. The consensus mechanism combines verification power across multiple nodes, smart contracts automate settlement processes, and the distributed ledger provides immutable record-keeping, eliminating the need for separate intermediary services and reducing overall transaction costs.
Solution Approach 2:
The patent implements self-service through automated smart contracts that perform verification, validation, and settlement operations without human intervention. The blockchain network autonomously executes transaction protocols, validates data integrity, and enforces contract terms, replacing manual middleman services with automated systems that reduce operational costs while maintaining verification reliability.
4Productivity
If a unified consortium is established for industrial transactions, then data sharing efficiency improves, but system complexity and setup requirements increase
Solution Approach 1:
The patent creates a universal blockchain platform that serves multiple functions (transaction processing, data sharing, consensus verification, smart contract execution) within a single system framework. This multi-functional platform allows different organizations to participate with standardized interfaces while maintaining their own business logic, reducing setup complexity compared to customized point-to-point systems.
Solution Approach 2:
The patent enables flexible parameter configuration for the blockchain network, allowing organizations to adjust consensus algorithms (PoW, PoS, PoA), block sizes, transaction fees, and access permissions based on their specific needs. These parameter changes allow the system to adapt to different industrial scenarios without requiring complete system redesign, balancing productivity and complexity.
Data Source
AI summary
A method and an apparatus for tracing a transaction based on a blockchain are provided. The method may include: invoking a smart contract between an upstream node and an intermediate node; encrypting, by using a private key of the intermediate node, transaction details between the upstream node and the intermediate node to generate and write upstream transaction information into the blockchain; encrypting the private key of the intermediate node by respectively using public keys of the upstream node and an end node, and generating and writing secret-key information of the upstream node and the end node into the blockchain; and decrypting the secret-key information of the upstream node and the end node by using the private keys of the upstream node and the end node, and decrypting the upstream transaction information of the intermediate node by using the private key of the intermediate node to obtain the transaction details.