Electronic Document Platform Using Encrypted Blocks for Trade Finance
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Solution Overview
Problem
Existing electronic document platforms face challenges in managing complex trade finance transactions due to difficulties in maintaining accurate and secure records across decentralized systems, leading to inefficiencies and increased risks.
Innovation Solution
A blockchain-based system utilizing distributed ledgers to manage trade finance transactions by generating blocks encrypted with party-specific keys, ensuring secure and transparent record-keeping, and enabling real-time access and automation of processes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If distributed ledgers are used to manage trade finance transactions, then security and transparency are improved, but system complexity increases
Solution Approach 1:
The system segments the distributed ledger into multiple blocks, each containing specific transaction data and cryptographic hashes. This segmentation allows the complex ledger to be managed in manageable units while maintaining security and transparency across the network.
Solution Approach 2:
The patent introduces smart contracts as intermediary automated programs that mediate transactions on the distributed ledger. These smart contracts handle complex validation and execution logic, reducing the operational complexity for users while maintaining high security standards through automated enforcement of transaction rules.
2Productivity
If blockchain technology is implemented for real-time monitoring, then transaction efficiency is improved, but computational resources required increase
Solution Approach 1:
The system performs preliminary cryptographic hashing and validation operations before transactions are fully processed and recorded on the distributed ledger. This preliminary action prepares data in advance, enabling faster real-time monitoring and reducing the computational burden during critical transaction processing moments.
Solution Approach 2:
The distributed ledger system implements self-service mechanisms where nodes automatically validate transactions using pre-programmed consensus algorithms and cryptographic verification. This automation reduces the need for intensive external computational resources while maintaining real-time monitoring capabilities and high transaction efficiency.
3Reliability
If encrypted blocks are generated for each party profile, then data security is improved, but processing time increases
Solution Approach 1:
The system creates cryptographic copies of data through hashing functions, generating fixed-size hash values that represent the original data without containing the actual information. This copying mechanism provides strong security through cryptographic verification while significantly reducing processing time compared to handling and comparing full encrypted datasets.
Solution Approach 2:
The patent transforms data into different parameter representations through cryptographic hashing, converting variable-length input data into fixed-length hash outputs. This parameter change enables efficient storage and comparison operations while maintaining data security, as the hash functions are computationally infeasible to reverse.
Data Source
AI summary
Systems, methods, and computer-readable media are provided in relation to electronic document platforms. An example method may include receiving a new electronic letter of credit request, the request identifying letter of credit parameters, and at least one condition of the letter of credit associated with corresponding party profiles; obtaining a public key associated with each of the party profiles; generating a plurality of blocks on a distributed ledger on a node of a distributed plurality of nodes, each of the blocks associated with a corresponding condition of the at least one condition to be effected and encrypted with a public key corresponding to the party profile associated with the condition; and generating signals to initiate propagation of the plurality of blocks to the distributed plurality of nodes.