Blockchain Transaction Record Segmentation for Privacy
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Solution Overview
Problem
Current methods for recording and managing transactions, especially for large numbers of consumers, face challenges in efficiently storing and verifying transaction terms and conditions over time, leading to issues with data integrity and fraud prevention.
Innovation Solution
Utilizing a blockchain system, including a hybrid approach with public and private blockchains, to create immutable records of transaction terms and conditions, with sensitive information stored privately and non-sensitive information stored publicly, allowing for secure and transparent access and verification.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If all transaction information is stored publicly on a blockchain, then transparency and verification are improved, but consumer privacy and security are compromised
Solution Approach 1:
The patent segments transaction information into public and private components. Public transaction records contain verification data and hashed references, while private sensitive information is stored separately in encrypted form or on private ledgers. This segmentation allows transparency for verification purposes while protecting consumer privacy by isolating sensitive data from public view.
Solution Approach 2:
The patent introduces cryptographic hash functions and reference tokens as intermediaries between public transaction records and private sensitive information. Instead of storing sensitive data directly on the public blockchain, the system stores hashed references that act as mediators, allowing verification of transaction authenticity without exposing the actual sensitive information to public view.
2Device complexity
If traditional centralized databases are used to store transaction records, then data access and management are simplified, but data integrity and fraud prevention are weakened
Solution Approach 1:
The patent merges the advantages of centralized databases (easy access and management) with the advantages of blockchain technology (immutability and fraud prevention). By combining traditional database structures for efficient data access with blockchain's cryptographic verification and distributed ledger capabilities, the system achieves both simplicity in data management and high reliability in data integrity.
3Reliability
If transaction records are stored in immutable blockchain blocks, then data integrity is improved, but the ability to update or correct errors is lost
Solution Approach 1:
The patent incorporates version control and timestamp mechanisms into the blockchain structure before data is committed. By preliminarily organizing transaction data with version identifiers and temporal markers, the system can track changes over time and maintain a history of corrections while preserving the immutability of the original transaction records. This allows the system to adapt to corrections needs without compromising the integrity of the original immutable blocks.
Data Source
AI summary
Systems and methods for using a distributed ledger to maintain a blockchain are provided. An example method includes receiving transaction information associated with a transaction involving a service provider and a consumer, the transaction information including transaction terms and conditions, receiving an indication, the indication indicating that the consumer assented to the terms and conditions, creating a transaction record, the transaction record including a transaction identifier, a consumer identifier of the consumer, the transaction terms and conditions, and the indication, creating a block in a blockchain managed by a blockchain as a service (BaaS) system, and storing the transaction record in the block.