Blockchain Transaction Workflow Security
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Solution Overview
Problem
In real estate transactions, the post-mortgage application process is hindered by tasks performed by multiple participants using different computer systems that do not communicate effectively, leading to issues like corruption of information and reduced accuracy, necessitating secure end-to-end integration.
Innovation Solution
A blockchain system is employed to secure transaction workflows by using nodes to receive, verify, and store transaction data and documents, enabling secure, immutable, and accurate data sharing among participants through a distributed ledger and workflow engine.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple participants use different computer systems to perform tasks, then each participant can use their own specialized system, but the systems do not communicate effectively leading to information corruption and reduced accuracy
Solution Approach 1:
The patent merges multiple independent computer systems into a unified blockchain network where all participants share a common distributed ledger. This allows each participant to maintain their own system while simultaneously ensuring all systems communicate through the same data structure, eliminating information corruption and ensuring data accuracy across the entire transaction workflow.
Solution Approach 2:
The blockchain acts as an intermediary layer between different participant systems. Each participant's system communicates with the blockchain rather than directly with other participants, ensuring standardized data exchange protocols and preventing information corruption while maintaining the ability to use specialized systems.
2Ease of manufacture
If different computer systems are used by multiple participants, then each system can be optimized for specific tasks, but the systems do not work together leading to long turn-times
Solution Approach 1:
By combining multiple specialized systems into a unified blockchain network, the patent enables parallel processing of transaction tasks while maintaining system optimizations. Different participants can perform their specialized tasks simultaneously on the same distributed ledger, eliminating sequential bottlenecks and reducing overall turn-time.
3Ease of operation
If traditional computer systems are used without blockchain, then systems can operate independently, but information and documents may become corrupted or improperly modified
Solution Approach 1:
The blockchain serves as an intermediary that maintains data integrity while allowing independent operation. Each participant's system operates autonomously but all modifications to transaction data are mediated through the blockchain's consensus mechanism, ensuring that no single system can corrupt data unilaterally while maintaining operational independence.
Solution Approach 2:
The blockchain provides continuous feedback to all participants about the state of transaction data. When any participant attempts to modify information or documents, the blockchain verifies the change through consensus and notifies all other participants, creating a feedback loop that prevents improper modifications while allowing independent operation.
Data Source
AI summary
A blockchain system secures transaction workflows. The blockchain system includes a first node associated with a first party to a transaction and a second node associated with a second party to the transaction. The first node receives transaction data for the transaction. The first node generates a block for the transaction. The block includes the transaction data, a hash generated using the transaction data, and a hash of a prior block in a node data store of the first node. The first node sends the block to the second node and receives an indication that the second node has verified the block. The first node stores the verified block in the node data store. The first node may enable execution of the transaction after the block has been verified by all nodes involved in the transaction.