Blockchain Trust Verification Platform for Counterparty Identity
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Solution Overview
Problem
Existing blockchain systems lack sufficient information about transaction counterparties, limiting the adoption of cryptocurrencies and asset transactions due to anonymity or pseudonymity, and hindering trust verification in transactions.
Innovation Solution
A computing platform that processes and verifies user and corporate entity data by retrieving historical information from blockchains, calculating trust levels, and executing conditional logic to generate new blocks, enabling secure and transparent transactions based on trust levels.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain systems use anonymous or pseudonymous identifiers for users, then user privacy and security are improved, but sufficient information about transaction counterparties is lost, limiting adoption and trust verification
Solution Approach 1:
The system segments information storage across multiple blockchains: event information is stored on event blockchains while trust information is stored on a separate trust blockchain. This segmentation allows privacy preservation on event blockchains while enabling trust verification through the dedicated trust blockchain that contains calculated trust levels and historical behavior data.
Solution Approach 2:
The system introduces an intermediary computing platform that automatically calculates trust levels based on historical event information without requiring direct access to private user data. This intermediary process enables trust verification while maintaining the anonymity and pseudonymity of users on the event blockchains.
2Reliability
If blockchain systems store detailed historical information about users, then trust verification capability is improved, but system complexity and data processing requirements increase
Solution Approach 1:
The system extracts only the essential trust-relevant information from comprehensive event data and stores it on the trust blockchain. Instead of storing all detailed historical events, the system calculates trust levels and stores condensed trust information, reducing system complexity while maintaining trust verification capability.
Solution Approach 2:
The computing platform automatically calculates trust levels and updates the trust blockchain without requiring manual intervention or complex centralized management. The system self-services the trust verification process by automatically processing event information and maintaining up-to-date trust levels for all users.
3Reliability
If blockchain systems process and verify user data to calculate trust levels, then transaction security is improved, but processing time and computational resources increase
Solution Approach 1:
The system calculates and updates trust levels continuously in the background based on historical event information, so that when a transaction requires trust verification, the trust level is already computed and available. This preliminary action eliminates the need for time-consuming real-time analysis during transaction processing.
Solution Approach 2:
The computing platform continuously processes event information and updates trust levels without interruption, maintaining an ever-current trust database. This continuous processing ensures that trust verification is immediately available when needed, reducing processing time for individual transactions while maintaining comprehensive security analysis.
Data Source
AI summary
Methods and systems for using block chain technology to verify transaction data are described herein. A computing platform may receive data about events related to transactions, personal or corporate information, supply chains, and other relevant information about a person or corporate entity. The event information may be received, aggregated, and processed to determine metadata about the person or corporate entity. The metadata may indicate, for example, a trustworthiness of the person or corporate entity for various purposes. Such event information and/or metadata may be stored as transactions in a block chain that may be accessible by counterparties to a potential transaction involving the person or corporate entity. The automated event processing computing platform may further use automated techniques to implement smart transactions between the person/entity and counterparty based on the trust metadata.