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 transaction 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 user and corporate entity trustworthiness.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If blockchain systems use anonymity or pseudonymity for transactions, then transaction privacy is improved, but trust verification between counterparties deteriorates
Solution Approach 1:
The patent introduces an intermediary system that bridges anonymous blockchain transactions with real-world identity verification. The system uses third-party verification services and knowledge graphs to mediate between the anonymous blockchain layer and the real-world identity layer, enabling trust verification without compromising transaction privacy.
Solution Approach 2:
The patent segments the verification process into multiple independent components: on-chain transaction data, off-chain identity verification, and centralized verification services. This segmentation allows each component to operate independently, maintaining privacy where needed while enabling verification where required.
2Device complexity
If existing blockchain systems lack sufficient counterparty information, then system simplicity is maintained, but transaction adoption capability deteriorates
Solution Approach 1:
The patent makes the blockchain system multi-functional by integrating multiple verification and information enrichment capabilities into a single platform. The system can handle various transaction types (cryptocurrency, assets, goods/services) and support different verification methods (KYC, KYB, real-time verification) within the same architecture.
Solution Approach 2:
The patent performs preliminary actions by pre-verification and pre-enrichment of counterparty information before transactions occur. The system pre-establishes trust levels, verifies identities, and creates knowledge graph entries in advance, so that when transactions need to occur, the necessary information is already available.
3Reliability
If trust levels are calculated based on historical information, then transaction security is improved, but processing time and computational complexity increase
Solution Approach 1:
The patent performs preliminary computation of trust levels and historical analysis before actual transactions occur. By pre-calculating trust scores and maintaining updated knowledge graphs, the system avoids performing expensive historical analyses at the time of each transaction, significantly reducing processing time.
Solution Approach 2:
The patent implements feedback mechanisms where trust levels are continuously updated based on recent transaction history and verified information. This allows the system to adapt to changing trust conditions dynamically, reducing the need for comprehensive re-evaluation of all historical data with each transaction.
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.