Commodity Price Index GUI on Distributed Ledger
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Solution Overview
Problem
Current systems lack an efficient method for establishing and displaying a commodity price index from electronic currency denominated commodity or commodity future contracts, particularly in a decentralized and transparent manner using distributed ledgers.
Innovation Solution
A computer method and graphical user interface (GUI) that receives and records transactions for electronic currency denominated commodity or commodity future contracts on a distributed ledger, determines a current commodity index price, and displays it on user devices, while allowing for the creation and trading of electronic commodity index price tokens.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If distributed ledgers are used to record settlement prices for commodity contracts, then transparency and decentralization are improved, but system complexity increases
Solution Approach 1:
The system segments the complex distributed ledger functionality into distinct modular components: a web server layer for receiving transactions, a server computer layer for processing and determining index prices, and a distributed ledger layer for immutable storage. This segmentation allows each component to be developed, maintained, and scaled independently, reducing overall system complexity while preserving transparency benefits.
Solution Approach 2:
The patent introduces an intermediary server computer that acts as a mediator between the web server receiving raw transaction data and the distributed ledger requiring structured settlement price data. This intermediary layer processes, validates, and formats data before ledger storage, simplifying the interface requirements and reducing the complexity burden on both the web server and distributed ledger systems.
2Measurement precision
If settlement prices are recorded and processed from multiple commodity contracts, then price index accuracy is improved, but processing time increases
Solution Approach 1:
The system performs preliminary actions by continuously monitoring and pre-processing settlement price data from multiple commodity contracts as they are recorded on the distributed ledger. The server computer reads and validates settlement prices in advance, preparing the data structure for index calculation before it is actually needed, thereby reducing real-time processing delays while maintaining accuracy across multiple contracts.
Data Source
AI summary
A computer method for establishing a commodity price index includes receiving, via a web server, transactions for a plurality of first electronic currency denominated commodity or commodity future contracts, and recording, with the web server, settlement prices for the plurality of the first electronic currency denominated commodity or commodity future contracts on a distributed ledger. The computer method includes reading, with the server computer, from the distributed ledger, at least a portion of the first electronic currency denominated commodity or commodity future contracts settlement prices and determining a current electronic currency index price from the at least a portion of the first electronic currency denominated commodity or commodity future contracts settlement prices. The computer method includes displaying the current electronic currency index price on an electronic display. The computer method further includes setting a value of a second electronic currency to correspond to the current electronic currency index price.