Configurable Smart Contract Platform for Blockchain
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Solution Overview
Problem
Existing blockchain systems lack flexibility, requiring developers to recode and redeploy smart contracts on all nodes for updates, which is resource-intensive and inefficient, especially when laws and regulations change, and they struggle to add new attributes without overwriting existing ones.
Innovation Solution
A configurable smart contract platform that allows for dynamic rule creation and attribute addition without redeploying code, enabling real-time updates and preserving attribute values by storing transaction models and configuration objects on a distributed ledger, allowing for modular smart contracts that manage business rules and validate transactions without shared attributes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If smart contract code is updated by recoding and redeploying on all nodes, then the smart contract logic can be changed to reflect new laws and regulations, but the process becomes resource-intensive and inefficient
Solution Approach 1:
The patent segments the smart contract into two distinct components: immutable contract code and mutable configuration data. The configuration data, stored as configuration objects in the distributed ledger, can be updated independently without redeploying the entire smart contract. This allows selective updates of specific rules and parameters while preserving the core contract logic, thereby improving update efficiency and reducing resource consumption.
Solution Approach 2:
The patent introduces dynamic configuration objects that can be modified at runtime without changing the underlying smart contract code. These configuration objects contain mutable attributes and rules that can be updated to reflect changing laws and regulations. The system dynamically loads and applies configuration data from the distributed ledger, enabling flexible adaptation while maintaining system stability.
2Adaptability or versatility
If new attributes are added to existing data structures, then the system can accommodate new requirements, but existing attributes and their values may be overwritten or lost
Solution Approach 1:
The patent implements a nested structure where configuration objects contain both existing attributes and new attributes in a hierarchical manner. Each configuration object is structured with parent and child attributes, allowing new attributes to be nested within existing attribute groups. This nested organization enables the addition of new attributes without disrupting or overwriting existing attribute values, as each attribute operates in its own defined namespace within the configuration hierarchy.
3Device complexity
If a single configurable smart contract is used instead of multiple specialized contracts, then the system complexity is reduced and maintenance is simplified, but the contract must handle diverse transaction types with different rules
Solution Approach 1:
The patent designs a universal smart contract that can handle multiple transaction types through a single configurable codebase. The contract uses configuration objects to define transaction-specific rules, attributes, and validation logic. By loading different configuration sets for different transaction types, the single contract achieves multi-functionality, reducing the need for multiple specialized contracts while maintaining the ability to handle diverse transaction requirements through configurable parameters and rules.
Data Source
AI summary
An embodiment of the present invention is directed to a fully self-sufficient and configurable smart contract for private blockchains that eliminates code and updates. An embodiment of the present invention does not rely on multiple smart contracts to handle incoming transactions and data. A configurable smart contract framework of an embodiment of the present invention enables end users to configure and manage various business rules to be applied to transaction data without the need to write smart contract code. These business rules may be stored in the ledger in the form of transaction configuration rules and query presets for full auditability and traceability.