Consensus on Read via Write Trigger for DLT Asset Transfer
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Solution Overview
Problem
Current financial systems face inefficiencies in asset transfer and ownership tracking due to reliance on intermediaries, complexity in fraud prevention, and limitations in scalability and privacy, particularly in decentralized environments.
Innovation Solution
Implementing consensus on read via a consensus on write smart contract trigger within a Distributed Ledger Technology (DLT) platform integrated with a cloud-based computing environment, enabling secure and efficient access control and data management on a blockchain.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a single shared ledger is used to record asset ownership, then transparency and trust are improved, but the system requires trust in a single party and technical capacity to process every transaction in real time, increasing centralization risk and operational complexity
Solution Approach 1:
The patent segments the centralized shared ledger into multiple distributed ledgers across different institutions. Each institution maintains its own ledger copy, eliminating the need for a single centralized authority while maintaining transparency through distributed consensus mechanisms.
Solution Approach 2:
The patent introduces blockchain technology as an intermediary layer that enables trustless verification of asset ownership and transactions. Smart contracts act as automated intermediaries that enforce business logic without requiring real-time human intervention or centralized coordination.
2Productivity
If blockchain technology is used to eliminate intermediaries, then efficiency and security are improved, but scalability and throughput are limited
Solution Approach 1:
The patent divides the blockchain network into multiple channels or layers, allowing parallel processing of transactions. This segmentation enables higher throughput by distributing transaction load across multiple independent pathways while maintaining security through cryptographic verification.
Solution Approach 2:
The patent implements off-chain transaction protocols where asset transfers are agreed upon and executed outside the main blockchain, with only settlement proofs recorded on-chain. This preliminary action on off-chain ledgers reduces the burden on the blockchain's throughput while maintaining security guarantees.
3Adaptability or versatility
If sophisticated smart contract logic is implemented to support complex asset movements, then functionality and flexibility are improved, but computational requirements and energy consumption increase
Solution Approach 1:
The patent separates complex smart contract logic into modular components that can be executed independently. By segmenting computational tasks, the system reduces the energy required for each individual transaction while maintaining overall system functionality through coordinated execution of modular contract elements.
Solution Approach 2:
The patent introduces layer-2 scaling solutions and sidechains as intermediary computational environments that handle complex smart contract execution. These intermediaries perform computationally intensive operations off the main blockchain, reducing energy consumption while preserving the flexibility and functionality of sophisticated asset management logic.
Data Source
AI summary
Described herein are means for implementing consensus on read via a consensus on write smart contract trigger for a Distributed Ledger Technology (DLT) platform in conjunction with a cloud based computing environment. According to a particular embodiment, there is a system having at least a processor and a memory therein, wherein the system is configurable with means for: operating a blockchain interface to a blockchain on behalf of a plurality of customers of the host organization, in which each of the plurality of customers operate as a participating node on the blockchain; receiving a read request for data stored on the blockchain from a user authenticated with the host organization; issuing a write transaction to the blockchain specifying both (i) the user and (ii) the read request; in which the write transaction automatically triggers execution of a smart contract to enforce access controls for the user; attaining consensus from the participating nodes of the blockchain for the write transaction at the blockchain pursuant to the access controls for the user being validated by the smart contract as allowing the user to read the data identified by the read request, in which the write transaction is added to the blockchain with an indication the user has permission to read the data identified by the read request; retrieving the data from the blockchain identified by the read request; throwing an event indicating the user has permission to read the data identified by the read request and returning as part of the thrown event, the data retrieved from the blockchain; and returning the data retrieved from the blockchain to the user in fulfillment of the read request. Other related embodiments are disclosed.