Custom Private Ledger Segmentation Across Entities and Coin Types
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Solution Overview
Problem
Existing systems face challenges with data fragmentation, traceability, inconsistency, security risks, and audit complexity due to the lack of a centralized ledger in managing digital transactions across diverse entities and multiple coin types.
Innovation Solution
A custom private ledger architecture that supports multiple entities and coin types, featuring advanced control mechanisms, high availability, and scalability, with data structure flexibility and enhanced security measures like fingerprinting and freezing operations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Stability of the object's composition
If a centralized ledger is implemented to manage digital transactions across diverse entities and multiple coin types, then data integrity and consistency are improved, but system complexity and operational difficulty increase
Solution Approach 1:
The system segments the ledger into multiple independent ledgers, each managed by a specific entity for its own coin type. This allows each entity to maintain data consistency within its ledger while the overall system remains modular and manageable, reducing the complexity of a fully centralized system.
Solution Approach 2:
An intermediary service layer is introduced between the multiple independent ledgers and the user interface. This intermediary handles the complexity of coordinating transactions across different ledgers, managing coin type conversions, and maintaining global consistency, thereby shielding users from the underlying system complexity.
2Adaptability or versatility
If multiple independent entities manage their own ledgers, then operational autonomy and scalability are improved, but data fragmentation and traceability challenges increase
Solution Approach 1:
Multiple independent ledgers are merged into a unified virtual ledger through the intermediary service layer. This allows each entity to maintain operational autonomy and manage its own coin type independently, while the intermediary consolidates data from all ledgers to provide a complete, non-fractured view of transactions across the entire system.
Solution Approach 2:
The intermediary service layer provides universal functionality across all ledgers, handling transaction coordination, data aggregation, and traceability requirements for any coin type or entity. This universal layer ensures that data from fragmented independent ledgers can be seamlessly integrated and traced throughout the system.
3Reliability
If comprehensive transaction recording is implemented to ensure auditability, then security and traceability are improved, but processing time and system resource consumption increase
Solution Approach 1:
The audit trail is segmented into separate records maintained by each entity in its own ledger, rather than requiring a single comprehensive centralized record. This allows efficient local recording and auditing within each entity while the intermediary coordinates across entities, reducing the processing time required for comprehensive auditability.
Data Source
AI summary
A method and system for a single ledger architecture that supports multiple entities and multiple coin types is disclosed. In some embodiments, the method includes determining a plurality of addresses for a first user, each of the plurality of addresses associated with an amount of coins of a coin type and a coin subtype. The method also includes performing a transaction associated with the coins of a given coin type and one or more coin subtypes using one or more addresses of the plurality of addresses. The method further includes recording the transaction in a ledger by creating a new state for the transaction and obsoleting data originated the new state; and creating a chain of transactions based on recording the transaction.