Database System Public Trust Ledger Token Exchange
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Solution Overview
Problem
Conventional database systems lack efficient mechanisms for securely managing and transferring digital assets, particularly in cloud computing environments, where reliance on a service provider for trust and security is necessary, and public trust ledgers do not provide platforms for the complex operations typical of cloud computing systems.
Innovation Solution
Integration of an on-demand database system with a public trust ledger to create and manage digital assets, including non-fungible tokens, allowing for secure, publicly verifiable, and decentralized recording of transactions, enabling the creation, transfer, and management of digital assets and rights within the database system while leveraging the security and transparency of a public trust ledger.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If cloud computing systems use service providers to manage and control the environment, then ease of operation and platform availability are improved, but reliability and security are reduced due to dependence on a single trusted party
Solution Approach 1:
The patent introduces a service provider as an intermediary that operates a database system connected to a public trust ledger. The service provider facilitates digital asset management operations while the public trust ledger provides independent verification and security, resolving the contradiction between ease of operation and reliability by distributing trust across multiple entities.
2Reliability
If public trust ledgers are used for storing information, then reliability and transparency are improved, but device complexity and operational capability are worsened due to lack of platform support for complex operations
Solution Approach 1:
The patent merges a database system with a public trust ledger to create an integrated system that combines the transparency and security of the ledger with the operational capabilities of the database system. This allows complex digital asset management operations to be performed while maintaining the reliability and transparency of the public trust ledger.
3Ease of operation
If digital assets are managed within a service provider's controlled environment, then ease of operation is improved, but reliability is reduced due to lack of independent verification
Solution Approach 1:
The patent uses the public trust ledger as an intermediary that provides independent verification of digital asset transactions. The ledger records transactions in a decentralized and transparent manner, allowing anyone to verify asset ownership and transfers without relying solely on the service provider's internal systems, thus resolving the contradiction between ease of operation and independent verification.
Data Source
AI summary
A request to exchange of a first quantity of a first fungible digital token type stored within a smart contract instance recorded in a public trust ledger and owned by a first party within the public trust ledger may be received via a communication interface at a database system. The request may authenticate a first account in the database system. The first account may be linked with the first party within the public trust ledger. The smart contract instance may be executed to determine whether the requested exchange is permissible based on one or more transaction rules included within the smart contract instance. The database system may be updated to reflect a transaction recorded within the public trust ledger when it is determined that the requested exchange is permissible.