Decentralized Ledger Verification for Private Material Transfers
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Solution Overview
Problem
Existing systems face challenges in reliably tracking and documenting material transfers in decentralized networks without central oversight, which complicates system-wide performance assessment and privacy concerns for participants.
Innovation Solution
A computer-implemented method using a decentralized ledger with cryptographic credentials and transaction meta-data to verify and document material transfers, allowing for anonymous transaction verification while maintaining privacy, and enabling system-wide performance assessment.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a decentralized network is used to eliminate central authority, then freedom and adaptability improve, but reliable tracking and documentation of material transfers become difficult
Solution Approach 1:
The patent introduces a distributed ledger as an intermediary mechanism that enables reliable tracking without central authority. The ledger serves as a shared, transparent record maintained by multiple nodes, allowing material transfers to be documented and verified collectively rather than through a single central authority, thus resolving the contradiction between decentralization and tracking reliability
Solution Approach 2:
The distributed ledger performs multiple functions simultaneously: it tracks material transfers, verifies transactions, maintains transparency, and ensures data integrity across the decentralized network. This multi-functionality allows the system to achieve reliable tracking while maintaining the freedom and adaptability of decentralization
2Measurement precision
If transaction details are made transparent for system-wide performance assessment, then measurement precision improves, but privacy of participants deteriorates
Solution Approach 1:
The patent segments transaction information into different levels of detail. The distributed ledger stores verified transaction metadata that enables performance assessment at aggregate levels while allowing participants to maintain privacy over specific transaction details. This segmentation allows system-wide measurement precision without requiring complete transparency of individual participant information
Solution Approach 2:
The system creates a verified copy of transaction data in the distributed ledger that suffices for performance assessment purposes. This copy contains the necessary metadata for measurement while the actual detailed transaction information remains accessible only to authorized participants, thus preserving privacy while enabling accurate measurement
Data Source
AI summary
Disclosed is a computer-implemented method for verifying a transfer of a material between a material owner and a material recipient in a decentral network is disclosed, the network comprising a distributed ledger that includes multiple member nodes and a distributed ledger application. The method includes the step of transmitting, by a requestor, a material transaction request to the distributed ledger application, the material transaction request containing material data associated with the material, and the cryptographic credential(s) of the material owner and optionally the material recipient associated with the transfer of the material. The method further includes the step of receiving confirmation, or denial of a commitment of the material transaction request as material transaction to the distributed ledger. The distributed ledger application is configured to receive the material transaction request from the requestor, verify the transfer of the material associated with the request by validating the cryptographic credential(s) of the material owner and optionally the material recipient contained in the material transaction request. The distributed ledger application is configured to commit—if the transfer of the material is verified—the material transaction request as material transaction to the distributed ledger and transmit confirmation of commitment of the material transaction request, or transmit—if the transfer of the material is not verified—denial of commitment of the material transaction request.