Distributed Ledger Receipt Wallet System
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Solution Overview
Problem
Current systems for managing and storing receipts lack efficiency, security, and immutability, making it difficult to maintain accurate and verifiable transaction records across various retail and service systems, including banking and insurance services.
Innovation Solution
A distributed ledger-based system, such as a blockchain, is used to create and manage immutable trails of documents and transactions, allowing for secure, efficient, and verifiable storage of receipt information, eliminating the need for middlemen and enhancing transactional efficiencies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional centralized systems are used to store receipt information, then system complexity is reduced, but security and immutability are compromised
Solution Approach 1:
The patent introduces a distributed ledger system as an intermediary layer between retail systems and storage systems. This mediator transforms receipt data into immutable trail records that are distributed across multiple nodes, providing both security and a manageable interface for participating systems.
Solution Approach 2:
The system segments the centralized storage function into distributed ledger nodes, where each node maintains a copy of the immutable trail records. This segmentation distributes the security burden while maintaining system manageability through standardized interfaces.
2Productivity
If manual receipt management processes are used, then system complexity is low, but productivity and efficiency are reduced
Solution Approach 1:
The distributed ledger system automatically transforms receipt data into immutable trail records without requiring manual intervention. Participating systems self-submit transactions to the ledger, which autonomously distributes and verifies records across the network, eliminating manual receipt management while maintaining efficiency.
Solution Approach 2:
The system performs preliminary transformation of receipt data into standardized trail records before distribution. This pre-processing ensures that all transactions are ready for immediate immutable storage and verification, improving processing efficiency while keeping the interface simple for participating systems.
3Reliability
If centralized storage systems are used, then ease of operation is maintained, but security and verification capabilities are reduced
Solution Approach 1:
The distributed ledger system provides multiple functions through a single interface: data transformation, secure storage, verification, and distribution. Participating systems interact with a universal interface that handles all these operations, maintaining ease of operation while enabling robust verification capabilities across the network.
4Reliability
If traditional receipt storage methods are used, then cost is reduced, but reliability and security are compromised
Solution Approach 1:
The patent introduces a distributed ledger system as an intermediary layer between retail systems and storage systems. This mediator transforms receipt data into immutable trail records that are distributed across multiple nodes, providing both security and a manageable interface for participating systems.
Data Source
AI summary
Techniques are described for creating and tracking receipts via a digital distributed ledger system. The techniques include receiving a purchase data, and transforming the purchase data into at least one receipt trail record. The techniques further include storing the receipt trail record in a least one block of digital distributed ledger system. The techniques additionally include distributing the at least one block among nodes of the digital distributed ledger system, wherein the digital distributed ledger system is configured to immutably store the data of the receipt trail record.