Distributed Ledger Inventory Tracking With Automated Smart Contracts
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Solution Overview
Problem
Conventional inventory management systems require significant computational resources, memory, and extensive human input to manage large numbers of records, lacking efficiency and accuracy in tracking resource usage.
Innovation Solution
An inventory management system utilizing a distributed ledger, such as a blockchain, to store and update smart contracts that automate resource provisioning, usage tracking, and settlement requests, reducing the need for extensive computational resources and human intervention.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If conventional inventory management systems use large numbers of records to accurately reflect resources, then measurement precision and reliability improve, but computational resources, memory requirements, and device complexity increase significantly
Solution Approach 1:
The patent uses tokenized representations of resources instead of storing detailed resource records. Each resource is represented by a token that can be transferred and tracked on the distributed ledger, eliminating the need to store comprehensive resource information while maintaining accurate tracking capability.
Solution Approach 2:
The patent replaces conventional centralized database systems with a distributed ledger system. This substitution eliminates the need for complex centralized computational resources and memory structures, distributing the tracking function across multiple nodes while reducing individual system complexity.
2Reliability
If conventional inventory management systems maintain extensive records, then reliability and measurement precision improve, but loss of time and productivity decrease due to extensive human input requirements
Solution Approach 1:
The patent implements self-service through automated smart contracts that execute resource provisioning, tracking, and settlement without human intervention. The system automatically manages its own records through cryptographic operations and distributed consensus, eliminating manual record creation and verification time.
Solution Approach 2:
The patent uses pre-programmed smart contracts that automatically execute actions when conditions are met. Resource allocation, usage tracking, and settlement are predetermined and automated, eliminating the need for real-time human input and verification while maintaining reliable record-keeping.
3Reliability
If conventional systems use extensive human input to create and verify records, then reliability improves, but ease of operation and productivity worsen
Solution Approach 1:
The system performs all record creation and verification operations automatically through smart contracts and distributed consensus mechanisms. Users simply initiate transactions, and the system handles the complex verification and record-keeping processes autonomously, dramatically improving ease of operation while maintaining reliability.
Data Source
AI summary
Inventory management systems, computer-implemented methods and computer readable mediums, for use in managing resources are disclosed. The method includes receiving a resource request, from a user, identifying one or more resources from a pool of resources that can fulfil the resource request, generating a smart contract comprising a resource service agreement for the identified one or more resources, storing data associated with the smart contract in a distributed ledger, arranging for the identified one or more resources to be provisioned to the user, updating the data associated with the smart contract stored in the distributed ledger to record usage of the one or more identified resources, and generating a settlement request based on the updated data associated with the smart contract stored in the distributed ledger.