Distributed Peer-to-Peer Analytics via Permissioned Ledger
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Solution Overview
Problem
Conventional data analytics systems are costly and complex, leading to delays and inefficiencies in data sharing and analysis across commercial ecosystems, particularly for small to medium-sized businesses, as they require siloed data processing and time-consuming Extract, Transform, and Load (ETL) processes, making it difficult to harness the value of data assets effectively.
Innovation Solution
A distributed peer-to-peer analytics system utilizing a permissioned distributed ledger network, where nodes capture, compile, and encrypt sales data, and submit it to a blockchain for validation and commitment, allowing secure and real-time data sharing and analysis across the network, reducing the need for costly infrastructure and enabling anonymized data aggregation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If conventional centralized analytics systems are used, then data analysis can be performed, but the system becomes costly and complex with time-consuming ETL processes
Solution Approach 1:
The patent segments the centralized analytics system into distributed peer-to-peer nodes across the blockchain network. Each node independently captures, validates, and stores sales data locally, eliminating the need for a centralized ETL pipeline. This segmentation distributes the computational workload and removes complex data transformation processes while maintaining analytical capabilities across the network.
2Reliability
If data is collected and processed in silos by individual entities, then data security and control are maintained, but data sharing and analytics are delayed and costly
Solution Approach 1:
The blockchain network serves as a universal infrastructure that simultaneously provides data security through cryptographic encryption and enables real-time data sharing through its distributed ledger. The same network that ensures data control via private keys also facilitates instant analytics by making validated sales data accessible to all authorized participants without traditional data sharing delays.
3Productivity
If small to medium-sized businesses invest in analytics infrastructure, then they can perform data analysis, but the setup and maintenance expenses outweigh the benefits
Solution Approach 1:
The system enables small to medium-sized businesses to perform data analytics through the shared blockchain infrastructure without requiring their own dedicated analytics systems. Each participant's node automatically captures and validates their own sales data, and the distributed network collectively performs the analytics function that would otherwise require expensive centralized infrastructure, making the service self-sufficient and cost-effective.
Data Source
AI summary
A method of operating a distributed peer to peer analytics system of a permissioned distributed ledger is provided. The system includes a plurality of node computing devices in operable communication with each other over an electronic network. The method includes capturing, by a merchant computing device, sales data from a payment transaction, storing the captured sales data in a database of a first node, compiling within the first node the stored sales data into a transaction envelope, encrypting the transaction envelope with a private key of the first node, submitting, by the first node, the encrypted envelope to the permissioned distributed ledger, verifying, by a second node, the submitted encrypted envelope and adding the compiled sales data to a data block, committing, by the second node, the data block to the distributed ledger, and validating, by a consensus of the plurality of node computing devices, the committed data block.