Distributed Smart Wallet Platform Segmented Blockchain Architecture
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Solution Overview
Problem
Current digital currencies face adoption limitations due to monolithic blockchains causing increased transaction times, high energy consumption for 'proof of work', and inability to handle sensitive information securely.
Innovation Solution
A system and method for digital smart wallet communications that manages separately-owned, private blockchains to reduce processing times, eliminate proof of work burdens, and ensure immutable security while protecting confidential information, integrated with an automated transaction platform for seamless interoperability across devices.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a monolithic blockchain is used to ensure security and immutability, then transaction validation reliability is improved, but transaction processing time increases and productivity deteriorates
Solution Approach 1:
The patent divides the monolithic blockchain into multiple separate blockchain networks, each handling specific transaction types or functions. This segmentation allows parallel processing of transactions across different blockchains, reducing overall processing time while maintaining the security and immutability benefits of blockchain technology in each segment.
Solution Approach 2:
The patent introduces a multi-dimensional blockchain architecture where transactions can be processed across different layers or dimensions of blockchain networks. This includes layering blockchains by function, priority, or domain, enabling simultaneous processing in multiple dimensions rather than sequential processing in a single chain.
2Reliability
If proof of work mechanism is used to validate transactions, then transaction security is improved, but energy consumption increases
Solution Approach 1:
The patent changes the validation mechanism parameter from proof of work to alternative consensus mechanisms such as proof of authority, proof of stake, or practical Byzantine fault tolerance. This parameter change maintains transaction security and validation reliability while dramatically reducing energy consumption by eliminating the computationally intensive mining process.
Solution Approach 2:
The patent replaces the mechanical proof of work system with software-based consensus mechanisms that rely on cryptographic validation and network agreement rather than computational brute force. This substitution maintains security through cryptographic principles while eliminating the energy-intensive mechanical mining process.
3Loss of information
If a public blockchain is used to ensure transparency, then information transparency is improved, but ability to protect confidential information deteriorates
Solution Approach 1:
The patent segments blockchain networks into public and private components, allowing different types of information to be processed on appropriate chains. Sensitive transactions can be processed on private or permissioned blockchains that restrict access, while non-sensitive transactions maintain transparency on public chains. This segmentation enables simultaneous transparency and confidentiality for different data types.
Solution Approach 2:
The patent applies different transparency qualities to different parts of the blockchain system. Public blockchains provide full transparency for certain transaction types, while private or permissioned blockchains provide restricted access and enhanced confidentiality for sensitive information. Each segment has optimized quality characteristics appropriate to its specific use case.
Data Source
AI summary
A system and method for digital smart wallet communications that operates by managing separately-owned, private blockchains to reduce processing times, eliminate proof of work burdens, and retain blockchain immutable security while allowing protection of confidential information contained on each blockchain. The system and method may further comprise auditability of blockchains, and may be operated on an integrated communications platform that allows seamless interoperability of communication devices across multiple modes of communication, and automates digital smart wallet transactions.