Dual-Token Ledger Ticketing for Fast Admission Verification
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Solution Overview
Problem
Existing blockchain-based ticketing systems face inefficiencies and security challenges due to cumbersome transaction validation, lack of control over downstream transactions, and inability to integrate content rights management systems with monetary transaction systems, leading to delays, fraud, and misaligned economic interests among stakeholders.
Innovation Solution
Implementing a dual-token system where a demand token represents ownership rights and an admission token represents event admission, with separate verification protocols, allowing for faster admission token processing and secure, efficient transaction management on an electronic ledger platform.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If a single token system is used for both ownership and admission, then system simplicity is maintained, but transaction validation becomes cumbersome and error-prone
Solution Approach 1:
The patent divides the single token system into two distinct token types: demand tokens (representing ownership rights) and admission tokens (representing event access). This segmentation allows each token type to have dedicated verification protocols, improving transaction validation reliability while maintaining overall system manageability through clear functional separation.
Solution Approach 2:
The patent introduces an intermediary conversion process where demand tokens are exchanged for admission tokens through a controlled mechanism. This intermediary step acts as a mediator between ownership transfer and event admission, enabling separate verification protocols for each token type while maintaining system-wide integrity through the conversion record on the electronic ledger.
2Reliability
If comprehensive transaction verification is performed on the electronic ledger, then transaction integrity is improved, but processing speed decreases due to validation delays
Solution Approach 1:
The patent segments verification requirements into two levels: demand token transfers undergo full electronic ledger validation for integrity, while admission token validation uses a streamlined protocol that verifies essential admission criteria without complete ledger re-validation. This segmentation maintains transaction integrity for ownership changes while improving processing speed for admission events.
Solution Approach 2:
The patent implements preliminary verification of demand tokens during the ownership transfer phase, with the conversion to admission tokens relying on previously validated information stored on the electronic ledger. This preliminary action reduces redundant validation steps during admission processing, improving speed while maintaining integrity through reference to prior verified records.
3Reliability
If the originator has control over downstream transactions, then economic interest alignment is improved, but system complexity increases
Solution Approach 1:
The patent implements a feedback mechanism where the originator receives notifications and can set conditions for downstream token transfers. The executable program associated with each token enables the originator to specify commission structures and transfer conditions, creating a feedback loop that aligns economic interests throughout the token lifecycle while maintaining manageable complexity through standardized protocol implementation.
Solution Approach 2:
The patent uses the electronic ledger and associated executable programs as intermediaries to enable originator control over downstream transactions. Rather than direct complex control mechanisms, the system uses smart contract-like executable programs stored on the ledger that automatically enforce originator-specified conditions, simplifying the control interface while maintaining comprehensive economic interest alignment.
Data Source
AI summary
Computer-implemented systems, methods, and products for enabling one or more nodes of a first electronic ledger platform to carry out operations with respect to one or more records of the first electronic ledger platform. The operations may include receiving an indication from a smart contract to manage a transaction associated with sale of a token by a selling entity; processing information associated with the sale of the token to initiate the transaction, the information including identity of a first entity listing the token for sale and identity of a second entity having record ownership of the token; verifying one or more events or information associated with the transaction to confirm authenticity or transferability of the token; and approving the transaction.