Event Outcome Tracking for Conditional Asset Transfer Automation
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Solution Overview
Problem
Existing systems are inefficient in tracking event statuses without providing a way to automate asset transfers based on dynamic event outcomes, and they either lack automation or do not provide the necessary conditions and rules for such transfers.
Innovation Solution
An event-based transfer system that monitors information sources in real-time, determines when an event outcome is settled, and automatically facilitates asset transfers between accounts based on predefined conditions stored in a distributed ledger, using smart contracts and validator engines to ensure accuracy and security.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If automated asset transfer system is implemented based on event outcomes, then productivity is improved, but device complexity increases
Solution Approach 1:
The system is divided into distinct modular components: event tracking module, outcome determination module, smart contract execution module, and asset transfer module. Each component handles a specific aspect of the automated transfer process, allowing independent development, testing, and maintenance while improving overall productivity without proportionally increasing complexity.
Solution Approach 2:
Smart contracts serve as intermediary components that automatically execute asset transfers when predefined event conditions are met. These self-executing contracts eliminate the need for manual intervention and complex coordination logic, simplifying the overall system architecture while enabling automated productivity improvements.
2Measurement precision
If real-time event monitoring is implemented, then measurement precision is improved, but use of energy increases
Solution Approach 1:
The system implements periodic polling and event-driven monitoring mechanisms that check for event status changes at optimized intervals rather than continuously. This approach maintains high measurement precision for event outcomes while significantly reducing bandwidth consumption by only querying when status changes are likely to occur.
Solution Approach 2:
The system employs feedback mechanisms where event sources push notifications only when status changes occur, rather than the system continuously requesting updates. This event-driven feedback model maintains real-time accuracy for event tracking while minimizing unnecessary bandwidth usage during stable event states.
3Reliability
If distributed ledger technology is used for storing transfer conditions, then reliability is improved, but device complexity increases
Solution Approach 1:
The distributed ledger serves multiple functions simultaneously: it stores event outcome data, holds smart contract conditions, manages asset records, and provides verification mechanisms. This multi-functionality consolidates what would otherwise require separate systems into a single unified platform, improving reliability without proportionally increasing overall system complexity.
Data Source
AI summary
Systems and methods for conditional asset transfers based on outcomes of events are provided. An event-based transfer system stores a record for a conditional asset transfer based on an outcome of an event based on a corresponding request. The system monitors information sources and/or feeds (e.g., of sensors, news sources, social media, etc.) to monitor and/or track the status of the event. The system determines when the outcome of the event becomes settled, and determines, based on the record, a direction of the conditional asset transfer based on the settled outcome of the event. The system automatically alerts user device(s) of user(s) participating in the transfer, and automatically facilitates processing of the transfer of the asset in the direction based on the settled outcome.