Blockchain Asset Tracking via Hashgraph Consensus
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Solution Overview
Problem
Blockchain transactions are slow and expensive due to poor design, and existing systems lack efficient solutions for tracking and publishing assets effectively, especially in decentralized environments.
Innovation Solution
A computer-implemented system utilizing a processor to execute smart contracts or core APIs on a distributed ledger network with hashgraph consensus, enabling payment instruments like HowlCard to facilitate financial transactions and bridge Web 3.0 technology with traditional payment rails, thereby improving transaction speed and security.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If blockchain transactions are processed using traditional blockchain consensus mechanisms, then decentralization and security are maintained, but transaction speed is slow and costs are high
Solution Approach 1:
The patent introduces a hybrid consensus mechanism that acts as an intermediary between traditional blockchain consensus and high-speed transaction processing. The system uses a combination of Proof of Stake (PoS) and Practical Byzantine Fault Tolerance (PBFT) consensus algorithms, where PoS selects validators and PBFT enables rapid agreement among them, achieving both security and speed without sacrificing decentralization
Solution Approach 2:
The blockchain network is segmented into different layers: settlement layer for finality and execution layer for fast processing. This segmentation allows transactions to be processed quickly in the execution layer while maintaining security through the slower but more secure settlement layer, effectively resolving the speed-security tradeoff
2Reliability
If blockchain transactions are processed using traditional blockchain consensus mechanisms, then security is maintained, but transaction costs are high
Solution Approach 1:
The patent changes the consensus parameter from energy-intensive Proof of Work to Proof of Stake combined with PBFT. This parameter change reduces transaction costs by eliminating the need for computational mining while maintaining security through economic staking and cryptographic verification mechanisms
Solution Approach 2:
The patent replaces the mechanical mining process of Proof of Work with a more efficient consensus mechanism. Instead of using computational power to solve puzzles, the system uses staked tokens and cryptographic signatures to achieve consensus, significantly reducing energy consumption and transaction costs while maintaining security
3Productivity
If existing blockchain systems are used for asset tracking, then decentralization is achieved, but tracking efficiency and publication speed are poor
Solution Approach 1:
The patent implements preliminary indexing of asset metadata and establishes pre-configured smart contract templates for common asset types. This preliminary action enables faster asset tracking and publication by avoiding repetitive setup and processing steps, significantly improving productivity without sacrificing decentralization
Solution Approach 2:
The system implements self-service mechanisms where assets automatically register themselves on the blockchain with standardized metadata, and smart contracts automatically handle tracking updates. This self-service approach eliminates manual processing overhead and accelerates asset publication while maintaining the decentralized nature of the system
Data Source
AI summary
One or more systems, devices, computer program products and/or computer-implemented methods of use provided herein relate to tracking and publication of assets on blockchain or distributed ledger. The computer-implemented system can comprise a memory that can store computer executable components. The computer-implemented system can further comprise a processor that can execute the computer executable components stored in the memory, wherein the computer executable components can comprise a payment component that can provide a payment platform that enables a payment instrument to be used for performing one or more financial transactions associated with a smart contract or a core API, wherein the smart contract or the core API is executed on a distributed ledger network that can operate on a hashgraph consensus, wherein the payment instrument is an financial instrument associated with a bank, and wherein the payment platform bridges web3 technology with traditional payment rails.