Homomorphic Encryption Smart Contract for Secure Quotation Requests
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Solution Overview
Problem
Current systems for requesting and obtaining quotations are inefficient, as they often require users to send unencrypted information, increasing security risks and requiring additional computing resources, and users must perform multiple searches to find suitable entities, wasting time and resources.
Innovation Solution
A quotation system that uses homomorphic encryption to securely transmit and process requests and quotations by encrypting data and providing references to encrypted information, reducing data transmission size and conserving resources, while identifying suitable entities based on supported encryption schemes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If unencrypted information is transmitted for quotation requests, then data transmission is simple and fast, but security risks increase and compliance with data protection regulations deteriorates
Solution Approach 1:
The patent introduces a smart contract as an intermediary that automatically manages the quotation request process. The smart contract contains encrypted data and coordinates between the client device and entity devices, eliminating the need for direct unencrypted data transmission while maintaining system simplicity through automation.
Solution Approach 2:
The patent transforms data from unencrypted to encrypted form using homomorphic encryption. This parameter change (from plaintext to ciphertext) maintains data security while the encrypted data can still be processed mathematically to generate quotations without decryption, preserving functionality.
2Reliability
If homomorphic encryption is used to encrypt data, then data security is enhanced, but computing resources and data transmission size increase
Solution Approach 1:
The patent extracts only the essential encrypted parameters needed for quotation generation and stores them in the smart contract. Rather than transmitting or processing entire encrypted datasets, the system identifies and uses only the specific encrypted values required for the quotation calculation, reducing computational overhead.
Solution Approach 2:
The patent uses references or pointers to encrypted data stored in decentralized storage rather than duplicating large encrypted datasets across multiple devices. The smart contract contains references to the encrypted data locations, allowing entities to access only the specific data needed without transmitting redundant copies.
3Adaptability or versatility
If users perform multiple searches to find suitable entities, then comprehensive quotation options are obtained, but time and resources are wasted
Solution Approach 1:
The patent implements preliminary action by having entities pre-register with the system, providing their capabilities, supported encryption schemes, and quotation parameters in advance. This pre-registration information is stored in the system, allowing client devices to quickly identify suitable entities without performing multiple searches when a quotation request is made.
Solution Approach 2:
The system provides feedback mechanisms where entities can update their capabilities and supported parameters, and the system notifies relevant parties of changes. This ensures that when users make quotation requests, the most current and relevant entity information is already available, eliminating the need for repeated searches to find updated capabilities.
Data Source
AI summary
A device may receive entity data identifying parameters needed by entities to generate a quotation, and entity encryption data identifying homomorphic encryption schemes supported by the entities. The device may receive, from a client device, a smart contract that includes a request for a quotation, client encryption data identifying homomorphic encryption schemes supported by the client device, and identification data identifying the entities. The device may encrypt the data included in the smart contract, based on the entity encryption data and the client encryption data, to generate encrypted data. The device may generate a modified smart contact by replacing the data included in the smart contract with references to the encrypted data. The device may provide the modified smart contract to server devices associated with the entities. The device may receive, from the server devices associated with the entities, the modified smart contract with quotations.