Permissioned Blockchain for IoT Asset Management

Resolve Bottlenecks,
Find Innovative Solutions
Generate Solutions

Solution Overview

Problem

IoT networks face challenges in asset management due to devices supporting different communication protocols, making it difficult to ascertain which devices are on the network and maintain historical data, which is crucial for compliance and security.

Innovation Solution

Establishing a permissioned blockchain on an IoT system by identifying and authenticating IoT nodes, grouping them based on storage and processing capabilities, and creating a distributed ledger with a security key to manage and secure the network.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If a traditional centralized asset management system is used in IoT networks, then it is easy to maintain a central registry of devices, but devices with different communication protocols cannot establish connections to the central hub

Engineering Contradiction:
Improveprotocol compatibilityVSAvoidnetwork architecture complexity
Core Design Contradiction:
Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The patent segments the IoT network into multiple virtual networks or communities, each supporting specific communication protocols. Devices are grouped by protocol compatibility, allowing them to communicate within their segment while the overall system maintains diversity. This resolves the contradiction by enabling protocol adaptability without requiring a single complex centralized architecture to handle all protocols directly.

Inventive Principle:
Principle #1Segmentation

Solution Approach 2:

The patent introduces intermediary devices or gateway nodes that translate between different communication protocols. These intermediaries enable devices with incompatible protocols to communicate by converting messages between protocol formats, thus achieving protocol compatibility without direct peer-to-peer connections between incompatible devices.

Inventive Principle:
Principle #24Intermediary (Mediator)

2Ease of operation

If devices are allowed to self-add to the network without authentication, then network setup is simplified, but security and compliance management become difficult

Engineering Contradiction:
Improvedevice onboarding easeVSAvoidnetwork security
Core Design Contradiction:
Ease of operationVSReliability

Solution Approach 1:

The patent implements preliminary authentication and registration procedures that devices must complete before joining the network. Devices are pre-registered with the asset management system, and authentication credentials are established in advance. This allows automated, easy onboarding while maintaining security, as the preliminary actions ensure device legitimacy before network access is granted.

Inventive Principle:
Principle #10Preliminary action

Solution Approach 2:

The patent establishes continuous feedback mechanisms where the asset management system monitors and tracks devices on the network. Automated authentication routines verify device identities, and the system provides feedback about device status, compliance, and security posture. This enables easy device addition while maintaining ongoing security management through automated monitoring and reporting.

Inventive Principle:
Principle #23Feedback

3Reliability

If comprehensive historical data is collected on all network devices, then compliance management is improved, but storage requirements and system complexity increase

Engineering Contradiction:
Improvecompliance tracking accuracyVSAvoiddata storage volume
Core Design Contradiction:
ReliabilityVSQuantity of substance

Solution Approach 1:

The patent extracts and separates compliance-critical data from general device operational data. Only essential compliance-related information (device identity, authentication status, policy violations) is stored in the central asset management system, while detailed operational logs remain distributed at device or gateway levels. This reduces central storage requirements while maintaining compliance tracking accuracy.

Inventive Principle:
Principle #2Taking out (Extraction)

Solution Approach 2:

The patent implements a distributed data storage architecture where historical data is stored locally at device or gateway levels rather than centralized. Each node maintains its own historical records, and only summarized or queried data is transmitted to the central asset management system. This reduces overall system storage requirements while preserving compliance data integrity through local quality maintenance.

Inventive Principle:
Principle #3Local quality

Data Source

PatentUS11057462B2Asset management block chain
Publication Date: 2021.07.06 BANK OF AMERICA CORP
  • US11057462B2 patent drawing
  • US11057462B2 patent drawing
  • US11057462B2 patent drawing

AI summary

Apparatus and methods for establishing a permissioned blockchain on an Internet of Things (“IoT”) system. The method may be performed by a central IoT hub. The method may include identifying a IoT nodes associated with the IoT system. The method may also include running an authentication routine on the identified IoT nodes. The method may further include identifying a subset of the IoT nodes that have been authenticated by the authentication routine. The method may further include grouping the subset of IoT nodes into a first group of IoT nodes and a second group of IoT nodes, the grouping being based at least in part on available storage space and processing speed of each of the subset of IoT nodes.