Distributed Ledger Asset Tracking With Unique Exchange Identifiers
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Solution Overview
Problem
Existing distributed ledger technologies lack effective methods for tracking assets across exchanges, limiting visibility and traceability, which hampers compliance and reporting.
Innovation Solution
A unique tracking identifier is generated for each asset, comprising a subset of identifiers including an asset issuer identifier, asset type identifier, and a unique identifier, which is associated with the asset and updated on the distributed ledger network to track exchanges throughout its lifecycle.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a unique tracking identifier is generated and associated with each asset on the distributed ledger network, then asset traceability and visibility are enhanced, but the complexity of the system increases due to additional identifiers and tracking mechanisms
Solution Approach 1:
The tracking identifier is segmented into multiple components: a distributed ledger network identifier, an asset type identifier, and a unique asset identifier. This segmentation allows the system to track assets effectively while managing complexity through modular identification rather than using single monolithic identifiers.
Solution Approach 2:
The tracking identifier is generated and associated with the asset before the asset is placed on the distributed ledger network. This preliminary assignment ensures traceability is established from the outset, eliminating the need for complex retroactive tracking mechanisms.
2Reliability
If comprehensive asset tracking is implemented across all exchanges on the distributed ledger network, then compliance and reporting capabilities are improved, but the quantity of data to be managed and processed increases
Solution Approach 1:
The essential tracking information is extracted into a standardized identifier format that can be independently verified and processed. By separating the tracking identifier from other asset data, the system reduces the volume of data that needs to be managed while maintaining comprehensive compliance capabilities.
Solution Approach 2:
The tracking identifier serves multiple functions simultaneously: it uniquely identifies the asset, indicates the asset type, associates the asset with the distributed ledger network, and enables compliance tracking. This multi-functionality reduces the need for separate data structures for each purpose.
Data Source
AI summary
Systems, methods and computer-readable storage media utilized to track a plurality of assets on a distributed ledger network. One method includes receiving a request to track a specific asset on the distributed ledger network. The method further includes identifying a reason for the exchange, wherein the reason for exchange is based on a set of predefined actions. The method further includes determining an asset type associated with the specific asset. The method further includes generating a unique identifier identifying the specific asset. The method further includes generating a unique tracking identifier, the unique tracking identifier including a subset of identifiers, the subset of identifiers including an asset issuer identifier, an asset type identifier, and the unique identifier. The method further includes providing, to the distributed ledger network, a cryptographic code and the reason for the exchange.