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 hinders 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 unique identifier, enabling tracking across exchanges on the distributed ledger network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If distributed ledger technology is used for asset exchange, then security and decentralization are improved, but asset traceability and visibility across exchanges deteriorate
Solution Approach 1:
The patent introduces a unique tracking identifier as an intermediary element that bridges the gap between security requirements and traceability needs. This identifier is embedded within transactions on the distributed ledger, allowing authorities to trace assets without compromising the decentralized security model. The tracking identifier acts as a mediator that enables visibility into asset flows while maintaining the integrity of the distributed ledger system.
Solution Approach 2:
The tracking identifier is segmented into multiple components including asset issuer identifier, asset type identifier, and unique identifier portions. This segmentation allows for flexible tracking at different levels of detail while maintaining overall asset traceability. Each segment serves a specific function in identifying and tracking the asset throughout its lifecycle on the distributed ledger network.
2Adaptability or versatility
If comprehensive asset tracking is implemented, then compliance and reporting capabilities are improved, but system complexity increases
Solution Approach 1:
The unique tracking identifier serves multiple functions simultaneously: it identifies the asset, tracks its movement across exchanges, enables compliance reporting, and maintains security on the distributed ledger. This multi-functionality reduces the need for separate tracking systems and minimizes overall system complexity while achieving comprehensive compliance capabilities.
Solution Approach 2:
The tracking identifier is generated and assigned to assets before they enter the distributed ledger network. This preliminary action ensures that traceability is built into the system from the outset, eliminating the need for complex retroactive tracking mechanisms and simplifying compliance reporting throughout the asset's lifecycle.
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.