Electronic Ledger Ticketing With Split Tokens for Fast Admission
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Solution Overview
Problem
Existing blockchain-based ticketing systems face inefficiencies and security challenges due to cumbersome transaction validation, lack of control over downstream transactions, and inability to integrate content rights management systems with monetary transaction systems, leading to delays, fraud, and misaligned economic interests among participants.
Innovation Solution
Implementing a bifurcated token system with a demand token for ownership transfer and an admission token for event access, utilizing an electronic ledger to securely manage and verify transactions, with separate protocols for each token type to ensure fast and secure admission.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If a single token system is used for both ownership transfer and event admission, then system complexity is reduced, but transaction validation becomes cumbersome and error-prone
Solution Approach 1:
The patent divides the single token system into two distinct token types: demand tokens for ownership transfer and admission tokens for event access. This segmentation allows each token type to have specialized validation rules and protocols, improving transaction validation reliability while maintaining manageable system complexity through clear functional separation.
2Reliability
If blockchain transaction validation is performed for every event admission, then transaction integrity is ensured, but admission speed decreases due to validation delays
Solution Approach 1:
The patent implements preliminary blockchain validation when demand tokens are issued and transferred, recording ownership changes in advance. At event admission, the system only needs to verify the pre-validated admission token against the already-recorded blockchain state, ensuring transaction integrity while dramatically reducing admission speed requirements.
3Productivity
If content rights management system and monetary transaction system are integrated, then transaction verification efficiency improves, but system complexity and compatibility challenges increase
Solution Approach 1:
The patent introduces the electronic ledger as an intermediary layer between content rights management and monetary transaction systems. The ledger records token ownership and transfer information independently, allowing both systems to verify transactions against the same authoritative source without direct integration, thus improving verification efficiency while avoiding compatibility challenges.
4Reliability
If originator has control over downstream transactions, then economic interests are protected, but transaction freedom and liquidity decrease
Solution Approach 1:
The patent implements a feedback mechanism where the originator receives notifications and commission payments from downstream transactions through smart contracts. This allows the originator to monitor and benefit from downstream activity without controlling or restricting the actual transactions, protecting economic interests while maintaining transaction freedom and market liquidity.
Data Source
AI summary
Computer-implemented systems, methods, and products for enabling one or more nodes of a first electronic ledger platform to carry out operations with respect to one or more records of the first electronic ledger platform. The operations may include receiving an indication from a smart contract to manage a transaction associated with sale of a token by a selling entity; processing information associated with the sale of the token to initiate the transaction, the information including identity of a first entity listing the token for sale and identity of a second entity having record ownership of the token; verifying one or more events or information associated with the transaction to confirm authenticity or transferability of the token; and approving the transaction.