Decentralized Payment via NFT Product Rights Binding
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing blockchain-based transaction methods primarily focus on ensuring data integrity by uploading payment process data to the blockchain, but they fail to enhance payment efficiency and transparency, and incur additional costs and time due to reliance on traditional payment modes and physical product logistics.
Innovation Solution
A blockchain-based decentralized payment method that combines blockchain technology with Web3.0, enabling the conversion of physical product transactions into product right transactions by binding product rights to non-fungible tokens (NFTs), thereby facilitating secure, transparent, and efficient peer-to-peer transactions without the need for intermediaries.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional third-party payment platforms are used, then payment security is provided, but additional costs and time consumption are incurred
Solution Approach 1:
The patent extracts the payment verification function from traditional third-party platforms and implements it directly on the blockchain through smart contracts. The payment process is decentralized, allowing users to complete transactions without intermediaries, thereby reducing time costs while maintaining security through cryptographic verification and distributed consensus mechanisms.
Solution Approach 2:
The system enables self-service payment verification through automated smart contracts that execute payment validation and product right transfer automatically. The blockchain network itself provides the security and verification functions previously requiring third-party platforms, eliminating the need for external intermediaries and reducing both time and cost overhead.
2Reliability
If traditional payment modes with data uploading to blockchain are used, then data tampering is prevented, but payment efficiency is not improved
Solution Approach 1:
The patent implements preliminary binding of product rights to non-fungible tokens (NFTs) on the blockchain before transactions occur. This pre-establishes the ownership and transfer rules in smart contracts, allowing payments to execute directly without requiring subsequent data uploading and verification steps. The preliminary setup enables efficient real-time transactions while maintaining data integrity through the immutable blockchain ledger.
Solution Approach 2:
The system merges the payment execution and data verification processes into a single atomic transaction on the blockchain. The smart contract simultaneously handles payment validation, NFT transfer, and ownership update, eliminating the need for separate data uploading steps and improving payment efficiency while ensuring data integrity through the combined operation.
3Ease of operation
If physical product transactions are conducted through multiple supply chain levels, then product ownership is transferred, but additional logistics and operating expenses are incurred
Solution Approach 1:
The patent creates a digital replica of product ownership through non-fungible tokens (NFTs) on the blockchain. Instead of physically transferring products through multiple supply chain levels, the ownership is copied and transferred digitally via NFT transfer. This virtualization of ownership eliminates the need for physical logistics operations at each transaction level, significantly reducing logistics and operating expenses while maintaining ease of ownership transfer.
Solution Approach 2:
The system transitions product ownership transfer from the physical dimension to the digital dimension. By representing product rights as NFTs on the blockchain, ownership can be transferred instantly across any distance without physical movement. This dimensional shift from physical to digital space eliminates logistics requirements and reduces operating expenses associated with physical product handling and transportation.
4Productivity
If physical products are transferred at each sale link, then product circulation occurs, but circulation speed is slow and costs increase
Solution Approach 1:
The patent enables product circulation through digital copying of ownership rights via NFT transfer rather than physical product movement. Each transaction transfers the NFT representing product ownership, allowing instant circulation without physical logistics. This dramatically increases circulation speed while eliminating the energy consumption and costs associated with physical product handling, storage, and transportation at each sale link.
Data Source
AI summary
A decentralized payment method is provided. The method includes: a first terminal obtaining entry information of a transaction space of a second terminal; the first terminal skipping to a page of the transaction space of the second terminal based on the entry information, wherein the page is configured to display product rights bound to non-fungible tokens; the first terminal associating a first digital wallet of the first terminal with the transaction space; the first terminal making payment in the transaction space using the first digital wallet based on transaction amount of the product rights selected by a user, and minting the non-fungible tokens bound to the product rights selected by the user, so that the first terminal owns the product rights corresponding to the minted non-fungible tokens. The present disclosure improves the transparency and security of the payment process.