NFT Transaction Receipts for Blockchain Integrity and Privacy
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Solution Overview
Problem
Current blockchain systems lack efficient methods for securely distributing non-fungible tokens (NFTs) representing receipts for transactions, which are essential for maintaining transaction integrity and participant privacy in decentralized environments.
Innovation Solution
A blockchain-based system that generates and distributes pairs of NFTs to buyers and sellers upon successful transactions, incorporating encrypted metadata and utilizing a payment software application to manage transaction data, ensuring secure, privacy-preserving, and decentralized distribution of transaction data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain transactions use immutable data storage, then transaction integrity is improved, but flexibility for modifying transaction records is lost
Solution Approach 1:
The system segments transaction records into two separate NFTs: one representing the immutable blockchain transaction data and another representing the flexible receipt with metadata. This allows the transaction integrity to remain immutable while the receipt can be modified independently for various purposes such as refunds or corrections.
Solution Approach 2:
The patent introduces an intermediary layer using NFTs as mediators between the immutable blockchain transaction and the flexible receipt requirements. The NFTs serve as a bridge that maintains the immutability of the blockchain while enabling flexible access and modification of transaction information through the receipt mechanism.
2Loss of information
If transaction data is made publicly accessible on blockchain, then transparency is improved, but participant privacy is worsened
Solution Approach 1:
The system applies local quality by making different parts of the transaction data accessible to different parties. The blockchain transaction data remains publicly accessible for transparency, while the receipt NFT contains encrypted metadata that is only accessible to the participating parties, thus maintaining privacy for sensitive information.
Solution Approach 2:
The patent creates a copy of the transaction data in the form of NFTs that can be selectively distributed. Instead of making all transaction data publicly accessible, the system creates selective copies (NFTs) that can be shared with specific parties while maintaining the original public blockchain record for transparency.
3Ease of operation
If a centralized system manages transaction receipts, then ease of operation is improved, but decentralization is worsened
Solution Approach 1:
The system enables self-service by allowing participants to automatically receive and manage their own receipt NFTs without requiring centralized intervention. The smart contract automatically generates and distributes NFTs to the appropriate parties, maintaining decentralization while simplifying the receipt management process.
Solution Approach 2:
The patent changes the parameter of receipt management from centralized database storage to decentralized NFT-based distribution. This parameter change maintains ease of operation through automatic smart contract execution while achieving greater decentralization by eliminating the need for centralized receipt management systems.
Data Source
AI summary
A method, a system, and computer program product for managing distribution of non-fungible tokens (NFTs) representing receipts for transactions are provided. A request for a transaction is received over a blockchain network. The transaction includes a transfer of assets between a target node to a recipient node, both included in a blockchain network A link to a first transaction operation is transmitted to the recipient node. A token of a first result of the first transaction operation is transmitted, over the blockchain network, to trigger a second transaction operation. A second result of the second transaction operation is received from the blockchain network. A pair of non-fungible tokens including encrypted metadata associated with the transaction including the second result of the transaction operation is generated and transmitted to the target node and the other non-fungible token of the pair of non-fungible tokens to the recipient node.