Private Blockchain Management System for Secure Token Transactions
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Solution Overview
Problem
Existing blockchain systems, particularly public ones, face challenges in maintaining privacy, security, and efficiency when tracking transactions and ownership of crypto-tokens, as they often require extensive computational resources and are vulnerable to malicious attacks.
Innovation Solution
A private blockchain management system that reduces computational resources by pre-mining crypto-tokens, allowing for faster transaction validation and settlement, and incorporates a mechanism to validate transactions using a majority of blockchain nodes, ensuring security and integrity through cryptographic hashes and distributed node management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If public blockchain systems are used to track transactions and ownership of crypto-tokens, then transparency and security are improved, but computational resources and processing time increase significantly
Solution Approach 1:
The system segments the blockchain network into public and private portions, allowing different types of data to be stored in different environments. Sensitive information is kept in the private blockchain portion while only necessary transaction data is stored publicly, reducing the computational burden on public nodes while maintaining security.
Solution Approach 2:
The patent extracts and removes sensitive information from the public blockchain entirely, storing it only in the private portion. This extraction reduces the data size and computational requirements for public blockchain operations while preserving the essential transaction verification functionality.
2Reliability
If public blockchain systems are used to track transactions and ownership of crypto-tokens, then transparency and security are improved, but transaction processing speed decreases
Solution Approach 1:
The system segments transaction processing into two paths: simple transactions are processed quickly on the private blockchain, while only complex or disputed transactions are escalated to the public blockchain for verification, significantly improving overall processing speed.
Solution Approach 2:
The system performs preliminary validation of transactions on the private blockchain before they are submitted to the public blockchain. This preliminary action filters out valid transactions early, reducing the workload on public nodes and accelerating the overall transaction processing pipeline.
3Reliability
If all transaction data is stored on the blockchain, then security and integrity are improved, but system complexity and storage requirements increase
Solution Approach 1:
The patent extracts unnecessary sensitive data from the blockchain storage structure entirely, keeping only the essential elements needed for transaction verification. This reduces system complexity while maintaining the integrity of the transaction record through cryptographic proofs rather than storing all raw data.
Solution Approach 2:
The system uses cryptographic hashes and Merkle trees to create compact representations of transaction data. Instead of storing all transaction details, the blockchain stores hash copies that verify integrity, dramatically reducing storage requirements and system complexity.
Data Source
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AI summary
According to one or more aspects of the present disclosure, operations may include obtaining a token transaction request of a token transaction that includes a transfer of assignment of a crypto-token of a crypto-medium from a first entity to a second entity. The token transaction request may be a request to initiate the token transaction. The operations may further include generating a transaction signature in response to obtaining the token transaction request. The operations may include validating the token transaction using the digital signature and blocks of a private blockchain that includes a blockchain record of all transactions of the crypto-medium. In these or other embodiments, the operations may include generating a new block for the private blockchain, the new block including an update to the blockchain record that indicates the token transaction details. The generating of the new block may be triggered by the token transaction being validated.