Secure Commodity Trade Reporting System
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Solution Overview
Problem
Price reporting agencies face challenges in ensuring the secure, timely, and accurate processing of commodity trade information, as existing electronic messaging systems lack security and real-time feedback mechanisms, leading to potential competitive advantages for interceptors and incomplete assessments due to batch processing.
Innovation Solution
The Enhanced Price Reporting Agency (EPRA) system provides a secure interface for price reporters to upload trade information, using encryption and hashing to ensure data integrity, processes reports for format verification, and employs alerts and APIs for timely submission and reporting, with the option to forward reports to other PRAs in a standardized format.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If trade information is submitted via electronic mail message, then the reporting process is simple and accessible, but the security of trade information is compromised and real-time feedback is not available
Solution Approach 1:
The patent introduces a secure messaging system that acts as an intermediary between price reporters and the PRA. This system uses encryption protocols and secure authentication mechanisms to protect trade information while maintaining ease of submission. The intermediary server handles security complexities, allowing reporters to submit information simply while ensuring cryptographic protection of data in transit and at rest.
Solution Approach 2:
The patent replaces the traditional electronic mail system with a dedicated secure messaging infrastructure. This substitution introduces real-time processing capabilities, automated validation, and instant feedback mechanisms that email cannot provide. The new system uses structured message protocols and automated parsing to replace manual email handling, enabling both security and real-time interaction.
2Device complexity
If batch processing is used for trade information submission, then the system is simple to implement, but timely feedback and complete assessment inclusion are compromised
Solution Approach 1:
The patent implements a dynamic processing system that can operate in multiple modes: real-time processing for immediate feedback, near-real-time processing for balanced performance, and batch processing for efficiency. The system dynamically adjusts processing intensity based on workload, priority, and resource availability. This allows the PRA to maintain simple batch processing infrastructure while achieving real-time feedback for critical assessments through selective real-time processing of high-priority trade information.
3Measurement precision
If detailed trade location specifications are published for assessments, then the assessments are accurate and useful, but the specifications become complex and difficult to understand
Solution Approach 1:
The patent implements automated feedback mechanisms that provide price reporters with immediate confirmation of which assessments their trade information will influence. The system automatically generates and communicates assessment mappings to reporters, showing exactly how their submitted data contributes to specific assessments. This feedback loop eliminates the need for reporters to manually interpret complex specifications, as the system automatically determines and communicates the relevant assessment mappings based on the trade details provided.
Data Source
AI summary
A system is provided for securely tracking submissions of commodity trades for commodities. The system receives from a price reporter a report on commodity trades between the price reporter and another entity. Each commodity trade includes pricing information and a location of delivery of the commodity. The system generates a hash of the report as evidence of the commodity trades of the report. For each commodity trade of the report, the system maps the location of that commodity trade to an assessment of pricing information such that the commodity trade is to be included in the assessment. The system provides to the price reporter the hash of the report as evidence of the commodity trades. The system provides to the price reporter a listing of the commodity trades of the report for each commodity trade. The listing identifies each assessment that includes that commodity trade.