Smart Contract Automated Blockchain Billing
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Solution Overview
Problem
There is a need for a method to automatically cause an action to be performed and a payment to be made in a blockchain environment, which is not efficiently addressed by existing technologies, especially in transactions involving various types of actions and payments across different devices and software systems.
Innovation Solution
A computer-implemented method that receives a transaction in a blockchain environment, configures it to activate a smart contract, which issues a message to perform the action and render payment information on a device, utilizing a blockchain billing system that includes a user device and a location device connected through wireless communication or barcode scanning, ensuring secure and accurate record-keeping.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Extent of automation
If traditional transaction systems are used, then multiple software and devices are involved in complex transactions, but the process requires manual intervention and is not automated
Solution Approach 1:
The smart contract automatically executes transactions without manual intervention. The system serves itself by automatically verifying conditions, transferring funds, and performing actions based on predefined contract terms, eliminating the need for manual processing in complex multi-device transactions
Solution Approach 2:
The contract terms and conditions are predefined and encoded in the smart contract before execution. All transaction logic, verification rules, and execution parameters are prepared in advance, allowing automated processing without manual setup or intervention during transaction execution
2Reliability
If manual record-keeping is used, then accurate accounting can be maintained, but time and effort for record-keeping increase significantly
Solution Approach 1:
The patent replaces manual mechanical record-keeping with an automated blockchain-based system. Transactions are automatically recorded, verified, and stored in the blockchain database, eliminating manual data entry and processing while maintaining accurate accounting records
Solution Approach 2:
The blockchain system continuously and automatically records all transactions as they occur, providing ongoing accurate accounting without interruption. The system maintains continuous verification and recording of transactions, eliminating the need for periodic manual review and consolidation
3Adaptability or versatility
If multiple software systems are integrated, then comprehensive transaction handling is achieved, but system integration complexity increases
Solution Approach 1:
The smart contract serves as a universal platform that can handle multiple types of transactions and integrate with different devices and software systems. The contract incorporates various functionality including fund transfer, condition verification, action execution, and record-keeping in a single integrated system, reducing the need for separate specialized systems
Data Source
AI summary
A method, computer system, and computer program product are provided for automatically causing an action to be performed and a payment for the action to be made in a blockchain environment. The blockchain environment receives a transaction. The transaction is configured to activate a smart contract. In response to being activated by the transaction, the smart contract issues a message within the blockchain environment. The message causes the action to be performed at a location device and an indication of the payment for the action to be rendered on a display of a device.