Blockchain Smart Contract Multi-Account Fund Pooling
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Solution Overview
Problem
Existing auto installment payment systems often result in failed payments when consumers lack sufficient funds, leading to penalty fees and negative credit impacts, without considering the availability of funds in multiple accounts.
Innovation Solution
A system utilizing smart contracts on a blockchain that allows users to register multiple bank accounts, with a default account and secondary accounts, enabling the smart contract to automatically pool funds from all accounts to ensure timely installment payments, thus avoiding penalty fees.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a single default account is used for auto installment payments, then the payment process is simple and quick, but the payment may fail when the default account lacks sufficient funds
Solution Approach 1:
The patent combines multiple bank accounts (default account and secondary accounts) into a unified payment system. When the default account lacks sufficient funds, the smart contract automatically pools funds from secondary accounts to complete the installment payment, thereby maintaining both operational simplicity and payment reliability.
Solution Approach 2:
The payment system is designed to handle multiple functions: it can draw funds from the default account when sufficient, and automatically switch to pooling funds from secondary accounts when needed. This multi-functional approach ensures the payment system remains reliable across different fund availability scenarios while maintaining ease of operation.
2Reliability
If multiple accounts are monitored for fund pooling, then payment reliability increases, but system complexity increases
Solution Approach 1:
The smart contract autonomously monitors fund balances across multiple accounts and automatically executes fund pooling when the default account is insufficient. This self-service mechanism eliminates the need for manual intervention or complex external monitoring systems, achieving high reliability without proportionally increasing system complexity.
Solution Approach 2:
The smart contract acts as an intermediary between the user's multiple accounts and the payment obligation. It automatically manages the complexity of monitoring and pooling funds from secondary accounts, presenting a simple interface to the user while ensuring reliable payment execution through automated multi-account fund management.
3Object-affected harmful factors
If automatic fund pooling from multiple accounts is implemented, then penalty fees are avoided, but transaction processing time increases
Solution Approach 1:
The system performs preliminary actions by pre-identifying secondary accounts and establishing smart contract logic before payment failure occurs. When the default account is insufficient, the predetermined fund pooling mechanism executes automatically without requiring real-time decision-making or sequential account checking, thus avoiding penalty fees while minimizing additional processing time.
Data Source
AI summary
A network-based service creates a smart contract on a blockchain on behalf of a user who has a loan or a subscription that requires installment payments be collected by a provider from the user and provided to creditor of the loan or subscription. The smart contract associates a default account of the user with a first access token and non-default registered other accounts of the user with a second access token. The smart contract when presented with the access tokens from a provider determines whether the payment due can be satisfied from a current balance of the default account and if so, transfers the payment from the default account to the provider. If the default lacks sufficient funds for the payment, the smart contract proportions the amounts taken from each of the accounts to reach the amount due and transfers the amount due to the provider.