Smart Contract GUI for Commodity Token Settlement
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current systems lack an efficient method for settling commodity contracts denominated in commodities using graphical user interfaces (GUIs) and distributed ledgers, particularly in establishing and transferring smart contracts between users.
Innovation Solution
A computer method utilizing a GUI to receive input for commodity smart contracts, denoting prices in commodity contract tokens, establishing smart contracts on a distributed ledger, and issuing tokens for transfer, with user commitments and transactions validated through a server computer and graphical interfaces.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional methods are used for settling commodity contracts, then the process is complex and time-consuming, but the system lacks efficiency and transparency
Solution Approach 1:
The patent replaces traditional mechanical/conventional contract settlement systems with a digital smart contract system built on distributed ledger technology. The smart contracts automatically execute commodity contract settlements through programmed conditions, eliminating manual intervention and complex procedural steps while providing transparent, immutable records of all transactions.
Solution Approach 2:
The smart contracts are designed to self-execute and self-manage commodity contract settlements automatically. The system performs its own validation, matching, and execution of contracts without requiring external intermediaries or complex administrative processes, thereby simplifying the overall system while improving efficiency.
2Ease of operation
If manual contract establishment is used, then user control is maintained, but the process is time-consuming and lacks transparency
Solution Approach 1:
The system pre-defines all contract terms, conditions, and execution parameters within the smart contract code before deployment. This preliminary configuration allows users to simply provide their commodity contract tokens and identifiers, while the system automatically handles the complex contract establishment, validation, and execution processes, significantly reducing time requirements while maintaining user control through clear interface inputs.
3Reliability
If distributed ledger technology is implemented, then transparency and security are improved, but the technical complexity increases
Solution Approach 1:
The patent introduces a server computer as an intermediary layer between the user interfaces and the distributed ledger. This server handles the complex technical operations of smart contract deployment, token validation, and blockchain transactions, shielding users from the underlying technical complexity while maintaining high security and transparency through the distributed ledger's immutable recording mechanism.
Data Source
AI summary
A computer method and graphical user interface (GUI) for settlement of a commodity contract includes displaying, on an electronic display of a first user device, a GUI for receiving input of information related to a particular commodity smart contract for transfer of a commodity, receiving input data including information related to commodity attributes from a first user via the GUI, displaying a commodity price field in the GUI, transferring the received input data to a server computer, displaying a commit object in the GUI receiving input from the commit object, transmitting a commitment to the server computer to cause the server computer to establish a smart commodity contract for the commodity, and displaying, in the GUI on the electronic display, a receipt acknowledgement object indicating that the smart contract is established and the first user is obligated to abide by the smart contract.