Customized Smart Contract Platform for Privacy-Preserving Verification
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Solution Overview
Problem
Current automated contractual agreement solutions require trust among participants, lack independent verification, and struggle with privacy and customizability, leading to increased transaction costs and inefficiencies.
Innovation Solution
A smart contract platform that allows users to create customized workflows on a distributed ledger network, enabling the selection and arrangement of transaction elements, automatic generation of smart contracts, and secure retrieval of transactional data from third-party sources while maintaining privacy through tokenization and encryption.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If smart contracts automatically fetch and verify transactional data from third-party sources, then verification capability and reliability are improved, but system complexity and difficulty of operation increase
Solution Approach 1:
The patent introduces an intermediary layer between smart contracts and third-party data sources. This intermediary automatically manages data fetching, verification, and token issuance, shielding users from the underlying complexity while maintaining reliable verification capabilities. The intermediary handles the complex interactions with external sources, allowing smart contracts to focus on their core functionality.
2Reliability
If participants can access and verify transactional data on the distributed ledger, then transparency and verification are improved, but privacy protection deteriorates
Solution Approach 1:
The patent applies local quality by differentiating the level of data visibility for different participants. Sensitive transactional data is encrypted and only accessible to authorized participants with appropriate tokens, while the blockchain maintains transparent verification of data integrity and transaction validity. This allows simultaneous achievement of transparency for verification purposes and privacy protection for sensitive information.
Solution Approach 2:
The system combines multiple data representation forms: encrypted raw data for privacy protection, verified checksums for integrity verification, and selective disclosure tokens for authorized access. This composite approach allows the system to simultaneously provide transparency for verification and privacy for sensitive information by using different layers of data representation for different purposes.
3Ease of operation
If a simplified interface is provided for creating smart contracts, then ease of operation is improved, but automation capability and precision deteriorate
Solution Approach 1:
The system performs preliminary actions by pre-configuring smart contract templates with common workflows, data verification logic, and token issuance mechanisms. Users can create customized smart contracts by selecting from pre-built components and configuring parameters through a simplified interface, rather than writing code from scratch. This maintains ease of operation while preserving automation capability through the pre-programmed logic in templates.
Solution Approach 2:
The system enables self-service through automated generation of smart contract code from user-friendly templates and configurations. The platform automatically translates high-level user specifications into executable smart contract code, handling the complexity of syntax and logic while users focus on business requirements. This maintains both ease of operation and automation capability.
Data Source
AI summary
Embodiments relate to a smart contract platform that facilitates creation, execution and verification of customized smart contracts. The smart contract platform enables design of customized smart contracts for execution and verification on a distributed ledger network, including smart contracts with logic for querying and fetching sensitive transactional data from participant nodes. A distributed ledger can store tokens indicating successful completion of one or more transaction elements without making some or all the associated transactional data visible. A smart contract form viewer can be used to view and interact with a smart contract form linked to the smart contract. The smart contract form can present contractual provisions in natural language, present transactional data to an authorized user, and accept entry or validation of designated transaction data. As such, the smart contracts described herein provide visibility and verifiability without the lost privacy and lack of customizability that exist with present solutions.