Decentralized Smart Contract Update via Weighted Voting
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Solution Overview
Problem
Conventional systems for updating smart contracts in blockchain networks rely on centralized solutions, which can be difficult to manage and require trust among entities, making it challenging to monitor and execute updates securely and efficiently.
Innovation Solution
A computer-implemented method for updating smart contracts within a contract updates management system, where an update request is processed by determining whether conditions are met through a voting process involving nodes in the blockchain network, with weighted votes and veto privileges, and recording changes to the blockchain.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If centralized solution is used to manage smart contract updates, then update process can be controlled by authorized entity, but management becomes difficult and requires trust in central authority
Solution Approach 1:
The patent extracts the update management function from a centralized authority and distributes it to multiple nodes in the blockchain network. Each node can independently participate in the update process by submitting update requests and voting on proposed changes, eliminating the need for a single trusted central entity while simplifying management through decentralized automation.
Solution Approach 2:
The smart contract update system operates autonomously through predefined rules and automated voting mechanisms. The smart contract itself manages its own update process by automatically evaluating update requests, conducting votes among nodes, and implementing approved changes without requiring manual intervention from a central authority, thereby reducing management complexity and trust requirements.
2Reliability
If centralized entity performs update operation after consensus, then update can be executed, but process is difficult to monitor and requires trust
Solution Approach 1:
The patent introduces a mediator smart contract that acts as an intermediary between update requesters and the blockchain network. This smart contract automatically monitors update requests, conducts voting processes, and executes approved updates according to predefined rules. The mediator enables transparent monitoring of the entire update process while maintaining system simplicity through automation, eliminating the need for complex centralized monitoring structures.
3Reliability
If decentralized voting process is implemented, then trust in central authority is reduced, but update process complexity increases
Solution Approach 1:
The voting process is automated through the mediator smart contract, which self-manages the entire voting workflow including collecting votes from nodes, calculating results according to predefined rules, and executing updates when thresholds are met. This automation reduces the perceived complexity for participants while maintaining decentralized reliability, as the system handles the computational complexity autonomously without requiring manual coordination among nodes.
Data Source
AI summary
Implementations of the present disclosure include receiving, by a contract updates management system, an update request indicating a change to a smart contract, the change being a proposed update to the smart contract, determining, by executing an updates smart contract within the contract updates management system, whether conditions are met for updating the smart contract to incorporate the change, the updates smart contract defining the conditions, and upon determining, by the contract updates management system, that the conditions are met, updating, by the contract updates management system, the smart contract, and recording the change to one or more blocks in a blockchain of a blockchain network.