Smart Contract Verification Program for Distributed Ledger Data Sharing
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Solution Overview
Problem
In distributed ledger environments, there is a need to verify the execution of smart contract transactions and notify relevant entities, ensuring secure and reliable recording of transaction data while allowing for the transmission of verified transaction information to third parties for analysis and valuation.
Innovation Solution
A system that executes a digital contract on a distributed ledger platform, storing a digital contract transaction verification program, which verifies the contract terms, records the execution, and transmits smart contract transaction data to a designated entity, including the use of a smart contract transaction verification program that directs data transmission via a specified API or URL, enabling secure and reliable data sharing.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If smart contract execution is automatically recorded on distributed ledger, then transparency and reliability of transaction recording is improved, but ability to share verified transaction data with third parties is limited
Solution Approach 1:
The patent introduces a smart contract transaction verification program as an intermediary component that sits between the distributed ledger recording mechanism and third-party data consumers. This verification program executes upon smart contract transaction execution, retrieves verified transaction data from the distributed ledger, and transmits it to designated third parties through specified interfaces (APIs or URLs). This mediator enables data sharing while maintaining the integrity and reliability of the original blockchain recording.
2Adaptability or versatility
If transaction data is made accessible to third parties for analysis, then commercial value and adaptability are improved, but data security and privacy protection may be compromised
Solution Approach 1:
The verification program acts as a secure intermediary that controls and manages data access. It selectively transmits only verified transaction data to authorized third parties through controlled interfaces, preventing unauthorized access while enabling legitimate data sharing for commercial purposes.
Solution Approach 2:
The system creates copies of verified transaction data from the immutable blockchain ledger and transmits these copies to third parties. The original data remains securely stored on the distributed ledger, while authorized entities receive replicated data for analysis, eliminating the need to expose the primary data source.
3Adaptability or versatility
If smart contract verification program transmits data to multiple designated entities, then data utility and commercial value are improved, but system complexity increases
Solution Approach 1:
The smart contract transaction verification program is designed as a universal, multi-functional component that can serve multiple designated entities simultaneously. It implements a standardized interface mechanism that handles data transmission to various third parties (advertisers, vendors, analytics platforms) through a single unified program, eliminating the need for separate verification systems for each entity.
Data Source
AI summary
Techniques for generating smart contract transaction data from a program embedded in the smart contract are disclosed. A distributed ledger system stores a smart contract specifying conditions of a transaction. Based on a user input to initiate the transaction, the system executes the smart contract transaction on the distributed ledger. A node executing the smart contract transaction executes the transaction verification program embedded within the smart contract. The transaction verification program includes instructions for transmitting the parameters of the transaction to a third party.