Trade Processing Program Time Verification in Distributed Ledgers
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Solution Overview
Problem
In blockchain-based financial systems, executing trades at designated times is challenging due to reliance on trusted time data, which can be vulnerable to manipulation and synchronization issues among nodes, leading to potential execution at incorrect times.
Innovation Solution
A trade processing program that manages a distributed ledger for financial assets, where each node verifies and authorizes transactions based on a request from the transfer source account, ensuring that trades are executed only at or after the designated time by verifying the transfer time with other nodes, thus preventing execution at incorrect times.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Extent of automation
If nodes asynchronously execute processes in a blockchain system, then automation and liquidity improvement are achieved, but time-specific trade execution becomes difficult
Solution Approach 1:
The system performs preliminary actions by having nodes register authorization transactions in advance with designated transfer times. These authorization transactions are prepared and stored before execution, allowing nodes to asynchronously maintain the ledger while ensuring time-specific trades can be executed reliably when their designated time arrives.
Solution Approach 2:
The system implements feedback mechanisms where nodes verify authorization transactions by checking whether the current management time has reached the designated transfer time. This feedback loop ensures that even in an asynchronous environment, time-specific trades are executed at the correct moment through continuous time comparison and verification.
2Ease of operation
If nodes use trusted time data for trade execution, then trade processing is simplified, but vulnerability to time manipulation increases
Solution Approach 1:
The system introduces an intermediary verification mechanism where nodes do not directly trust their own time data for trade execution. Instead, they use authorization transactions as intermediaries that contain designated transfer times, and verify these times against the current management time through a standardized comparison process. This intermediary layer protects against time manipulation while maintaining simple trade processing.
Solution Approach 2:
The system creates copies of time information in authorization transactions that are registered in the distributed ledger. These copied time data serve as trusted references that all nodes can verify, replacing the need for nodes to directly trust their local time data. The authorization transactions act as replicated time references that prevent manipulation.
3Measurement precision
If nodes verify authorization transactions with other nodes, then trade execution accuracy is improved, but system complexity increases
Solution Approach 1:
The system implements homogeneous verification processes where all nodes use the same verification logic and time comparison method. Each node registers authorization transactions with identical time field structures and verifies them using the same management time comparison approach. This homogeneity simplifies the verification process despite involving multiple nodes, as the same standardized procedure is applied universally.
Data Source
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AI summary
A trade processing program causes a computer of each of nodes manage a distributed ledger related to a financial asset to execute a process including registering, in the distributed ledger, authorization transactions, the authorization transactions each including a transfer source account, a transfer destination account, a transfer amount of the financial asset, and a transfer time of the financial asset, and the authorization transactions each authorizing transfer of the financial asset based on a request from the transfer source account of the financial asset, for an authorization transaction out of the registered authorization transactions for which a self node manages the transfer destination account, requesting a first other node to verify the authorization transaction after a management time managed by the self node has reached a transfer time included in the authorization transaction, and issuing a request transaction that requests transfer of a financial asset related to the authorization transaction based on a result of the verification performed by the first other node, and returning, in a case where a request for verification of the authorization transaction is accepted from a second other node, to the second other node a result of the verification of whether the transfer time included in the authorization transaction is later than the management time.