Real-Time Virtual Draft System for Blockchain Transaction Authorization
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional block-chain ledger architectures experience significant delays in transaction processing, which is unsuitable for retail and real-time delivery scenarios, hindering the adoption of digital currencies in settings requiring immediate payment and delivery.
Innovation Solution
A system and method that includes a central authority for real-time authorization of digital asset transactions, allowing immediate completion of transactions by comparing the transaction value to the total account value, and providing authorization without waiting for confirmation from the distributed ledger, with the option to use alternative payment sources.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If proof-of-work is performed to generate blocks in a distributed ledger, then transaction validation reliability is improved, but transaction processing time increases significantly
Solution Approach 1:
The patent segments the transaction validation process into two distinct parts: (1) real-time authorization by a central authority that provides immediate validation, and (2) asynchronous confirmation by the distributed ledger that provides security. This segmentation allows the system to achieve both fast processing and high reliability without requiring one to wait for the other.
Solution Approach 2:
The patent introduces a central authority as an intermediary between the user and the distributed ledger. This intermediary performs real-time authorization of transactions, providing immediate validation without requiring waiting for the slow proof-of-work process. The central authority acts as a mediator that bridges the gap between the need for speed and the need for security.
2Reliability
If draft selection and generation are performed to complete payment requests, then transaction authorization reliability is improved, but transaction completion time increases due to additional verification requirements
Solution Approach 1:
The patent performs draft selection and account verification in advance, before the actual transaction needs to be processed. By pre-identifying valid payment drafts and verifying account balances beforehand, the system eliminates the need to perform these time-consuming operations at the moment of transaction completion, thus achieving both reliability and speed.
Data Source
AI summary
An apparatus for use in a digital asset tracking system includes a storage device and a processor coupled to the storage device. The storage device stores software instructions for controlling the processor that when executed by the processor configure the processor to receive a signal representing a request comprising a first transfer from a first digital container associated with a first client to a second digital container associated with a second client. A value of the first transfer is compared to a total value in one or more accounts associated with the first client. At least one of the one or more accounts associated with the first client has a value in a first currency. A first draft is generated from a first account to an account associated with the second client. The first draft comprises a value in a second currency equivalent to the value of the first transfer.