CA3005560A1 - Method and system for smart-contract controlled and event-driven financial planning on a blockchain - Google Patents

Method and system for smart-contract controlled and event-driven financial planning on a blockchain Download PDF

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Publication number
CA3005560A1
CA3005560A1 CA3005560A CA3005560A CA3005560A1 CA 3005560 A1 CA3005560 A1 CA 3005560A1 CA 3005560 A CA3005560 A CA 3005560A CA 3005560 A CA3005560 A CA 3005560A CA 3005560 A1 CA3005560 A1 CA 3005560A1
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Prior art keywords
contract
smart
assets
data
mining
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CA3005560A
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French (fr)
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Damir Olejar
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Individual
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Individual
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Priority to CA3005560A priority Critical patent/CA3005560A1/en
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    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/04Payment circuits
    • G06Q20/06Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
    • G06Q20/065Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme using e-cash
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/30Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/36Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/38Payment protocols; Details thereof
    • G06Q20/40Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G06Q20/405Establishing or using transaction specific rules

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Engineering & Computer Science (AREA)
  • Physics & Mathematics (AREA)
  • Strategic Management (AREA)
  • Finance (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Computer Networks & Wireless Communication (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Computer Security & Cryptography (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

Smart contract is used to identify an intention and a purpose of withdrawal attempts. When the intention and a purpose is a positive match, the assets are transferred. While the assets are locked under a smart-contract, the mining entity awards the locked assets by distributing the mined earnings. This also offers a possibility to increase the mining power by earning and locking the assets in a loop. By locking the assets and distributing the mined earnings, value of the currency is stabilized and increased. Therefore, this invention represents a system and a method for a crypto-currency to mine for people instead expecting the people to mine for the crypto-currency.

Description

Background of the Invention The invention relates to a smart-contract regulated currency. The smart-contract is used as the means to identify an intention and purpose of a withdrawal. Furthermore, once under a smart-contract, the amount of finances on an account is directly proportional to mining power to earn other currencies. By earning other currencies, although locked by smart-contract, the account still has a value that can be used for accumulating more mining power or for selling the earnings.
The invention represents a step forward in the crypto-mining industry. The crypto mining has a history beginning from the CPU mining going onto: GPU mining, pool mining, and mining as a large body of connected mining hardware. During the evolution of crypto-currencies, mining has become an expensive and an obsolete task for any individual who is limited by the finances. This invention can be used to by people who are interested in mining but cannot afford to meet the Electricity and Hardware costs. Furthermore, it can represent a breaking-point in the crypto-mining industry where technical aspects of the crypto-mining are being separated from the usability, and therefore solve some of the current usability issues associated with the block-chain industry.
This invention can be applied under circumstances which require the event-driven withdrawals. For example, it can be used as the social media method for individuals to invest into crypto-currency while having well-defined goals and intentions. Meeting the Health Care demands and costs could also be addressed as an event-driven circumstance. In other words, under the smart-contract, withdrawals can be made only to meet the high-costs of the Health Care.
Smart-contract represents only an interface between the entities that either offer the data for analysis or analyze the goals and intentions of a withdrawal attempt. Furthermore, smart-contract can be adjusted to control an amount of currency that can be withdrawn. Under the frame of this invention, smart-contract is to be used primarily as the means to classify and control the withdrawal attempts, and to distribute the earnings done by the crypto-mining. Therefore, smart-contract must have a front-end user interface, enabling the individuals to define how to distribute their earnings. Per user case, each smart-contract could be different, while the original purpose of a function of all smart-contract would remain the same.
Description of Prior Art The patent number CA 2994673 is a patent which describes a system that aggregates the health-care data into a global graph-theoretic topology with the ability to search and process the data using the peer-to-peer architecture. Difference between CA 2994673 and this invention is that CA 2994673 can be interfaced as an extension to this invention's presentation layer. This invention does not propose any data-collecting capabilities or procedures. Instead, it accesses networks such as the network proposed by CA 2994673, only to confirm whether user's data exists on the network, and therefore decide whether withdrawal intentions are a positive match. Decision process is done either by requesting the third-party to analyze data, or by obtaining the data for analysis. Withdrawal decision is based on the results of analysis. Furthermore, this invention can offer an interface for user to upload their data to third-party networks such as the network proposed by CA 2994673.

U520150332283A1 is a patent which proposes a transaction validation system.
The proposed block-chain could consist of the medical data associated to user's withdrawal history. Furthermore, history can be accessed to validate the further transactions. Since this invention does not store any information about the user, it must rely on third-party solutions. Such third-party solutions could also be US20180060496A1, W02018037148A1, CN106682530A, and W02017176093A1. The purpose of this invention's smart-contract is only to confirm the identity and a reason for withdrawal or an intention of an end-user.
Main difference between this invention and CA 2992947 is that this invention represents a system which offers a share of the mining power, rather than requiring the end-user to mine for the currency in question. Instead, this invention represents a currency that mines for the users. While CA 2992947 is asking the end-user to contribute their hardware for the mining-power, this invention provides hardware and the mining power to users which have deposited and locked the crypto-currency withdrawals under the smart-contract. This is similar to the block-producers employed by the EOS
crypto-currency. However, block-producers are confined only to updating the ledgers of one currency, do not necessarily respect any smart-contract and are not required to share their earnings.
Furthermore, this invention represents a layer that can be integrated onto such system, and independently do the mining of multiple crypto-currencies, while using the service of the block-producers as the underlying platform for executing the smart-contracts.
Furthermore, this invention can also act as a block-producers on multiple chains, while the smart-contracts are processed by other block-producers of those chains. This is how all block-producers of any chain can be united interfacing with this invention.
Summary of Invention There are different scenarios that this invention addresses. First scenario is user locking their assets with the smart-contract. Second scenario is user withdrawing their currency under or without a smart-contract. Third scenario is mining entity distributing earned currencies to end-users under the smart-contract. Therefore, we can represent smart-contract as the Object-Oriented entity which has multiple methods to address each possible scenario.
While user is locking their assets, a programmable smart contract must be automatically generated.
Regardless the smart-contract, user can provide their data to third-party blockchains or the trusted databases any data that may be necessary to unlock the withdrawals in the future. The user interface for submitting the data to third-party solutions can be established. Although withdrawals may be locked under a smart-contract, user may re-program the smart-contract to mine any cryptocurrencies they wish, by providing the end-point crypto-currency address. Furthermore, a service which automatically transfers the earnings into this invention's currency and locking it again to increase the mining power, can be implemented. As the regulated smart-contract withdrawals offer the stability, this kind of a loop can offer the increasing value of this invention's blockchain. Since the mining power is always finite, it may be required for the community to vote which crypto currencies are to be mined. Furthermore, locking the assets can be accomplished either by transferring assets to a locked account, or by programming the locked amount into a smart-contract. Nevertheless, a ledger for securing all smart-contracts from tampering may be required; or another invention can be patented to offer a better and a secure solution.

Any assets that are not locked by the smart-contract, although free to be transferred or exchanged, are not used for distributing any earnings that were earned by the mining entity.
To unlock their assets and do the transfer to any other account, the end-user may need to provide data such as ID, Health Care bills, price estimates, and etcetera. The purpose of the smart-contract is to use the submitted data, connect with the third-party solutions such as blockchains that keep (for example) the medical records, retrieve previous data and classify it as a positive or a negative match. If match is negative, user should be notified provided a reason and the additional action that they can take. If the match is positive, transaction is made. To avoid the necessity for the human intervention, the matching algorithm must be as simple as possible.
When mining entity earns the certain amount of assets, it must access each smart-contract to calculate how much to distribute and to which end-point accounts. This means that when the smart-contract is generated, the smart-contract address must be kept as active, and when the assets are unlocked, the address must be deactivated. This kind of a procedure may require a ledger or a third-party solution that serves as a dynamic database. Furthermore, if user's account is activated but for some reason there is either a transfer error or the end-point wallet address is not provided, a separate smart-contract is generated allowing the user to provide their end-point wallet address, while storing the earnings in a temporary wallet.
Brief Description of the Drawings:
Drawing 1 represents the case when the user wants to withdraw their assets.
Drawing 2 represents the case when the mining entity is distributing the earnings.
Drawing 3 represents the case when the user wants to lock their assets under a smart-contract.
Description of the preferred implementation This invention is to be used by anyone who wishes to employ the mechanism described in the drawings, focusing only on the specific events, and controlling the withdrawal behaviour to prevent the volatility of the assets. Furthermore, it is to be used as the means for increasing the value to their block-chain assets by mining other cryptocurrencies. Therefore, this invention is to be used only under the circumstances when the mining can be done to distribute the earnings to end-users.
Since it is an event-driven method, only events which cannot be easily correlated or predicted should be considered. Otherwise, the events should be considered with a great caution.
Simple examples of events that should be approached with a caution are: purchasing eggs just before the Easter, withdrawing the assets during the first quarter of the fiscal year, withdrawing the funds in correlation to any other currency, and etcetera. These kinds of events and behaviours may bring the instability and volatility to assets. Simple examples of events that this invention should be used with are:
withdrawing the assets at a certain age, individual Health Care demands, a Natural Disaster Recovery, refinancing after low annual farming yields, losing a job, and etcetera. Therefore, this invention is to be treated as a dependent variable, while the independent variables should be assessed for the possible risk.

It is possible to use the locking and unlocking mechanism without the mining component. However, the mining is a necessary component to increase the value of the blockchain and to enable the end-users to have the liquidity of their assets' values while their assets are locked and secured. This practice can also avoid any fraudulent activities such as document forgery to withdraw the assets, since assets will be withdrawn only when it is necessary to make such a transaction.
To increase the usability, smart-contract generating must be automated, with an easy-to-understand front-end interface. Furthermore, the end-user must be able to present any new data to a third-party chains or databases, at any-time, with an easy-to-understand online form. This way, users will increase the possibility for unlocking their assets. While locking the assets, the end-user must undergo several confirmations, making sure that their identity and a decision is right.
Furthermore, while unlocking the assets, document classification algorithms must be as simple as possible, to prevent the false positives and false negatives. Should the unlocking fail, the end-user must be notified and instructed about the next steps they must take to solve the transaction issue.
This invention can be implemented on any block-chain that processes smart-contracts. Furthermore, given the mining-power, this invention can aid the block-producers or act as a block-producer while distributing the block-producing earnings back to the community.

Claims (13)

1. Generated smart-contract to identify an intention and a purpose of a withdrawal.
2. Smart-contract locks the transfer of assets.
3. Smart-contract unlocks the transfer of assets when data yields a positive as in claim 5.
4. Mining entity awards the locked assets as in claim 2 with mined crypto-currencies.
5. An interface to data collections to either analyze data or obtain data analysis.
6. Automated contract generator for an improved usability.
7. Generated contract for a temporary storage due to transaction errors or missing end-point address.
8. Data classifier for unlocking the assets as in claim 2.
9. User interface for submitting data to third party databases.
10. User interface for obtaining the data from a third party blockchains or databases.
11. Notification method for notifying the end-user about the withdrawal failure and necessary actions.
12. Interface to block-producers for a smart-contract processing as in claims 2,3,4, and 5.
13. Interface to offer hardware power to multiple block-producers and as a single block-producer.
CA3005560A 2018-05-22 2018-05-22 Method and system for smart-contract controlled and event-driven financial planning on a blockchain Abandoned CA3005560A1 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
CA3005560A CA3005560A1 (en) 2018-05-22 2018-05-22 Method and system for smart-contract controlled and event-driven financial planning on a blockchain

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Application Number Priority Date Filing Date Title
CA3005560A CA3005560A1 (en) 2018-05-22 2018-05-22 Method and system for smart-contract controlled and event-driven financial planning on a blockchain

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CA3005560A1 true CA3005560A1 (en) 2019-11-22

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Cited By (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN111079161A (en) * 2019-12-12 2020-04-28 山西云海智化大数据科技有限公司 Trusted data exchange method based on block chain technology
CN111522829A (en) * 2020-04-14 2020-08-11 深圳市启迪网络科技有限公司 Method for realizing distributed lock on block chain
CN117077003A (en) * 2023-08-16 2023-11-17 中国船舶集团有限公司第七〇九研究所 Distributed target intention recognition method and system

Cited By (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN111079161A (en) * 2019-12-12 2020-04-28 山西云海智化大数据科技有限公司 Trusted data exchange method based on block chain technology
CN111522829A (en) * 2020-04-14 2020-08-11 深圳市启迪网络科技有限公司 Method for realizing distributed lock on block chain
CN111522829B (en) * 2020-04-14 2023-11-28 深圳市启迪网络科技有限公司 Method for realizing distributed lock on block chain
CN117077003A (en) * 2023-08-16 2023-11-17 中国船舶集团有限公司第七〇九研究所 Distributed target intention recognition method and system
CN117077003B (en) * 2023-08-16 2024-04-23 中国船舶集团有限公司第七〇九研究所 Distributed target intention recognition method and system

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Effective date: 20200831