Validating transactions electronically using proof of reception validation protocol
View Patent ↗In an example method, a distributed transaction network includes a first computing node and a second computing node. The second computing node receives a data record from the first computing node, including an indication of a proposed transaction, an indication of a transaction value associated with the proposed transaction, and an indication of a smart contract associated with the proposed transaction. The second computing node validates the proposed transaction. Upon validating the proposed transaction, the second computing node receives the transaction value from the first computing node, and adds a transaction record to a distributed ledger of the distributed transaction network to indicate receipt of the transaction value from the first computing node.
1. A method comprising:
receiving, by a second computing node of a computerized distributed transaction network via a network connection, a data record from a first computing node of the computerized distributed transaction network, wherein the data record comprises:
an indication of a proposed transaction,
an indication of a transaction value associated with the proposed transaction, and
an indication of a smart contract associated with the proposed transaction, wherein the smart contract indicates one or more terms, and wherein the smart contract comprises a computer program configured to automatically execute an aspect of the proposed transaction in accordance with the one or more terms;
validating, by the second computing node, the proposed transaction according to a decentralized computerized validation protocol, wherein validating the proposed transaction according to the decentralized computerized validation protocol comprises:
determining that the first computing node is in possession of the transaction value, and
determining that the second computing node satisfies one or more requirements specified by the smart contract; and
upon validating the proposed transaction:
receiving, by the second computing node, the transaction value from the first computing node,
transmitting, by the second computing node, a second data record to the first computing node, wherein the second data record comprises an indication of a second transaction value in accordance with the smart contract,
determining, by the second computing node, that the first computing node validated the second transaction value,
responsive to determining that the first computing node validated the second transaction value, transmitting, by the second computing node, the second transaction value to the first computing node, and
adding, by the second computing node, a transaction record to a distributed ledger of the computerized distributed transaction network indicating receipt of the transaction value from the first computing node in accordance with the smart contract, wherein the distributed ledger is maintained on two or more computing nodes of the computerized distributed transaction network.
2. The method of claim 1 , wherein receiving the data record comprises: receiving the data record directly from the first computing node.
3. The method of claim 1 , wherein receiving the data record comprises: retrieving the data record from the distributed ledger.
4. The method of claim 1 , receiving the data record comprises: retrieving the data record from a database.
5. The method of claim 1 , wherein the distributed ledger is maintained in each of the computing nodes of the computerized distributed transaction network.
6. The method of claim 1 , wherein the distributed ledger comprises a blockchain.
7. The method of claim 1 , wherein the transaction record comprises a signature unique to the second computing node.
8. The method of claim 7 , wherein the signature comprises at least one of:
a cryptographic key, or
biometric information.
9. A system comprising:
one or more processors; and
one or more non-transitory computer readable media storing instructions that, when executed by the one or more processors, cause the one or more processors to perform the method of claim 1 .
10. One or more non-transitory computer readable media storing instructions that, when executed by one or more processors, cause the one or more processors to perform the method of claim 1 .
11. A method comprising:
receiving, by a second computing node of a computerized distributed transaction network via a network connection, a data record from a first computing node of the computerized distributed transaction network, wherein the data record comprises:
an indication of a proposed transaction,
an indication of a transaction value associated with the proposed transaction, and
an indication of a smart contract associated with the proposed transaction, wherein the smart contract comprises:
an indication of one or more terms, and
a computer program configured to automatically execute an aspect of the proposed transaction in accordance with the one or more terms;
validating, by the second computing node, the proposed transaction according to a decentralized computerized validation protocol, wherein validating the proposed transaction according to the decentralized computerized validation protocol comprises:
determining that the first computing node is in possession of the transaction value, and
determining that the second computing node satisfies one or more requirements specified by the smart contract; and
upon validating the proposed transaction:
receiving, by the second computing node, the transaction value from the first computing node,
transmitting a second data record to the first computing node, wherein the second data record comprises an indication of a second transaction value in accordance with the smart contract,
determining that the first computing node validated the second transaction value,
responsive to determining that the first computing node validated the second transaction value, transmitting the second transaction value to the first computing node, and
generating a transaction record indicating (i) receipt of the transaction value from the first computing node and (ii) transmission of the second transaction value to the first computing node.
12. The method of claim 11 , further comprising:
adding, by the second computing node, the transaction record to a distributed ledger of the computerized distributed transaction network, wherein the distributed ledger is maintained on two or more computing nodes of the computerized distributed transaction network.
13. The method of claim 12 , wherein the transaction record comprises a signature unique to the second computing node.
14. The method of claim 11 , further comprising:
adding, by the second computing node, the transaction record to a data store of the second computing node, wherein the data store is maintained locally on the second computing node.
15. The method of claim 14 , further comprising:
transmitting the transaction record to one or more additional nodes of the computerized distributed transaction network.
16. The method of claim 14 , wherein the transaction record comprises a signature unique to the second computing node.
17. The method of claim 11 , further comprising:
adding, by the first computing node, transaction record to a data store of the first computing node, wherein the data store is maintained locally on the first computing node.
18. The method of claim 17 , wherein the transaction record comprises a signature unique to the second computing node.
19. The method of claim 11 , further comprising:
adding, by the second computing node, the transaction record to a database, wherein the database is different from the first computing node and the second computing node.
20. The method of claim 19 , wherein the transaction record comprises a signature unique to the second computing node.
21. The method of claim 11 , wherein receiving the data record comprises:
receiving the data record directly from the first computing node.
22. The method of claim 11 , wherein receiving the data record comprises:
retrieving the data record from a distributed ledger.
23. The method of claim 11 , receiving the data record comprises:
retrieving the data record from a database.
24. The method of claim 11 , wherein smart contract comprises:
an indication of the transaction value,
an indication of a second transaction value, and
wherein the computer program is configured to cause:
the first computing node to automatically provide the transaction value to the second computing node, and
the second computing node to automatically provide the second transaction value to the first computing node.
25. The method of claim 24 , wherein the program, when executed, causes:
the first computing node to automatically provide the transaction value to the second computing node simultaneously with the second computing node automatically providing the second transaction value to the first computing node.
26. The method of claim 11 , wherein the computerized distributed transaction network comprises a plurality of computing nodes including the first computing node and the second computing node, and
wherein at least one of the computing nodes comprises:
a computer device,
a mobile device, or
a wearable device.
27. The method of claim 11 , wherein the smart contract comprises:
an indication of one or more criteria for receiving the transaction value.
28. The method of claim 27 , wherein the one or more criteria pertains to a characteristic of a user associated with the second computing node.
29. The method of claim 11 , wherein receiving the transaction value comprises at least one of:
receiving funds from a financial account associated with the first computing node, or
receiving one or more electronic tokens from the first computing node.
30. The method of claim 11 , wherein the transaction value comprises an amount of cryptocurrency.
31. The method of claim 11 , wherein the transaction value comprises physical property.
32. The method of claim 11 , wherein the transaction value comprises a performance of a service.
33. The method of claim 11 , wherein the transaction value comprises one or more non-fungible tokens.
34. The method of claim 11 , wherein the transaction value comprises network resources associated with one or more satellites.
35. The method of claim 11 , wherein the transaction value comprises network resources associated with one or more terrestrial networks.
36. The method of claim 11 , wherein the transaction value comprises network resources associated with at least one of a Vehicle-to-Vehicle (V2V) or Mobile-to-Mobile (M2M) network.
37. The method of claim 11 , wherein the transaction value comprises a performance of an industrial operation.
38. The method of claim 11 , wherein the transaction value comprises media content.
39. The method of claim 38 , wherein the media content comprises at least one of:
video content,
audio content,
text content,
video game content,
virtual reality content, or
augmented reality content.
40. The method of claim 11 , wherein the transaction value comprises a government service.
41. The method of claim 11 , wherein the transaction value comprises a delivery of goods in a supply chain.
42. The method of claim 11 , wherein the transaction value comprises medical information regarding a patient.
43. The method of claim 11 , wherein the proposed transaction is validated based on data received from a first computer system different from the computerized distributed transaction network.
44. The method of claim 43 , wherein the data is received from the first computer system via a second computer system providing an application programming interface (API).
45. The method of claim 11 , further comprising:
preventing, by the second computing node, the first computing node from transferring the transaction value to one or more other computing nodes prior to the receipt of the transaction value by the second computing node.
46. The method of claim 11 , wherein preventing the first computing node from transferring the transaction value to one or more other computing nodes prior to the receipt of the transaction value by the second computing node comprises:
causing the transaction value to be transmitted to an entity that is independent from the first computing node and the second computing node.
47. The method of claim 11 , further comprising:
preventing, by the second computing node, the first computing node from initiating transactions with one or more other computing nodes prior to the receipt of the transaction value by the second computing node.
48. The method of claim 11 , further comprising:
preventing, by the second computing node, the first computing node from conducting transactions with one or more other computing nodes prior to validation of the proposed transaction by the second computing node.
49. A system comprising:
one or more processors; and
one or more non-transitory computer readable media storing instructions that, when executed by the one or more processors, cause the one or more processors to perform the method of claim 11 .
50. One or more non-transitory computer readable media storing instructions that, when executed by one or more processors, cause the one or more processors to perform the method of claim 11 .