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Method for enabling off-chain and on-chain interactions for blockchain with trusted external sources

IP.com Disclosure Number: IPCOM000253448D
Publication Date: 2018-Mar-29
Document File: 2 page(s) / 103K

Publishing Venue

The IP.com Prior Art Database

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Method for Enabling Off-Chain and On-Chain Interactions for Blockchain with Trusted External Sources

Description

Disclosed is a method for enabling off-chain and on-chain interactions for blockchain with trusted external sources. The method disclosed herein solves a real-world business problem where a blockchain record needs to be exchanged in lieu of an off-chain asset or currency temporarily, for a specified period, and needs to be brought back to the public/permissioned network again. Consider a scenario wherein a customer wants to take a car for lease and plans to use the customer’s blockchain records for transacting with a car leasing company Instead of using currency/plastic money. The customer has multiple blockchain records in public or permissioned network, which can be used for such transactions. The following figure illustrates the flow chart of the method for enabling off-chain and on-chain interactions for blockchain with trusted external sources.

Figure

To start with, the customer uses one of the customer’s blockchain records for the transaction with the car leasing company which are in public or permissioned domain, for taking the car for lease. This is shown with blue color in the flowchart and with the id BC #1.

In accordance with the method disclosed herein, the car leasing company moves the blockchain out from the public/permissioned network onto a private network. This is shown in orange color in the flow chart and with the id BC #ABC. All further transac...