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Method and Apparatus to utilize Blockchain for Donation funding that aligns with donors pre-specified terms (SmartContract Donations)

IP.com Disclosure Number: IPCOM000253557D
Publication Date: 2018-Apr-11
Document File: 2 page(s) / 52K

Publishing Venue

The IP.com Prior Art Database

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Method and Apparatus to utilize Blockchain for Donation funding that aligns with donors pre-specified terms (SmartContract Donations)

Many breaches/dishonors happen in the field of donations/allowances such that the allowance/scholarship, which was designated for a certain type of recipient/specific recipients, is not fulfilled.

The novel solution is to use block chain SmartContracts such that the intended recipients are added at the beginning of the process and the system only allows a transaction to proceed if the recipient is already added.

Existing work discusses using a blockchain in its current state to find the misuse of donations through tracing the transactions to determine whether a promise was fulfilled. This provides the users an opportunity to react/respond only after the infringement has happened.

The new idea changes the way block chain smart contracts work by adding the designated vendor and optionally donation classification at the beginning of the process; therefore, the system does not allow a transaction to complete unless the recipient and/or classification match. Thus, with this solution, a system can deny the first breach of contract.

Figure: How this idea can be implemented in a donation funding application

101: Start of the blockchain workflow (the idea described herein) of the donation funding application

102: Donor selects the type of donation (e.g., toys, medicines, scholarship, etc.) Categories and vendors are pre-defined in the blockchain system...