Unknown Organization (20240265446). COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR BLOCKCHAIN-ENABLED DOCUMENTATION OF TRADE TRANSACTIONS simplified abstract
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COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR BLOCKCHAIN-ENABLED DOCUMENTATION OF TRADE TRANSACTIONS
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COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR BLOCKCHAIN-ENABLED DOCUMENTATION OF TRADE TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265446 titled 'COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR BLOCKCHAIN-ENABLED DOCUMENTATION OF TRADE TRANSACTIONS
The present invention offers a system for blockchain-enabled documentation of trade transactions in the agricultural sector.
- Buyer and seller devices, a processor, and a memory unit work together to execute transactions and store data securely.
- Transaction documents are received from devices, compiled, and watermarked with a unique acceptance code for authenticity.
- Unique hashes, such as Inspection Report Codes (IRC) or Commercial Invoice Codes (CIC), are generated for each document to act as distinct identifiers.
- These hashes, along with event types and timestamps, are recorded on the blockchain to ensure data immutability and transparency.
- Blockchain certificates are generated for each recorded event to confirm transaction completion and authenticity.
Potential Applications: - Streamlining trade transactions in the agricultural industry - Enhancing security and transparency in document management - Facilitating trust between buyers and sellers in global trade
Problems Solved: - Ensuring the authenticity and integrity of trade documents - Providing a secure and verifiable record-keeping system - Simplifying the process of documenting agricultural trade transactions
Benefits: - Increased trust and transparency in trade transactions - Reduced risk of fraud and disputes - Improved efficiency in document management and verification processes
Commercial Applications: Title: Blockchain-Enabled Agricultural Trade Documentation System This technology can be utilized by agricultural companies, importers/exporters, and trade organizations to streamline and secure their trade transactions. It can also be integrated into existing supply chain management systems to enhance transparency and trust among stakeholders.
Questions about Blockchain-Enabled Agricultural Trade Documentation System: 1. How does the system ensure the authenticity of trade documents? The system generates unique hashes and blockchain certificates for each document, providing a secure and verifiable record-keeping system.
2. What are the potential benefits of using blockchain technology in agricultural trade transactions? Using blockchain technology can increase trust, transparency, and efficiency in trade transactions, reducing the risk of fraud and disputes.
Original Abstract Submitted
embodiments of the present invention provide a system for blockchain-enabled documentation of trade transactions. the system includes buyer and seller devices for transaction execution, a processor, and a memory unit storing instructions. the system receives transaction documents from these devices, compiles them for each trade, and watermarks them with a unique acceptance code (uac). it generates a unique hash, either an inspection report code (irc) or a commercial invoice code (cic), for each document, acting as a distinct identifier. these hashes, alongside event types and timestamps, are recorded on the blockchain to ensure transaction data's immutability and transparency. additionally, the system generates a blockchain certificate for each recorded event, confirming transaction completion and authenticity. this setup leverages the blockchain's inherent properties to provide a secure, verifiable record-keeping system for agricultural trade documents.
