DATABASE TRANSACTION COMPLIANCE

An example operation may include one or more of receiving, by a blockchain node, a request to transfer an asset, generating a blockchain transaction, obtaining one or more rules from a smart contract corresponding to a smart contract identifier, and comparing one or more parameters to the one or more rules to obtain a risk level. In response to the risk level being greater than a threshold, the example operation includes not executing the blockchain transaction. In response to the risk level not being greater than the threshold, the example operation includes executing the transaction. The request includes the smart contract identifier and the one or more parameters. The asset includes one of a trade item or a service to be performed. The blockchain transaction includes the smart contract identifier and the one or more parameters.

TECHNICAL FIELD

This application generally relates to a database storage system, and more particularly, to database transaction compliance.

BACKGROUND

A centralized database stores and maintains data in one single database (e.g., database server) at one location. This location is often a central computer, for example, a desktop central processing unit (CPU), a server CPU, or a mainframe computer. Information stored on a centralized database is typically accessible from multiple different points. Multiple users or client workstations can work simultaneously on the centralized database, for example, based on a client/server configuration. A centralized database is easy to manage, maintain, and control, especially for purposes of security because of its single location. Within a centralized database, data redundancy is minimized as a single storing place of all data also implies that a given set of data only has one primary record.

However, a centralized database suffers from significant drawbacks. For example, a centralized database has a single point of failure. In particular, if there are no fault-tolerance considerations and a hardware failure occurs (for example a hardware, firmware, and/or a software failure), all data within the database is lost and work of all users is interrupted. In addition, centralized databases are highly dependent on network connectivity. As a result, the slower the connection, the amount of time needed for each database access is increased. Another drawback is the occurrence of bottlenecks when a centralized database experiences high traffic due to a single location. Furthermore, a centralized database provides limited access to data because only one copy of the data is maintained by the database. As a result, multiple devices cannot access the same piece of data at the same time without creating significant problems or risk overwriting stored data. Furthermore, because a database storage system has minimal to no data redundancy, data that is unexpectedly lost is very difficult to retrieve other than through manual operation from back-up storage.

Conventionally, a centralized database is limited by an inability to maintain transaction compliance with smart contracts. As such, what is needed is a solution to overcome these significant drawbacks.

SUMMARY

One example embodiment provides a system that includes a blockchain network, which includes first and second blockchain nodes. The first blockchain node is configured to receive a request to transfer an asset, and generate a blockchain transaction including a smart contract identifier and one or more parameters. The second blockchain node is configured to obtain one or more rules from a smart contract that corresponds to the smart contract identifier and compare the one or more parameters to the one or more rules to obtain a risk level. In response to the risk level is greater than a threshold, the second blockchain node is configured to not execute the blockchain transaction. In response to the risk level is not greater than the threshold, the second blockchain node is configured to execute the transaction. The request includes the smart contract identifier and the one or more parameters. The asset includes one of a trade item or a service to be performed.

Another example embodiment provides a method that includes one or more of receiving, by a blockchain node, a request to transfer an asset, generating a blockchain transaction, obtaining one or more rules from a smart contract corresponding to a smart contract identifier, and comparing one or more parameters to the one or more rules to obtain a risk level. In response to the risk level being greater than a threshold, the example operation includes not executing the blockchain transaction. In response to the risk level not being greater than the threshold, the example operation includes executing the transaction. The request includes the smart contract identifier and the one or more parameters. The asset includes one of a trade item or a service to be performed. The blockchain transaction includes the smart contract identifier and the one or more parameters.

A further example embodiment provides a non-transitory computer readable medium including instructions, that when read by a processor, cause the processor to perform one or more of receiving, by a blockchain node, a request to transfer an asset, generating a blockchain transaction, obtaining one or more rules from a smart contract corresponding to a smart contract identifier, and comparing one or more parameters to the one or more rules to obtain a risk level. In response to the risk level being greater than a threshold, the example operation includes not executing the blockchain transaction. In response to the risk level not being greater than the threshold, the example operation includes executing the transaction. The request includes the smart contract identifier and the one or more parameters. The asset includes one of a trade item or a service to be performed. The blockchain transaction includes the smart contract identifier and the one or more parameters.

DETAILED DESCRIPTION

A decentralized database is a distributed storage system which includes multiple nodes that communicate with each other. A blockchain is an example of a decentralized database which includes an append-only immutable data structure resembling a distributed ledger capable of maintaining records between mutually untrusted parties. The untrusted parties are referred to herein as peers or peer nodes. Each peer maintains a copy of the database records and no single peer can modify the database records without a consensus being reached among the distributed peers. For example, the peers may execute a consensus protocol to validate blockchain storage transactions, group the storage transactions into blocks, and build a hash chain over the blocks. This process forms the ledger by ordering the storage transactions, as is necessary, for consistency. In a public or permission-less blockchain, anyone can participate without a specific identity. Public blockchains often involve native cryptocurrency and use consensus based on various protocols such as Proof of Work (PoW). On the other hand, a permissioned blockchain database provides a system which can secure inter-actions among a group of entities which share a common goal but which do not fully trust one another, such as businesses that exchange funds, goods, information, and the like.

A blockchain operates arbitrary, programmable logic, tailored to a decentralized storage scheme and referred to as “smart contracts” or “chaincodes.” In some cases, specialized chaincodes may exist for management functions and parameters which are referred to as system chaincode. Smart contracts are trusted distributed applications which leverage tamper-proof properties of the blockchain database and an underlying agreement between nodes which is referred to as an endorsement or endorsement policy. In general, blockchain transactions typically must be “endorsed” before being committed to the blockchain while transactions which are not endorsed are disregarded. A typical endorsement policy allows chaincode to specify endorsers for a transaction in the form of a set of peer nodes that are necessary for endorsement. When a client sends the transaction to the peers specified in the endorsement policy, the transaction is executed to validate the transaction. After validation, the transactions enter an ordering phase in which a consensus protocol is used to produce an ordered sequence of endorsed transactions grouped into blocks.

Nodes are the communication entities of the blockchain system. A “node” may perform a logical function in the sense that multiple nodes of different types can run on the same physical server. Nodes are grouped in trust domains and are associated with logical entities that control them in various ways. Nodes may include different types, such as a client or submitting-client node which submits a transaction-invocation to an endorser (e.g., peer), and broadcasts transaction-proposals to an ordering service (e.g., ordering node). Another type of node is a peer node which can receive client submitted transactions, commit the transactions and maintain a state and a copy of the ledger of blockchain transactions. Peers can also have the role of an endorser, although it is not a requirement. An ordering-service-node or orderer is a node running the communication service for all nodes, and which implements a delivery guarantee, such as a broadcast to each of the peer nodes in the system when committing transactions and modifying a world state of the blockchain, which is another name for the initial blockchain transaction which normally includes control and setup information.

A chain is a transaction log which is structured as hash-linked blocks, and each block contains a sequence of N transactions where N is equal to or greater than one. The block header includes a hash of the block's transactions, as well as a hash of the prior block's header. In this way, all transactions on the ledger may be sequenced and cryptographically linked together. Accordingly, it is not possible to tamper with the ledger data without breaking the hash links. A hash of a most recently added blockchain block represents every transaction on the chain that has come before it, making it possible to ensure that all peer nodes are in a consistent and trusted state. The chain may be stored on a peer node file system (i.e., local, attached storage, cloud, etc.), efficiently supporting the append-only nature of the blockchain workload.

The current state of the immutable ledger represents the latest values for all keys that are included in the chain transaction log. Because the current state represents the latest key values known to a channel, it is sometimes referred to as a world state. Chaincode invocations execute transactions against the current state data of the ledger. To make these chaincode interactions efficient, the latest values of the keys may be stored in a state database. The state database may be simply an indexed view into the chain's transaction log, it can therefore be regenerated from the chain at any time. The state database may automatically be recovered (or generated if needed) upon peer node startup, and before transactions are accepted.

Some benefits of the instant solutions described and depicted herein include creating, facilitating and managing norms/compliant transactions associated with the transfer of an asset via smart contracts and blockchain technology, where the smart contracts may in some embodiments be driven from specific norms. The instant solutions include a means for monitoring transactions that use smart contracts, a means for determining that a risk or concern level of the asset transactions are non compliant with a set of first rules with a confidence-level L, and, based on detected risk or concern, a system may take an amelioration action (e.g., providing a graphical indication of one or more dimensions of risk on a smart phone, preventing a transaction, a requiring of a specific approval, automatic forcing/suggesting of an online attempted transaction to a compliant online or in-store asset transaction, triggering an automated virtual reality (VR) session to explain/educate with respect to possible concerns, providing a tactile indication of one or more dimensions of risk such as a using a vibration on a smart phone, etc).

Blockchain is different from a traditional database in that blockchain is not a central storage but rather a decentralized, immutable, and secure storage, where nodes must share in changes to records in the storage. Some properties that are inherent in blockchain and which help implement the blockchain include, but are not limited to, an immutable ledger, smart contracts, security, privacy, decentralization, consensus, endorsement, accessibility, and the like, which are further described herein. According to various aspects, the creating, facilitating and managing norms/compliant asset transactions via smart contracts and blockchain technology is implemented due to immutability/accountability, smart contracts, security, decentralized/distributed transactions, consensus, endorsement, and accessibility, which are inherent and unique to blockchain. In particular, with respect to immutability/accountability, the present application creates a permanent and unbreakable link between a building identifier, a sensor identifier, service records related to a sensor and a problem (e.g., sensor software, hardware, connectivity, or service) and the sensor itself. That link—the record of “ownership”—can be forever verified and tracked.

With respect to smart contracts, various smart contracts may be generated from various rules and conditions that govern how to process, manage, and store transactions. In the context of this invention, when applicable, some of these contracts (rules and conditions) are translated/encoded as smart contracts (programmed as chaincodes). Some other contracts may be translated/encoded as simple control logic implemented outside of blockchain (e.g., in client applications).

One of the benefits of the example embodiments is that it improves the functionality of a computing system by enabling an automated means for creating asset transfer contracts and computing/monitoring the transactions and financial contracts for risk of non-compliance. This approach allows risk to be detected prior to execution and continuously store this enabling a more robust way to identify non-compliance and enable a trusted and verified data point for the transaction, transaction history, and compliance of stakeholders.

Through the blockchain system described herein, a computing system can perform auditability and transparency functions. Specifically, it would be difficult to establish a digital and verifiable trust among stakeholders involved in a given transaction in a decentralized/distributed manner. Moreover, the features of smart contracts would require the blockchain technology and smart contract to fully express the business rules.

The example embodiments provide numerous benefits over a traditional database. For example, through the blockchain the embodiments provide creating, facilitating, and managing compliant asset transactions via smart contracts and blockchain technology.

Meanwhile, if a traditional database were used to implement the example embodiments, the example embodiments would suffer from unnecessary drawbacks such as an inability to assess risks associated with asset transactions and either eliminate, delay, or ameliorate the transaction if the risks remain unaddressed. Accordingly, the example embodiments provide for a specific solution to a problem in the arts/field of blockchain transaction qualification. The present application creates a functional improvement by enabling asset-related contracts via blockchains, and alters through time or assessment of risks relating to compliance, a series of blocks. The rate of addition to the blockchain may be increased if risk or a concern level is judged to be high (e.g., to have a more granular record when deemed useful), and the content added to the block may change based on risk level and other factors. This allows improved detection of compliance and monitoring transactions associated with asset-related contracts and determining or predicting risk or concern level.

The example embodiments also change how data may be stored within a block structure of the blockchain. For example, amelioration action data may be stored within new data blocks. By storing risk scores and dimensions of the transactions, amelioration steps taken and content presented, and type of content provided (e.g. video, text, etc.) within data blocks of a blockchain, the amelioration action data may be appended to an immutable ledger through a hash-linked chain of blocks. The stored data may also include contextual Factors, such as location(s) of transactions, one or more compliance levels, and a user cohort or association that a user involved with the asset transaction may be part of.

Examples herein describe use cases with respect to various requests and transactions, but it should be understood the present application applies to any such environment or situation, which may include concerns relevant to tradition, heritage, ethical principles, environmental stewardship, and/or customs concerning food source, food transport, and food preparation.

To summarize, the business challenges associated with banking include high operational costs for asset financing and lending, suboptimal contract decisions, and a lack of personalized/customized financial offerings to suit customer profiles. The present invention reduces these challenges by identifying the right smart contract, terms, conditions, costs, and fees (individuals and businesses have different contexts which might make one contract better suited than another), uses historic performance of past contract and loans for individuals and businesses we can create a more optimized process, helps the banks select better financing option, simulates the effects on its balance sheet and P&L, provides an easy-to-use interface for a user that relates to dimensions of risk, feedback, education, and more.

Note that aspects of banking and finance revolve around requirements such as avoidance of prohibitions and ensuring that the contracts have all their essential elements with their necessary conditions. Financial contracts are based on analyzing the need for financing request of an individual or a retail or business customer. The method may dynamically determine an appropriate contract to use from a plurality of smart contracts, the terms of the contract for the given financial product from a financing request, and trade-off risk/reward. The system may use various configurations of contracts for requested financial products, and the configurations may be based on user-specified constraints and context specifications. In one embodiment, the system may dynamically configure parameters of a contract such as a duration or a ratio of risk sharing etc. In some sense, the system may learn what contract configurations to apply or compose for an individual or business, including analyzing characteristics or properties of the requested contract by analyzing the historical configurations of similar contracts and analyzing context information (e.g., including a location the contract is to be used at) using one or more trained machine learning models (e.g., using Decision Trees, Adaboost, Support Vector Machines, etc.).

The system and method for financial contracts creation may use various objective or optimization algorithms based on user cohort and context so as to personalize/customize the financial offerings to intend uses. In fact, over time the system may curate the contract data as well as related performance and use this source to learn and recommend contracts that have lower risk based on optimization considerations.

The system and method may be configured to monitor and collect transactions associated with generated financial contracts for the financial requests. The monitoring and collecting of transactions associated with the generated financial contract may be performed on a plurality of devices, such as on cross-vender ecommerce platforms, Point of Sale (POS) devices, cross-vendor payment systems/devices (e.g. mobile money such as MPESA), or in-vehicle sensory devices, etc.

In other embodiments, the present application discloses a method of trans-vendor monitoring or tracking service (e.g. online stores such as e-Bay, Amazon, Walmart.com, local hardware store) for detecting items or ingredients (e.g. purchasing or browsing). A monitoring or collecting module may automatically consider transactions/materials purchased so far, and then predicts the likelihood of buying the next material M is related to one or more prohibited lists of items or ingredients. The method and system for tracking transactions associated with contracts may be used to create prohibited lists of items/transactions database with risk levels and other contextual factors including a location, the transacting parties, types of transactions, commodities/assets associated with the transactions, credit scores or financial histories of the transaction parties, etc. Thus, the system may use a database to detect or predict patterns from collected transactions and compare them with prohibited requirements.

In another embodiment, the prohibitions of certain transactions may be tracked and represented as a high-dimensional risk array.

A high-dimensional risk array may represent the transaction/contract and one or more variables and dimensions. Colors may be mapped to risk level or “level of infraction” (red, yellow, green, etc), or goodness/favorableness level, and this mapping may be set by a user or a third party. A degree of risk involved in the transaction will be stored and may related to the transaction and other contextual factors such as a location, the transacting parties (i.e. if they have a track record of unethical or unfair transactions, etc.), types of transactions, commodities/assets associated with transactions, credit scores, or financial histories of the transaction parties, etc. A multi-dimensional risk array may be updated in real time when new transaction and data is parsed, computed or altered. The multidimensional risk array may indicate the degree to which a transaction or contract is at risk of noncompliance.

In instances where a transaction or contract has values or magnitudes of higher dimensional vectors exceeding a certain threshold at a particular time or place, etc., this may be visualized to a relevant user (e.g., financier, transacting parties, etc.) through some visualization, or a series of ameliorating steps can be recommended to neutralize the factors increasing the risk of the transaction or contract. Based on detected or predicted risk or concern level, the system may provide warnings on a GUI of a requestor or originator, where the warnings may be in a form of changing the color of the GUI, vibrating a computing device, etc.

In instances where a risk-level of a transaction or contract is above a certain threshold, the system may trigger one or more of the above mentioned amelioration actions. The GUI can be configured to send alert, trigger and notify the relevant user of the transaction or contract, including taking actions or providing feedback to a user on the user computing device. In further embodiments, a system may display requirements, regulations, or constraints on a GUI or user computing device. A GUI may display a notification of a high-risk transaction or contract using the multi-dimensional risk array. The user is notified and can accept or take ameliorating actions. The system may also educate the user regarding a possible risk. The indications of risk may be used to mark an online calendar. Colored marks may denote an aspect of transactions made on a particular day or date. Clicking on a colored mark may provide more information to a user and may also enter pertinent information into a blockchain.

In an instance where a risk-level of a transaction or contract is above a certain threshold, this may trigger alerts or trigger graphical indicators. For example, the risk of an interest bearing transaction may turn a smart phone display red, but other risks may be green. A user may see an alert to indicate the magnitude of risk on some or several dimensions is high. The user can decide to provide further details to lower the risk level or use the information provided to remodel a transaction or contract.

The present application discloses a method for automatically generating and taking amelioration action (e.g., preventing of purchase, requiring a bank approval, a delaying of delivery, automatic forcing of an online attempted transaction to an online or in-store purchase, etc.) based on detected transactions or events. This may trigger automatic forcing of an online attempted purchase to an in-store purchase, if R is high. For example, a “dial” interface in a GUI may be provided to banks or law enforcement officers and prediction analysts so that they can “dial” back and forth through a window of time, regarding risks, activities or items, and geographic locations. It may be useful to know what activities or items and risks were common in certain regions during a certain time period of the day or week. This may be useful for gaining insight into trends and for other purposes during audit or compliance operations.

In another embodiment, the alerts can take different forms and modalities. For example, audio alerts, vibration (e.g., of phone or mouse), emails, etc. The degree of alert may depend on degree of non-compliance (and/or risk of not knowing compliance). In some embodiments, higher volume notifications or vibrations may be associated with higher risk transactions or contracts. Additionally, an input GUI may allow one or more users to specify a possible particular concerns or needs for adherence to one or more dimensions of compliance, and thus the alerts may be tailored (customized) for the one or more users. The GUI may be used to configure user-specified alerts that can then be used during blockchain transactions. In scenarios where the disclosed system identifies non-compliance relating to a specific concept, the system can automatically trigger the delivery of information for educational purposes for a user to enable them to understand the reason for the non-compliance of the transaction or contract and how to amend it to make it compliant. This may be delivered in a number of formats (e.g. audio, text, video) via a number of means (e.g., phone, desktop, VR headset, etc.).

In one embodiment, the system may trigger a virtual reality lesson (with avatars) to help the user learn about financing, how a transaction is noncompliant, and what correcting to ameliorating actions can be taken. Another embodiment may deliver this lesson via video or audio to a device or via audio calls or an SMS text message in non-internet enabled environments. One such example may include where virtual reality may be is delivered to a user for educational purposes.

In some embodiments, one or more active learning models may be employed by a disclosed system so that it is able to learn from the experiences of many users in different geographies and among different cohorts or groups. Geographies may include cities, countries, rural areas, and the like. Cohorts may include people with certain characteristics or conformity to different laws. In some embodiments, a weighted voting system may be used to weight the various variables used in making decisions that determines if an alert is to be provided or a transaction or contract is deemed compliant. Such inputs may include one or more of a history of possible problems, a risk value, or a location of users and various stakeholders, etc. Such weighted voting approaches may be characterized primarily by three aspects—the inputs, the weights, and the quota. The inputs are (I1, I2, . . . , IN), where N denotes the total number of inputs. An inputs weight (w) is the number of “votes” associated with the input. A quota (q) is a minimum number of votes required to “pass a motion”, which in this case refers primarily to a decision made by the system to provide an alert or visualization to one or more users. An advisory module, with natural language processing, located on a smart phone, or the cloud, or elsewhere, may provide a graphical user interface and an alerting system (audio, visual, or tactile) related to information on one or more of: certifying financial instruments for their compliance with laws, verifying transactions for compliance with laws.

One or more features involving compliant financial contracts maybe stored in a blockchain. For example, the anchor for a growing block may be a particular business, a particular financial transaction, etc. As the contract may be altered through time, or assessment of risks may morph through time, these items may be added to the growing block. The rate of addition to the block may be increased if risk or a concern level is judged to be high (e.g., to have a more granular record when deemed useful), and the content added to the block may change based on risk level and other factors. Consider, for example, a mortgage transaction. Instead of lending a buyer money to purchase an item (in this case, the anchor for the blockchain block), a bank might buy the item itself from a seller and re-sell it to the buyer at a profit, while allowing the buyer to pay the bank in installments. However, the bank's profit cannot be made explicit and therefore there are no additional penalties for late payment. In order to protect itself against default, the bank may require strict collateral. Goods or land may be registered to the name of the buyer from the start of the transaction.

Banks may handle loans for vehicles (in or case, the anchor for the blockchain block) in a similar way (selling the vehicle at a higher-than market price to a debtor and then retain ownership of the vehicle until the loan is paid).

FIG. 1illustrates a network diagram of a system including a database, according to example embodiments. Referring toFIG. 1, the network100includes an asset transfer requester104. In one embodiment, the asset transfer requestor104is a blockchain node or peer within blockchain network100. In another embodiment, asset transfer requestor104is a user device outside blockchain network100.

The asset transfer requestor104provides an asset transfer request128to a risk assessment node or peer108. The asset transfer request128includes one or more parameters related to a transaction to transfer a trade item or provide requested services to the asset transfer requestor104. The parameters specify specific content and are described in more detail herein. The risk assessment node or peer108receives the asset transfer request128and produces a blockchain transaction132based on the request128. Although a single risk assessment node/peer108is represented inFIG. 1, it should be understood there may be any number of risk assessment nodes/peers108in the blockchain network100. In addition to processing the asset transfer requests128and initiating blockchain transactions132, the risk assessment nodes/peers also provide asset transfer notifications or alerts140to the asset transfer requestor104. The alerts or notifications140may be provided in the event of a completed/executed blockchain transaction132, rejection or cancellation of a blockchain transaction132, or an invitation for the asset transfer requestor104to provide a modified asset transfer request128.

A regulator node/peer112receives the blockchain transactions132and verifies the blockchain transactions132include proper content. Alerts or notifications may be provided to the risk assessment nodes/peers108and/or asset provider nodes/peers116in the event of a completed/executed blockchain transaction132, rejection or cancellation of a blockchain transaction132, or an invitation for the asset transfer requestor104to provide a modified asset transfer request128. Although a single regulator node/peer112is represented inFIG. 1, it should be understood there may be any number of regulator nodes/peers112in the blockchain network100.

An asset provider nodes/peer116receives the blockchain transactions132and allocates the requested trade item or service (i.e. asset) to the asset transfer requestor104. Alerts or notifications may be provided to the risk assessment nodes/peers108and/or regulator nodes/peers112in the event of a completed/executed blockchain transaction132, rejection or cancellation of a blockchain transaction132, or an invitation for the asset transfer requestor104to provide a modified asset transfer request128. Although a single asset provider node/peer116is represented inFIG. 1, it should be understood there may be any number of asset provider nodes/peers116in the blockchain network100.

Each of the risk assessment nodes peers108, regulator nodes/peers112, and asset provider nodes/peers116includes a shared ledger124and one or more smart contracts120. Smart contracts120may apply specifically to blockchain transactions132, and different smart contracts120may apply to transfers applying to different forms of assets such as financial transactions, services, or trade items.

FIG. 2Aillustrates a blockchain architecture configuration200, according to example embodiments. Referring toFIG. 2A, the blockchain architecture200may include certain blockchain elements, for example, a group of blockchain nodes202. The blockchain nodes202may include one or more nodes204-210(these four nodes are depicted by example only). These nodes participate in a number of activities, such as blockchain transaction addition and validation process (consensus). One or more of the blockchain nodes204-210may endorse transactions based on endorsement policy and may provide an ordering service for all blockchain nodes in the architecture200. A blockchain node may initiate a blockchain authentication and seek to write to a blockchain immutable ledger stored in blockchain layer216, a copy of which may also be stored on the underpinning physical infrastructure214. The blockchain configuration may include one or more applications224which are linked to application programming interfaces (APIs)222to access and execute stored program/application code220(e.g., chaincode, smart contracts, etc.) which can be created according to a customized configuration sought by participants and can maintain their own state, control their own assets, and receive external information. This can be deployed as a transaction and installed, via appending to the distributed ledger, on all blockchain nodes204-210.

The blockchain base or platform212may include various layers of blockchain data, services (e.g., cryptographic trust services, virtual execution environment, etc.), and underpinning physical computer infrastructure that may be used to receive and store new transactions and provide access to auditors which are seeking to access data entries. The blockchain layer216may expose an interface that provides access to the virtual execution environment necessary to process the program code and engage the physical infrastructure214. Cryptographic trust services218may be used to verify transactions such as asset exchange transactions and keep information private.

The blockchain architecture configuration ofFIG. 2Amay process and execute program/application code220via one or more interfaces exposed, and services provided, by blockchain platform212. The code220may control blockchain assets. For example, the code220can store and transfer data, and may be executed by nodes204-210in the form of a smart contract and associated chaincode with conditions or other code elements subject to its execution. As a non-limiting example, smart contracts may be created to execute reminders, updates, and/or other notifications subject to the changes, updates, etc. The smart contracts can themselves be used to identify rules associated with authorization and access requirements and usage of the ledger. For example, the asset transfer request226from an asset transfer requestor may be processed by one or more processing entities (e.g., virtual machines) included in the blockchain layer216. The result228may include a risk assessment based on a comparison between information and parameters within the asset transfer request226and various rules stored in one or more smart contracts. The physical infrastructure214may be utilized to retrieve any of the data or information described herein.

A chaincode may include the code interpretation of a smart contract, with additional features. As described herein, the chaincode may be program code deployed on a computing network, where it is executed and validated by chain validators together during a consensus process. The chaincode receives a hash and retrieves from the blockchain a hash associated with the data template created by use of a previously stored feature extractor. If the hashes of the hash identifier and the hash created from the stored identifier template data match, then the chaincode sends an authorization key to the requested service. The chaincode may write to the blockchain data associated with the cryptographic details. InFIG. 2A, one function may be to convert asset transfer requests226into risk assessments228, which may be provided to one or more of the nodes204-210.

FIG. 2Billustrates an example of a transactional flow250between nodes of the blockchain in accordance with an example embodiment. Referring toFIG. 2B, the transaction flow may include a transaction proposal291sent by an application client node260to an endorsing peer node281. The endorsing peer281may verify the client signature and execute a chaincode function to initiate the transaction. The output may include the chaincode results, a set of key/value versions that were read in the chaincode (read set), and the set of keys/values that were written in chaincode (write set). The proposal response292is sent back to the client260along with an endorsement signature, if approved. The client260assembles the endorsements into a transaction payload293and broadcasts it to an ordering service node284. The ordering service node284then delivers ordered transactions as blocks to all peers281-283on a channel. Before committal to the blockchain, each peer281-283may validate the transaction. For example, the peers may check the endorsement policy to ensure that the correct allotment of the specified peers have signed the results and authenticated the signatures against the transaction payload293.

Referring again toFIG. 2B, the client node260initiates the transaction291by constructing and sending a request to the peer node281, which is an endorser. The client260may include an application leveraging a supported software development kit (SDK), such as NODE, JAVA, PYTHON, and the like, which utilizes an available API to generate a transaction proposal. The proposal is a request to invoke a chaincode function so that data can be read and/or written to the ledger (i.e., write new key value pairs for the assets). The SDK may serve as a shim to package the transaction proposal into a properly architected format (e.g., protocol buffer over a remote procedure call (RPC)) and take the client's cryptographic credentials to produce a unique signature for the transaction proposal.

In response, the endorsing peer node281may verify (a) that the transaction proposal is well formed, (b) the transaction has not been submitted already in the past (replay-attack protection), (c) the signature is valid, and (d) that the submitter (client260, in the example) is properly authorized to perform the proposed operation on that channel. The endorsing peer node281may take the transaction proposal inputs as arguments to the invoked chaincode function. The chaincode is then executed against a current state database to produce transaction results including a response value, read set, and write set. However, no updates are made to the ledger at this point. In292, the set of values, along with the endorsing peer node's281signature is passed back as a proposal response292to the SDK of the client260which parses the payload for the application to consume.

In response, the application of the client260inspects/verifies the endorsing peers signatures and compares the proposal responses to determine if the proposal response is the same. If the chaincode only queried the ledger, the application would inspect the query response and would typically not submit the transaction to the ordering node service284. If the client application intends to submit the transaction to the ordering node service284to update the ledger, the application determines if the specified endorsement policy has been fulfilled before submitting (i.e., did all peer nodes necessary for the transaction endorse the transaction). Here, the client may include only one of multiple parties to the transaction. In this case, each client may have their own endorsing node, and each endorsing node will need to endorse the transaction. The architecture is such that even if an application selects not to inspect responses or otherwise forwards an unendorsed transaction, the endorsement policy will still be enforced by peers and upheld at the commit validation phase.

After successful inspection, in step293the client260assembles endorsements into a transaction and broadcasts the transaction proposal and response within a transaction message to the ordering node284. The transaction may contain the read/write sets, the endorsing peers' signatures and a channel ID. The ordering node284does not need to inspect the entire content of a transaction in order to perform its operation, instead the ordering node284may simply receive transactions from all channels in the network, order them chronologically by channel, and create blocks of transactions per channel.

The blocks of the transaction are delivered from the ordering node284to all peer nodes281-283on the channel. The transactions294within the block are validated to ensure any endorsement policy is fulfilled and to ensure that there have been no changes to ledger state for read set variables since the read set was generated by the transaction execution. Transactions in the block are tagged as being valid or invalid. Furthermore, in step295each peer node281-283appends the block to the channel's chain, and for each valid transaction the write sets are committed to current state database. An event is emitted, to notify the client application that the transaction (invocation) has been immutably appended to the chain, as well as to notify whether the transaction was validated or invalidated.

FIG. 3illustrates an example of a permissioned blockchain network300, which features a distributed, decentralized peer-to-peer architecture, and a certificate authority318managing user roles and permissions. In this example, the blockchain user302may submit a transaction to the permissioned blockchain network310. In this example, the transaction can be a deploy, invoke, or query, and may be issued through a client-side application leveraging an SDK, directly through a REST API, or the like. Trusted business networks may provide access to regulator systems314, such as auditors (the Securities and Exchange Commission in a U.S. equities market, for example). Meanwhile, a blockchain network operator system of nodes308manage member permissions, such as enrolling the regulator system310as an “auditor” and the blockchain user302as a “client”. An auditor could be restricted only to querying the ledger whereas a client could be authorized to deploy, invoke, and query certain types of chaincode.

A blockchain developer system316writes chaincode and client-side applications. The blockchain developer system316can deploy chaincode directly to the network through a REST interface. To include credentials from a traditional data source330in chaincode, the developer system316could use an out-of-band connection to access the data. In this example, the blockchain user302connects to the network through a peer node312. Before proceeding with any transactions, the peer node312retrieves the user's enrollment and transaction certificates from the certificate authority318. In some cases, blockchain users must possess these digital certificates in order to transact on the permissioned blockchain network310. Meanwhile, a user attempting to drive chaincode may be required to verify their credentials on the traditional data source330. To confirm the user's authorization, chaincode can use an out-of-band connection to this data through a traditional processing platform320.

FIG. 4illustrates a system messaging diagram for performing an asset transfer transaction, according to example embodiments. Referring toFIG. 4, the system diagram400includes an originator410, one or more asset requestor nodes or peers420, one or more risk assessment nodes or peers430, and one or more asset provider nodes or peers440. In one embodiment, the originator410is the same as the asset requester node/peer420.

The originator410provides an asset transfer request411to the asset requester nodes/peers420. The asset requester node/peer420obtains parameters from the asset transfer request411specifying conditions for transferring an asset. From these parameters, the asset requestor node/peer420creates a blockchain transaction415and transfers the blockchain transaction416to one or more risk assessment nodes/peers430. The risk assessment nodes/peers430identify a smart contract425from the blockchain transaction416. In one embodiment, the smart contract is identified based on a smart contract identifier provided as part of the blockchain transaction416. In another embodiment, the smart contract is identified from one or more parameters specified in the blockchain transaction416, which may provide clues as to a context (which may include a location), the nature of an asset transfer, a history of similar asset transfers (perhaps obtained from the shared ledger124), or other information.

The risk assessment node or peer430then verifies validity of the transaction against the selected smart contract435. The parameters in the blockchain transaction416are compared to rules contained within the identified smart contract, and a risk score is calculated. The risk score is higher when risk is greater, that is, when the differences between the parameters from the blockchain transaction416are high when compared to the rules specified in the identified smart contract. The risk score is lower when risk is lower, that is, when the differences between the parameters from the blockchain transaction416are low when compared to the rules specified in the identified smart contract.

If the calculated risk score is greater than a predetermined threshold, the risk assessment node/peer430provides a cancel or fix transaction notification436to the asset requestor node or peer420, which in turn provides a notify originator notification438to the originator410. If the calculated risk score is less than the predetermined threshold, the risk assessment node/peer430provides an endorsed transaction notification437to the asset provider node or peer440.

In one embodiment, the risk assessment node/peer430may request an approval from a designated party associated with the originator410and execute the blockchain transaction in response to the approval by the designated party. The one or more designated parties may be specified in a smart contract. Furthermore, by the smart contract, a designated party may be configured to approve one or more parameters. For example, at a transaction time (i.e. a request to transfer an asset), the requestor/originator410may indicate, on a graphical user interface (GUI), a desired one or more designated parties. The system then requests an approval from the desired one or more designated parties associated with the requestor/originator410and executes the blockchain transaction in response to the approval by the one or more desired designated parties. Therefore, in addition to other verification/checking, the smart contract may also be used to verify the eligibility of each indicated desired designated party to approve an approval request.

In the event of a cancelled transaction or a request to fix the transaction436, the originator410creates a modified request455including one or more different parameters than specified in the original asset transfer request411. The originator410then provides the modified asset transfer request456to the asset requestor node/peer420and the process resumes as described earlier in steps415-435.

In the event of an endorsed transaction437, the asset provider nodes/peers440execute the transaction445, and approves the asset transfer to the requestor450. The results of the executed transaction445are included in a new block458that is committed to the blockchain. The process then repeats with an originator410submitting a new asset transfer request411or modified asset transfer request456.

FIG. 5Aillustrates a flow diagram500for performing an asset transfer transaction, according to example embodiments. Referring toFIG. 5A, the method500may include one or more of the following steps.

At block504, an asset transfer request is received. The asset transfer request includes one or more parameters corresponding to aspects of an asset transfer transaction. In some embodiments, the asset transfer request specifies a specific smart contract.

At block508, a blockchain transaction is generated from the asset transfer request. The blockchain transaction includes the one or more parameters, and specifies a smart contract. In one embodiment, the smart contract is identified from the parameters, from a plurality of smart contracts.

At block512, rules are obtained from the identified smart contract. Some rules may specify an exact parameter value that must be met. Other rules may specify a parameter value that is not to be exceeded. Other rules may specify a minimum parameter value. Yet other rules may specify one or more ranges of parameter values that must be met.

At block516, parameters specified in the blockchain transaction are compared to rules specified in the identified smart contract to obtain a risk level. In one embodiment, the risk level is derived from a numerical score based on all of the comparisons. In another embodiment, the risk level is itself a numerical score based on all of the comparisons.

At block520, the blockchain transaction is approved if the risk level is less than a predetermined threshold. The predetermined threshold reflects a maximum allowed variance between the parameters specified in the asset transfer request and the identified smart contract. The threshold reflects a maximum amount of variance in blockchain transactions.

At block524, the blockchain transaction is declined if the risk level is greater than the predetermined threshold. The predetermined threshold reflects a maximum allowed variance between the parameters specified in the asset transfer request and the identified smart contract. The threshold reflects a maximum amount of variance in blockchain transactions.

At block528, the shared ledger and/or smart contract is updated to reflect an approved transaction, a declined transaction, a modified transaction, or modified rules in the smart contract.

FIG. 5Billustrates a flow diagram550of a method of managing a smart contract in a blockchain, according to example embodiments. The method may include one or more of the following steps.

At block554, an asset transfer request is received. The system receives a request from a borrowing party (e.g., through an interface provided on a device associated with the borrowing party). For example, the request may be a request to secure a loan or a line of credit in exchange for providing an asset, such as a digital asset or non-digital asset, as collateral. The request may be accompanied by the borrowing party's acceptance of one or more terms associated with a specific loan, as advertised by a lending party. The system sends the received request of the borrowing party to the lending party for approval. The system may display a message on a lending party's user device to request an approval of the borrowing party. The system then receives a confirmation from the lending party. In one example the roles of the borrowing party and the lending party on the system may switch in that the borrowing party may advertise its desire to secure a loan (accompanied by one or more terms/conditions) and a lending party may select the borrowing party to lend to. The system then sends the request to the borrowing party for acceptance and receives a confirmation from the borrowing party. Various algorithms and data analysis terms could also be chosen by the party such that, for example, a value history of the cryptocurrency going back 6 months could be included in determining whether to ask for more or return cryptocurrency according to the terms of the smart contract.

At block558, a smart contract is created on a blockchain network. In an example, the system populates a generic (empty) smart contract with specific terms, agreed upon by the lending and borrowing parties, to generate a smart contract that is then implemented on the blockchain network. The system then generates a secure token for the smart contract according to any know or to be developed method of generating tokens as it relates to operation of digital currencies and assets. The token is a string of characters that identifies a proper participant in the process or identifies their digital wallet. A token can be considered a key that enables entries on the blockchain network or to confirm that the party proffering the token has the right to sign the contract, receive funds, distribute funds, or perform some function associated with the smart contract.

At block562, the requesting party posts assets. The system sends a request to the borrowing party to post one or more assets to an asset address as collateral (e.g., one or more bitcoins to Bitcoin addresses). Concurrent with the posting of one or more bitcoins, the borrowing party also creates a unique password (first unique password) to the bitcoin addresses. In one aspect, the creation of the loan requires a bitcoin address to be created with three keys mandated to be created by three unique parties, the borrower, the lender, and a third party which may be an oracle. The system then receives the posted bitcoin(s) (and the first unique password) and sends a request to the lending party to accept the bitcoin(s) as collateral. Upon acceptance, the lending party also creates another unique password (second unique password) in association with the accepted collateral. The system receives the lending party's acceptance and the second unique password (the second of three keys). The oracle may be notified to generate its unique password (the third of the three keys). All the confirmed loan agreement details can be embedded into the specific open fields of the smart contract in the assigned token.

At block566, the smart contract is updated. The system populates the smart contract with the secure token, the first unique password, the second unique password and the third unique password. Accordingly, the system yields/generates a secure smart contract. Thereafter, the system and/or the blockchain network creates a unique hash for the secure smart contract and timestamps the same. The system network could also generate a timestamp and then hash the timestamp with a hash function to generate a hash code or hash value that is then included within the smart contract. From the hash value, the timestamp data can be retrieved. In a sense this provides a notarization of an original copy of the contract.

At block570, a transaction is added to the blockchain. The system and/or the blockchain network inserts the time-stamped hash into a blockchain such as a bitcoin blockchain. The process of inserting the time-stamped hash into the blockchain can occur either by the system or by the blockchain network. Thereafter, the process will be repeated as described above. In one aspect, the system includes a smart contract creator that is configured to receive the data associated with creating the smart contract. The smart contract creator can be configured to: receive a request from a first party, the request having a parameter associated with a contractual relationship, receive a confirmation from a second party including an acceptance of the parameter by the second party and create the smart contract on a blockchain network based on the confirmation, the parameter and the contractual relationship. This can be performed by generated the necessary data for operation of the smart contract and deploying the smart contract on the blockchain network via an instruction. A smart contract monitor can be configured to monitor an execution of the smart contract and a current value of an asset associated with the smart contract to yield a status. The value of the asset can be received by an oracle at the smart contract monitor which can perform its programmed functions based on the received data. A smart contract manager can be configured within the system or the blockchain network to manage the smart contract based on the status. These various components can be computer-implemented and programmed in any programming language that is convenient to carry out the respective instructions.

FIG. 6Aillustrates an example system600that includes a physical infrastructure610configured to perform various operations according to example embodiments. Referring toFIG. 6A, the physical infrastructure610includes a module612and a module614. The module614includes a blockchain620and a smart contract630(which may reside on the blockchain620), that may execute any of the operational steps608(in module612) included in any of the example embodiments. The steps/operations608may include one or more of the embodiments described or depicted and may represent output or written information that is written or read from one or more smart contracts630and/or blockchains620. The physical infrastructure610, the module612, and the module614may include one or more computers, servers, processors, memories, and/or wireless communication devices. Further, the module612and the module614may be a same module.

FIG. 6Billustrates an example system640configured to perform various operations according to example embodiments. Referring toFIG. 6B, the system640includes a module612and a module614. The module614includes a blockchain620and a smart contract630(which may reside on the blockchain620), that may execute any of the operational steps608(in module612) included in any of the example embodiments. The steps/operations608may include one or more of the embodiments described or depicted and may represent output or written information that is written or read from one or more smart contracts630and/or blockchains620. The physical infrastructure610, the module612, and the module614may include one or more computers, servers, processors, memories, and/or wireless communication devices. Further, the module612and the module614may be a same module.

FIG. 6Cillustrates an example smart contract configuration among contracting parties and a mediating server configured to enforce the smart contract terms on the blockchain according to example embodiments. Referring toFIG. 6C, the configuration650may represent a communication session, an asset transfer session or a process or procedure that is driven by a smart contract630which explicitly identifies one or more user devices652and/or656. The execution, operations and results of the smart contract execution may be managed by a server654. Content of the smart contract630may require digital signatures by one or more of the entities652and656which are parties to the smart contract transaction. The results of the smart contract execution may be written to a blockchain620as a blockchain transaction. The smart contract630resides on the blockchain620which may reside on one or more computers, servers, processors, memories, and/or wireless communication devices.

FIG. 6Dillustrates a system660including a blockchain, according to example embodiments. Referring to the example ofFIG. 6D, an application programming interface (API) gateway662provides a common interface for accessing blockchain logic (e.g., smart contract630or other chaincode) and data (e.g., distributed ledger, etc.). In this example, the API gateway662is a common interface for performing transactions (invoke, queries, etc.) on the blockchain by connecting one or more entities652and656to a blockchain peer (i.e., server654). Here, the server654is a blockchain network peer component that holds a copy of the world state and a distributed ledger allowing clients652and656to query data on the world state as well as submit transactions into the blockchain network where, depending on the smart contract630and endorsement policy, endorsing peers will run the smart contracts630.

FIG. 7Aillustrates a process700of a new block being added to a distributed ledger730, according to example embodiments, andFIG. 7Billustrates contents of a block structure750for blockchain, according to example embodiments. Referring toFIG. 7A, clients (not shown) may submit transactions to blockchain nodes721,722, and/or723. Clients may be instructions received from any source to enact activity on the blockchain730. As an example, clients may be applications that act on behalf of a requester, such as a device, person or entity to propose transactions for the blockchain. The plurality of blockchain peers (e.g., blockchain nodes721,722, and723) may maintain a state of the blockchain network and a copy of the distributed ledger730. Different types of blockchain nodes/peers may be present in the blockchain network including endorsing peers which simulate and endorse transactions proposed by clients and committing peers which verify endorsements, validate transactions, and commit transactions to the distributed ledger730. In this example, the blockchain nodes721,722, and723may perform the role of endorser node, committer node, or both.

The distributed ledger730includes a blockchain732which stores immutable, sequenced records in blocks, and a state database734(current world state) maintaining a current state of the blockchain732. One distributed ledger730may exist per channel and each peer maintains its own copy of the distributed ledger730for each channel of which they are a member. The blockchain732is a transaction log, structured as hash-linked blocks where each block contains a sequence of N transactions. Blocks may include various components such as shown inFIG. 7B. The linking of the blocks (shown by arrows inFIG. 7A) may be generated by adding a hash of a prior block's header within a block header of a current block. In this way, all transactions on the blockchain732are sequenced and cryptographically linked together preventing tampering with blockchain data without breaking the hash links. Furthermore, because of the links, the latest block in the blockchain732represents every transaction that has come before it. The blockchain732may be stored on a peer file system (local or attached storage), which supports an append-only blockchain workload.

The current state of the blockchain732and the distributed ledger732may be stored in the state database734. Here, the current state data represents the latest values for all keys ever included in the chain transaction log of the blockchain732. Chaincode invocations execute transactions against the current state in the state database734. To make these chaincode interactions extremely efficient, the latest values of all keys are stored in the state database734. The state database734may include an indexed view into the transaction log of the blockchain732, it can therefore be regenerated from the chain at any time. The state database734may automatically get recovered (or generated if needed) upon peer startup, before transactions are accepted.

Endorsing nodes receive transactions from clients and endorse the transaction based on simulated results. Endorsing nodes hold smart contracts which simulate the transaction proposals. When an endorsing node endorses a transaction, the endorsing nodes creates a transaction endorsement which is a signed response from the endorsing node to the client application indicating the endorsement of the simulated transaction. The method of endorsing a transaction depends on an endorsement policy which may be specified within chaincode. An example of an endorsement policy is “the majority of endorsing peers must endorse the transaction”. Different channels may have different endorsement policies. Endorsed transactions are forward by the client application to ordering service710.

The ordering service710accepts endorsed transactions, orders them into a block, and delivers the blocks to the committing peers. For example, the ordering service710may initiate a new block when a threshold of transactions has been reached, a timer times out, or another condition. In the example ofFIG. 7A, blockchain node722is a committing peer that has received a new data block750for storage on blockchain730.

The ordering service710may be made up of a cluster of orderers. The ordering service710does not process transactions, smart contracts, or maintain the shared ledger. Rather, the ordering service710may accept the endorsed transactions and specifies the order in which those transactions are committed to the distributed ledger730. The architecture of the blockchain network may be designed such that the specific implementation of ‘ordering’ (e.g., Solo, Kafka, BFT, etc.) becomes a pluggable component.

Transactions are written to the distributed ledger730in a consistent order. The order of transactions is established to ensure that the updates to the state database734are valid when they are committed to the network. Unlike a cryptocurrency blockchain system (e.g., Bitcoin, etc.) where ordering occurs through the solving of a cryptographic puzzle, or mining, in this example the parties of the distributed ledger730may choose the ordering mechanism that best suits that network.

When the ordering service710initializes a new block750, the new block750may be broadcast to committing peers (e.g., blockchain nodes721,722, and723). In response, each committing peer validates the transaction within the new block750by checking to make sure that the read set and the write set still match the current world state in the state database734. Specifically, the committing peer can determine whether the read data that existed when the endorsers simulated the transaction is identical to the current world state in the state database734. When the committing peer validates the transaction, the transaction is written to the blockchain732on the distributed ledger730, and the state database734is updated with the write data from the read-write set. If a transaction fails, that is, if the committing peer finds that the read-write set does not match the current world state in the state database734, the transaction ordered into a block will still be included in that block, but it will be marked as invalid, and the state database734will not be updated.

Referring toFIG. 7B, a block750(also referred to as a data block) that is stored on the blockchain732of the distributed ledger730may include multiple data segments such as a block header760, block data770, and block metadata780. It should be appreciated that the various depicted blocks and their contents, such as block750and its contents. shown inFIG. 7Bare merely for purposes of example and are not meant to limit the scope of the example embodiments. In some cases, both the block header760and the block metadata780may be smaller than the block data770which stores transaction data, however this is not a requirement. The block750may store transactional information of N transactions (e.g.,100,500,1000,2000,3000, etc.) within the block data770. The block750may also include a link to a previous block (e.g., on the blockchain732inFIG. 7A) within the block header760. In particular, the block header760may include a hash of a previous block's header. The block header760may also include a unique block number, a hash of the block data770of the current block750, and the like. The block number of the block750may be unique and assigned in an incremental/sequential order starting from zero. The first block in the blockchain may be referred to as a genesis block which includes information about the blockchain, its members, the data stored therein, etc.

The block data770may store transactional information of each transaction that is recorded within the block750. For example, the transaction data may include one or more of a type of the transaction, a version, a timestamp, a channel ID of the distributed ledger730, a transaction ID, an epoch, a payload visibility, a chaincode path (deploy tx), a chaincode name, a chaincode version, input (chaincode and functions), a client (creator) identify such as a public key and certificate, a signature of the client, identities of endorsers, endorser signatures, a proposal hash, chaincode events, response status, namespace, a read set (list of key and version read by the transaction, etc.), a write set (list of key and value, etc.), a start key, an end key, a list of keys, a Merkel tree query summary, one or more parameters or rules, a smart contract identifier, a predetermined risk level threshold, an approval or modification status for a transaction, and the like. The transaction data may be stored for each of the N transactions.

In some embodiments, the block data770may also store data772which adds additional information to the hash-linked chain of blocks in the blockchain732. Accordingly, the data772can be stored in an immutable log of blocks on the distributed ledger730. Some of the benefits of storing such data772are reflected in the various embodiments disclosed and depicted herein.

The block metadata780may store multiple fields of metadata (e.g., as a byte array, etc.). Metadata fields may include signature on block creation, a reference to a last configuration block, a transaction filter identifying valid and invalid transactions within the block, last offset persisted of an ordering service that ordered the block, and the like. The signature, the last configuration block, and the orderer metadata may be added by the ordering service710. Meanwhile, a committer of the block (such as blockchain node722) may add validity/invalidity information based on an endorsement policy, verification of read/write sets, and the like. The transaction filter may include a byte array of a size equal to the number of transactions in the block data770and a validation code identifying whether a transaction was valid/invalid.

FIG. 8is not intended to suggest any limitation as to the scope of use or functionality of embodiments of the application described herein. Regardless, the computing node800is capable of being implemented and/or performing any of the functionality set forth hereinabove.

As shown inFIG. 8, computer system/server802in cloud computing node800is shown in the form of a general-purpose computing device. The components of computer system/server802may include, but are not limited to, one or more processors or processing units804, a system memory806, and a bus that couples various system components including system memory806to processor804.

Program/utility816, having a set (at least one) of program modules818, may be stored in memory806by way of example, and not limitation, as well as an operating system, one or more application programs, other program modules, and program data. Each of the operating system, one or more application programs, other program modules, and program data or some combination thereof, may include an implementation of a networking environment. Program modules818generally carry out the functions and/or methodologies of various embodiments of the application as described herein.

Computer system/server802may also communicate with one or more external devices820such as a keyboard, a pointing device, a display822, etc.; one or more devices that enable a user to interact with computer system/server802; and/or any devices (e.g., network card, modem, etc.) that enable computer system/server802to communicate with one or more other computing devices. Such communication can occur via I/O interfaces824. Still yet, computer system/server802can communicate with one or more networks such as a local area network (LAN), a general wide area network (WAN), and/or a public network (e.g., the Internet) via network adapter826. As depicted, network adapter826communicates with the other components of computer system/server802via a bus. It should be understood that although not shown, other hardware and/or software components could be used in conjunction with computer system/server802. Examples, include, but are not limited to: microcode, device drivers, redundant processing units, external disk drive arrays, RAID systems, tape drives, and data archival storage systems, etc.