Patent - Method and System for Decentralized Transaction Management in Project Resourcing
Background
An online transaction includes various processes, parameters, and stakeholders. Many transactions also handle allocation or transfer of credit points. In the current offline scenario at any stage of transaction or with any stakeholder there can be erroneous entries or deliberate fraudulent entries for laundering of resources. These cause non-compliance, missing updates on the transaction values, and loss of funds to the exchequer. Lack of transparency, incorrect/misleading information, impacts processes and credibility of an organization.
Project resourcing requires involvement of several benefactors who can declare the resources that they can commit to a project. However often the declared resource value differs from the actual resource value that is transferred, or the resource actually never reaches the purpose for which it was claimed to have been transferred, instead, it gets routed back through illegal channels to the sender. Hence, such transactions and data are prone to manipulations and lead to lot of discrepancies. There are disparate applications, often lacking reconciliation, being tracked by various departments with no means of direct visibility into the actual transaction values. Lack of reconciliation between actual values reported versus declared resource value for a large section of customers has led to lot of mismanaged data and frauds. In this scenario, where there are many stakeholders, credit exchanges, and multiple transactions, in order to ensure compliance to regulations, it is required to have a common platform which offers seamless and secure transaction management that is available real time for all tracking and facilitate transparent and faster transaction across stakeholders within the ecosystem. Therefore, a transparent and decentralized tracking of data across all stakeholders is required that will ensure ease of compliance for organizations on one hand, and ease of monitoring for the administrators on the other.
Invention Summary
A method for decentralized transaction management for resourcing a project by one or more benefactors using a distributed ledger network, comprising identifying a project from one or more projects in a beneficiary repository, in the network; transferring a pre-decided unit of resource to a secondary administrator for the identified project, using smart contracts in the network; receiving one or more credit points from the secondary administrator, based on the transferred resource units using smart contracts; and transferring pre-decided credit points to the beneficiary on the network; redeeming the transferred credit points by the beneficiary, in exchange of corresponding units of resources; validating the transferring of the pre-decided credit points, and the transferring of the redeemed resource units using smart contracts.
A distributed ledger network based system for decentralized transaction management for a project resourcing by one or more benefactor nodes in the network, comprising, one or more beneficiary nodes comprising one or more projects stored in a repository, the one or more benefactor nodes identifying a project from the one or more projects; one or more smart contracts in the network configured to, transferring a pre-decided units of resource to a secondary administrator node in the network, for the identified project; transferring one or more credit points to the benefactor node; transferring pre-decided credit points from the benefactor node to the beneficiary node; on redeeming the transferred credit points by the beneficiary, transferring a corresponding units of resource to the beneficiary; and authenticating the transferring of credit points, and the transferring of the units of resource.
A non-transitory computer-readable storage medium storing computer-executable instructions that when executed cause a computing system to perform a method, the method comprising, identifying a project from one or more projects in a beneficiary repository, in the network; transferring a pre-decided units of resource to a secondary administrator for the identified project, using smart contracts in the network; transferring one or more credit points to the benefactor by the secondary administrator; transferring a pre-decided credit point by the benefactor to beneficiary redeeming the credit points by the beneficiary, in exchange of corresponding units of resources; and validating the transferring of the pre-decided credit points, and the transferring of the resource value by smart contract.
