1. A system for reducing payment transaction time using blockchain technology, comprising: a blockchain ledger distributed across a plurality of nodes; a transaction processing engine configured to receive transaction requests and process transaction validations; a real-time updating module configured to synchronize the blockchain ledger across the plurality of nodes; a communication interface for broadcasting transaction requests and validations to the plurality of nodes; and a digital signature verifier for authenticating transaction requests.

2. The system of claim 1, further comprising: a caching mechanism configured to temporarily store recently validated transactions to facilitate expedited transaction processing.

3. The system of claim 1, wherein, the transaction processing engine includes a parallel processing module configured to process multiple transaction requests simultaneously.

4. The system of claim 1, further comprising: a fault-tolerant module configured to identify and quarantine non-responsive or malicious nodes from the plurality of nodes. 5.The system of claim 1, wherein, the blockchain ledger is configured to execute smart contracts that automatically trigger when predefined conditions are met.

6. A method for reducing payment transaction time, the method comprising: initializing a blockchain ledger across a plurality of nodes; receiving a transaction request from a sender node; broadcasting said transaction request to the plurality of nodes; validating the transaction request by verifying the digital signature and balance of the sender; and updating the blockchain ledger to include the validated transaction.

7. The method of claim 6, further comprising a step of caching the validated transaction in a temporary storage to facilitate expedited future transactions.

8. The method of claim 6, further comprising a step of employing parallel processing to validate multiple transaction requests simultaneously.

9. The method of claim 6, further comprising a step of identifying and isolating non-responsive or malicious nodes from the plurality of nodes.

10. The method of claim 6, further comprising a step of executing a smart contract upon the validation of a transaction, where the smart contract automatically triggers when predefined conditions are met. Blockchain Technology in Reducing payment Transaction Time Abstract The present disclosure provides a system for significantly reducing payment transaction time through the use of blockchain technology. The system features a blockchain ledger that is distributed across multiple nodes, ensuring decentralization and robustness. A specialized transaction processing engine is configured to rapidly receive and validate transaction requests. A real-time updating module ensures synchronization of the blockchain ledger across all nodes, facilitating immediate reflection of validated transactions. A communication interface is integrated for the purpose of efficiently broadcasting transaction requests and validations to all nodes in the network. Lastly, a digital signature verifier is employed to authenticate transaction requests, adding an extra layer of security. Together, said components work synergistically to provide a seamless, rapid, and secure payment transaction process. , Claims:Claims :

1. A system for reducing payment transaction time using blockchain technology, comprising: a blockchain ledger distributed across a plurality of nodes; a transaction processing engine configured to receive transaction requests and process transaction validations; a real-time updating module configured to synchronize the blockchain ledger across the plurality of nodes; a communication interface for broadcasting transaction requests and validations to the plurality of nodes; and a digital signature verifier for authenticating transaction requests.

2. The system of claim 1, further comprising: a caching mechanism configured to temporarily store recently validated transactions to facilitate expedited transaction processing.

3. The system of claim 1, wherein, the transaction processing engine includes a parallel processing module configured to process multiple transaction requests simultaneously.

4. The system of claim 1, further comprising: a fault-tolerant module configured to identify and quarantine non-responsive or malicious nodes from the plurality of nodes. 5.The system of claim 1, wherein, the blockchain ledger is configured to execute smart contracts that automatically trigger when predefined conditions are met.

6. A method for reducing payment transaction time, the method comprising: initializing a blockchain ledger across a plurality of nodes; receiving a transaction request from a sender node; broadcasting said transaction request to the plurality of nodes; validating the transaction request by verifying the digital signature and balance of the sender; and updating the blockchain ledger to include the validated transaction.

7. The method of claim 6, further comprising a step of caching the validated transaction in a temporary storage to facilitate expedited future transactions.

8. The method of claim 6, further comprising a step of employing parallel processing to validate multiple transaction requests simultaneously.

9. The method of claim 6, further comprising a step of identifying and isolating non-responsive or malicious nodes from the plurality of nodes.

10. The method of claim 6, further comprising a step of executing a smart contract upon the validation of a transaction, where the smart contract automatically triggers when predefined conditions are met.

Description:Blockchain Technology in Reducing payment Transaction Time
Field of the Invention
[0001] The present disclosure relates generally to the field of digital transactions and more specifically to the utilization of blockchain technology for the purpose of reducing the time required to complete payment transactions. The disclosure encompasses methods, systems, and components that facilitate expedited authentication, validation, and processing of transactions within a decentralized network of nodes, thereby minimizing latency and enhancing the efficiency and speed of digital asset transfers.
Background
[0002] The background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.
[0003] Traditional payment systems often involve multiple intermediaries, including banks, payment gateways, and clearing houses, which contribute to delays in transaction processing. The need for manual review, along with regulatory compliance checks, can result in transaction times that span from several minutes to days. Said delays are accentuated in cross-border transactions where multiple currency conversions and international regulations come into play. Moreover, the centralized nature of said systems creates a single point of failure, making them vulnerable to outages and attacks.
[0004] Blockchain technology has been proposed as a solution to said inefficiencies by providing a decentralized ledger that can be accessed and verified by multiple parties in real-time. However, existing blockchain implementations, like Bitcoin and Ethereum, are not without their shortcomings as far as transaction time is concerned. Bitcoin's block time of approximately 10 minutes and Ethereum's 15-second block time still present challenges for real-time transaction processing. Additionally, issues like network congestion can lead to delays, requiring users to pay higher fees for faster transaction confirmations.
[0005] Some advancements have aimed to address said limitations. For instance, the Lightning Network proposes an off-chain solution for Bitcoin that enables quick transactions by opening direct payment channels between parties. Similarly, Ethereum 2.0 aims to improve scalability and transaction speed through the introduction of sharding and a transition to a Proof-of-Stake (PoS) consensus algorithm. However, said solutions either add complexity or are still under development and not yet widely adopted.
[0006] Other non-blockchain solutions, like Visa's payment processing network or PayPal's digital transfers, offer quick transaction times but do so within a centralized framework. They rely on a single entity to authenticate and validate transactions, making them susceptible to centralized failures and limited by the operating hours of the respective institutions. Moreover, said traditional services often come with higher transaction fees, especially for cross-border transfers.
[0007] The Ripple protocol has also attempted to solve the issue of transaction latency in financial transfers. Unlike traditional blockchain models, Ripple uses a consensus algorithm that doesn’t require mining, allowing for faster transaction confirmations. However, Ripple is not fully decentralized and relies on a set of validator nodes chosen by the Ripple company, thereby raising trust concerns.
[0008] Thus, while various systems and technologies have aimed to decrease payment transaction time, each comes with the own set of limitations, whether said limitations be vulnerability to centralized failure, high fees, or issues with latency and scalability. Therefore, there exists a need for a solution that leverages the benefits of blockchain technology to facilitate rapid, secure, and low-cost transactions, while overcoming the current barriers of speed and scalability. The backdrop serves as a foundation for the current research, which aims to address said challenges in an efficient manner.
[0009] All references, including publications, patent applications, and patents, cited herein are hereby incorporated by reference to the same extent as if each reference were individually and specifically indicated to be incorporated by reference and were set forth in its entirety herein.
Summary
[00010] Various objects, features, and advantages of the disclosed subject matter can be more fully appreciated with reference to the following detailed description of the disclosed subject matter when considered in connection with the following drawings, in which like reference numerals identify like elements.
[00011] The present disclosure relates generally to the field of digital transactions and more specifically to the utilization of blockchain technology for the purpose of reducing the time required to complete payment transactions. The disclosure encompasses methods, systems, and components that facilitate expedited authentication, validation, and processing of transactions within a decentralized network of nodes, thereby minimizing latency and enhancing the efficiency and speed of digital asset transfers.
[00012] Described herein, a robust system that harnesses the potential of blockchain technology to significantly reduce payment transaction times. The system encompasses various components and features designed to streamline and accelerate the payment processing procedure, ensuring efficiency and security.
[00013] At the core, the system utilizes a blockchain ledger that is distributed across a network of nodes, providing a decentralized and tamper-resistant platform for recording transactions. The system's transaction processing engine is pivotal, receives incoming transaction requests and validates them promptly. The engine employs advanced algorithms to ensure the accuracy and legitimacy of each transaction, preventing fraudulent activities and errors.
[00014] To maintain the integrity of the distributed ledger, a real-time updating module operates continuously, synchronizing the blockchain across all participating nodes. The synchronization guarantees that all nodes possess consistent and up-to-date transaction records, reducing the chances of discrepancies and ensuring a coherent view of the ledger.
[00015] The communication interface is a crucial component that enables seamless interaction between nodes. Transaction requests and validations are broadcasted to the entire network, allowing for efficient propagation and consensus-building. The decentralized communication strategy enhances the system's overall robustness and resilience.
[00016] Furthermore, the system includes a digital signature verifier that plays a pivotal role in ensuring the authenticity of transaction requests. By validating the digital signatures associated with each transaction, the system prevents unauthorized access and manipulation, bolstering the security of the payment process.
[00017] In addition to the core components, the system incorporates several supplementary features to enhance functionality. One such feature is a caching mechanism that temporarily stores recently validated transactions. The caching mechanism enables expedited transaction processing, as previously validated transactions can be retrieved swiftly from the cache without undergoing the entire validation process again.
[00018] Moreover, the system embraces parallel processing capabilities within the transaction processing engine. Multiple transaction requests can be handled simultaneously, further reducing the time required for each transaction to be processed and confirmed.
[00019] To address potential vulnerabilities and disruptions in the network, the system incorporates a fault-tolerant module. The module identifies and isolates nodes that are unresponsive or malicious, safeguarding the overall system from potential threats and ensuring continuous operation.
[00020] Lastly, the blockchain ledger's versatility is exemplified through ability to execute smart contracts. Said automated contracts are triggered when predefined conditions are met, allowing for self-executing agreements without manual intervention.
[00021] Hence, the system described introduces an approach to payment transaction processing using blockchain technology. By leveraging a distributed ledger, advanced validation techniques, real-time synchronization, parallel processing, and additional security measures, the system offers a comprehensive solution for reducing payment transaction times while maintaining the utmost security and accuracy.
[00022] The proposed method introduces an efficient approach to diminish payment transaction duration by leveraging blockchain technology. The method entails a sequence of well-coordinated steps aimed at enhancing the speed, security, and reliability of payment transactions.
[00023] The process commences with the establishment of a blockchain ledger, meticulously distributed across a multitude of nodes. The decentralized structure ensures the integrity of transaction records and safeguards against tampering or unauthorized alterations.
[00024] Upon receiving a transaction request from an initiating sender node, the method initiates a streamlined procedure. The transaction request is instantaneously broadcasted to all nodes in the network. The decentralized broadcast ensures widespread dissemination of the request, facilitating rapid consensus-building.
[00025] The ensuing critical step is the validation of the transaction request. The verification process entails two fundamental aspects: verifying the digital signature and assessing the sender's available balance. Through meticulous scrutiny, the method ensures the authenticity of the transaction request and the adequacy of the sender's funds, thwarting potentially fraudulent activities.
[00026] Once the transaction request successfully passes the validation process, the blockchain ledger undergoes a crucial update. The validated transaction is integrated into the ledger, providing an immutable and transparent record of the transaction's occurrence.
[00027] Expanding on the foundation, the method encompasses several additional features to optimize the overall transaction process. Notably, a caching mechanism is incorporated to temporarily store validated transactions. The stored data expedites transactions, obviating the need for repetitive validation procedures and accelerating subsequent payments.
[00028] Parallel processing is yet another advantageous facet of the method. Multiple transaction requests can be validated simultaneously, eliminating bottlenecks and considerably reducing the time taken to process each individual transaction.
[00029] Addressing potential network vulnerabilities, the method includes a mechanism to identify and isolate unresponsive or malicious nodes. Said mechanism safeguards the system's integrity, shielding from potential threats and ensuring continuous operation.
[00030] Finally, the method showcases the versatility of the blockchain ledger by enabling the execution of smart contracts. Said automated agreements trigger automatically when predefined conditions are met, streamlining complex processes and reducing the need for manual intervention.
[00031] Thus, the method for reducing payment transaction time embraces a holistic approach, integrating blockchain technology and a suite of advanced features. By initializing a distributed ledger, expediting validation processes, employing parallel processing, and incorporating security measures, the method presents a robust solution to expedite payment transactions while maintaining the highest standards of security and accuracy.
Brief Description of the Drawings
[00032] The features and advantages of the present disclosure would be more clearly understood from the following description taken in conjunction with the accompanying drawings in which:
[00033] FIG. 1 represents an architectural outline of a system for reducing payment transaction time using blockchain technology, according to some embodiments of the present disclosure.
[00034] FIG. 2 depicts an exemplary detailed schematic flow diagram of a method for reducing payment transaction time, according to some embodiments of the present disclosure.
Detailed Description
[00035] The following is a detailed description of exemplary embodiments to illustrate the principles of the invention. The embodiments are provided to illustrate aspects of the invention, but the invention is not limited to any embodiment. The scope of the invention encompasses numerous alternatives, modifications and equivalent; it is limited only by the claims.
[00036] In view of the many possible embodiments to which the principles of the present discussion may be applied, it should be recognized that the embodiments described herein with respect to the drawing figures are meant to be illustrative only and should not be taken as limiting the scope of the claims. Therefore, the techniques as described herein contemplate all such embodiments as may come within the scope of the following claims and equivalents thereof.
[00037] The detailed description is described with reference to the accompanying figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The use of the same reference numbers in different instances in the description and the figures may indicate similar or identical items.
[00038] Pursuant to the "Detailed Description" section herein, whenever an element is explicitly associated with a specific numeral for the first time, such association shall be deemed consistent and applicable throughout the entirety of the "Detailed Description" section, unless otherwise expressly stated or contradicted by the context.
[00039] The present disclosure relates generally to the field of digital transactions and more specifically to the utilization of blockchain technology for the purpose of reducing the time required to complete payment transactions. The disclosure encompasses methods, systems, and components that facilitate expedited authentication, validation, and processing of transactions within a decentralized network of nodes, thereby minimizing latency and enhancing the efficiency and speed of digital asset transfers.
[00040] Pursuant to the "Detailed Description" section herein, whenever an element is explicitly associated with a specific numeral for the first time, such association shall be deemed consistent and applicable throughout the entirety of the "Detailed Description" section, unless otherwise expressly stated or contradicted by the context.
[00041] The advent of blockchain technology has revolutionized various industries, and the realm of financial transactions is no exception. Traditional payment systems often suffer from slow processing times, which can lead to frustration for users and hamper the efficiency of financial operations. However, a groundbreaking system 100 has emerged to tackle the issue head-on, offering reduced payment transaction times through the strategic utilization of blockchain technology. Diagrammatic depiction of FIG. 1, illustrates an architectural setup of the system 100 for reducing payment transaction time using blockchain technology, comprising a blockchain ledger 102, a transaction processing engine 104, a real-time updating module 106, a communication interface 108 and a digital signature verifier 110.
[00042] In an embodiment, the system 100 is composed of several interlinked components that work harmoniously to optimize the payment transaction process. At the core lies a distributed blockchain ledger, spread across a network of numerous nodes. Unlike centralized systems that rely on a single entity for verification and record-keeping, the decentralized nature of the blockchain ensures that transactions are validated collaboratively by a network of participants. The robust architecture enhances security and prevents tampering or unauthorized alterations to transaction records.
[00043] In an embodiment, facilitating the interaction between users and the system is a transaction processing engine, a sophisticated module designed to receive transaction requests and facilitate their validation. When a user initiates a transaction, the processing engine swiftly engages, ensuring that the transaction adheres to established protocols and criteria. The step is crucial for maintaining the integrity of the payment ecosystem. For instance, consider a scenario where User A wants to transfer funds to User B. The transaction processing engine reviews the details of the request, including the amount, recipient, and sender's credentials, before proceeding to the next phase.
[00044] One of the pivotal elements of the system 100 is the real-time updating module. The component ensures that the distributed blockchain ledger remains synchronized across all participating nodes. As each new transaction is confirmed and validated, the real-time updating module ensures that the ledger is consistently updated, guaranteeing a uniform view of transaction records across the network. The synchronization prevents discrepancies and discrepancies that could arise from inconsistent or outdated records.
[00045] To expedite the validation and propagation of transaction requests, the system employs a communication interface that broadcasts said requests to all nodes within the network. The decentralized communication approach enables rapid consensus-building among the nodes. Suppose User C initiates a payment request to User D. The communication interface disseminates the request to all participating nodes, allowing them to collectively validate and agree on the authenticity of the transaction.
[00046] Security is a paramount concern in any financial system, and the system addresses said concern through the integration of a digital signature verifier. When a transaction request is received, the digital signature verifier plays a vital role in authenticating the request's origin and legitimacy. The involves confirming that the transaction request has been digitally signed by the authorized sender. By verifying the digital signature, the system prevents unauthorized access and ensures that only valid transactions proceed.

[00047] Further enhancing the efficiency of the system, a caching mechanism is implemented. The mechanism temporarily stores recently validated transactions in a dedicated storage area. The storage acts as a buffer, allowing the system to expedite transactions involving the same parties. Since the validation process has already been completed for said transactions, they can be swiftly retrieved from the cache, eliminating the need for redundant validation steps.
[00048] Parallel processing is another remarkable feature of the system. The transaction processing engine includes a parallel processing module that can simultaneously handle multiple transaction requests. The capability significantly reduces the time required for each transaction, enabling the system to handle a higher volume of transactions concurrently. For example, if several users initiate payment requests concurrently, the parallel processing module can validate them in parallel, avoiding bottlenecks and ensuring efficient processing.
[00049] In a vast and interconnected network, the potential for disruptive nodes exists. To address disruptive nodes, the system incorporates a fault-tolerant module. The module is responsible for identifying nodes that are either non-responsive or malicious and quarantining them to prevent their interference with the transaction process. The proactive approach maintains the system's integrity and ensures uninterrupted functionality.
[00050] In an embodiment, the versatility of the blockchain ledger within the system becomes apparent through capability to execute smart contracts. Smart contracts are self-executing agreements that automatically trigger specific actions when predefined conditions are met. The feature enables the system to automate complex processes that require specific conditions to be fulfilled. For instance, consider a scenario where User E lends money to User F. A smart contract could be established with predefined conditions for repayment, automatically initiating the repayment process when the conditions are met.
[00051] Referring to one or more preceding embodiments, the system 100 for reducing payment transaction time through blockchain technology represents a paradigm shift in the way financial transactions are conducted. By combining a distributed blockchain ledger, an advanced transaction processing engine, real-time updating, decentralized communication, digital signature verification, caching mechanisms, parallel processing, fault tolerance, and the execution of smart contracts, the system offers a holistic solution to streamline and expedite payment transactions. The system ensures security, reduces processing times, and paves the way for enhanced financial efficiency in a rapidly evolving digital landscape.
[00052] The concept of reducing payment transaction time has garnered significant attention due to the potential to enhance the efficiency of financial operations and streamline the movement of funds. In response to curtail payment transaction time need, a comprehensive method has emerged that leverages the power of blockchain technology to achieve expedited payment processing. The method 200 encompasses a series of intricately interconnected steps that collectively aim to accelerate transaction times while maintaining the utmost security and accuracy.
[00053] Pictorial portrayal of FIG. 2, represents a flow diagram of the method 200 for reducing payment transaction time, comprising steps of (at step 202) initializing a blockchain ledger across a plurality of nodes, (at step 204) receiving a transaction request from a sender node, (at step 206) broadcasting said transaction request to the plurality of nodes, (at step 208) validating the transaction request by verifying the digital signature and balance of the sender and (at step 210) updating the blockchain ledger to include the validated transaction.
[00054] At the heart of the method 200 lies the foundational step of initializing a blockchain ledger across a network of diverse nodes. Unlike conventional centralized systems, a blockchain operates as a decentralized distributed ledger. In said context, a ledger refers to a digital record of transactions. The distributed nature ensures that the ledger is replicated and synchronized across multiple nodes, preventing any single point of failure and enhancing data redundancy. Each node in the network possesses a copy of the entire ledger, guaranteeing that all participants maintain a consistent view of the transaction history.
[00055] In an embodiment, the process begins when a sender node initiates a transaction request. For instance, consider a scenario where User A intends to transfer funds to User B. The sender node, User A in the case, generates a transaction request that includes relevant details such as the recipient's information and the amount to be transferred.
[00056] Once the transaction request is generated, the method's efficiency is propelled by a broadcast mechanism. The transaction request is instantly broadcasted to all nodes within the network. The decentralized communication approach ensures that all participants are made aware of the impending transaction, facilitating rapid consensus-building. In our example, the transaction request initiated by User A is transmitted to every node within the network.
[00057] In an embodiment, the subsequent phase is centered around the validation of the transaction request. The validation process is characterized by two integral components: verifying the digital signature and assessing the sender's available balance. The digital signature serves as a cryptographic seal that authenticates the transaction request's origin and ensures integrity. By confirming the digital signature's validity, the method prevents unauthorized parties from tampering with or creating fraudulent transactions. Furthermore, the sender's balance is assessed to ascertain whether they possess sufficient funds to complete the transaction. The step is vital to prevent overdrafts and ensure the sender has the necessary financial resources.
[00058] Upon successful validation, the blockchain ledger undergoes a pivotal update. The validated transaction is incorporated into the ledger, creating an indelible record of the transaction's occurrence. The immutable record ensures transparency and accountability while eliminating the possibility of disputes or discrepancies.
[00059] To expedite transactions involving the same parties, the method introduces a caching mechanism. The mechanism temporarily stores recently validated transactions in a designated temporary storage. The cache acts as a repository for validated transactions, obviating the need for redundant validation processes. When a subsequent transaction request involving the same sender and recipient is initiated, the validated transaction can be swiftly retrieved from the cache, accelerating the overall transaction process.
[00060] In an embodiment, the remarkable facet of the method is the ability to harness parallel processing capabilities. The transaction processing engine includes a parallel processing module that can concurrently process multiple transaction requests. The parallelism eliminates bottlenecks and optimizes resource utilization. In practical terms, if multiple users simultaneously initiate payment requests, the parallel processing module can validate said requests simultaneously, significantly reducing processing time.
[00061] Security considerations are paramount in any financial system. The method addresses the concern through the integration of a fault-tolerant module. The module is designed to identify nodes within the network that are either non-responsive or malicious in nature. By isolating such nodes, the method ensures that they do not interfere with the transaction process, safeguarding the overall system's integrity and uninterrupted functionality.
[00062] In an embodiment, the versatility of the blockchain ledger is further showcased through the capacity to execute smart contracts. Smart contracts are self-executing agreements that automatically trigger predefined actions when specific conditions are met. The feature automates complex processes, minimizing the need for manual intervention. For example, envision a situation where User C lends money to User D. A smart contract can be established with predefined conditions for repayment. When said conditions are fulfilled, the smart contract automatically initiates the repayment process, streamlining the overall transaction.
[00063] Referring to one or more preceding embodiments, the method 200 for reducing payment transaction time is a comprehensive solution that harnesses the capabilities of blockchain technology. By combining the initiation of a distributed ledger, swift validation processes, decentralized communication, digital signature verification, caching mechanisms, parallel processing, fault tolerance, and the execution of smart contracts, the method offers a holistic approach to expedite payment transactions. The method 200 not only enhances processing times but also ensures security, transparency, and automation in the financial realm. The method presents a significant advancement in the domain of payment systems, promising a more efficient and user-centric approach to handling transactions.
[00064] Further, while operations are depicted in a particular order, this should not be understood as requiring that such operations be performed in the particular order shown or in sequential order, or that all illustrated operations be performed, to achieve desirable results. In certain circumstances, multitasking and parallel processing may be advantageous. Likewise, while several specific implementation details are contained in the above discussions, these should not be construed as limitations on the scope of the subject matter described herein, but rather as descriptions of features that may be specific to particular embodiments. Certain features that are described in this specification in the context of separate embodiments can also be implemented in combination in a single embodiment. Conversely, various features that are described in the context of a single embodiment can also be implemented in multiple embodiments separately or in any suitable sub-combination. Moreover, although features may be described above as acting in certain combinations and even initially claimed as such, one or more features from a claimed combination can in some cases be excised from the combination, and the claimed combination may be directed to a sub-combination or variation of a sub-combination.
[00065] The term “memory,” as used herein relates to a volatile or persistent medium, such as a magnetic disk, or optical disk, in which a computer can store data or software for any duration. Optionally, the memory is non-volatile mass storage such as physical storage media. Furthermore, a single memory may encompass and in a scenario wherein computing system is distributed, the processing, memory and/or storage capability may be distributed as well.
[00066] Throughout the present disclosure, the term ‘server’ relates to a structure and/or module that include programmable and/or non-programmable components configured to store, process and/or share information. Optionally, the server includes any arrangement of physical or virtual computational entities capable of enhancing information to perform various computational tasks.
[00067] Throughout the present disclosure, the term “network” relates to an arrangement of interconnected programmable and/or non-programmable components that are configured to facilitate data communication between one or more electronic devices and/or databases, whether available or known at the time of filing or as later developed. Furthermore, the network may include, but is not limited to, one or more peer-to-peer network, a hybrid peer-to-peer network, local area networks (LANs), radio access networks (RANs), metropolitan area networks (MANS), wide area networks (WANs), all or a portion of a public network such as the global computer network known as the Internet, a private network, a cellular network and any other communication system or systems at one or more locations.
[00068] Throughout the present disclosure, the term “process”* relates to any collection or set of instructions executable by a computer or other digital system so as to configure the computer or the digital system to perform a task that is the intent of the process.
[00069] Throughout the present disclosure, the term ‘Artificial intelligence (AI)’ as used herein relates to any mechanism or computationally intelligent system that combines knowledge, techniques, and methodologies for controlling a bot or other element within a computing environment. Furthermore, the artificial intelligence (AI) is configured to apply knowledge and that can adapt it-self and learn to do better in changing environments. Additionally, employing any computationally intelligent technique, the artificial intelligence (AI) is operable to adapt to unknown or changing environment for better performance. The artificial intelligence (AI) includes fuzzy logic engines, decision-making engines, preset targeting accuracy levels, and/or programmatically intelligent software.

Claims
I/We Claim:
1. A system for reducing payment transaction time using blockchain technology, comprising:
a blockchain ledger distributed across a plurality of nodes;
a transaction processing engine configured to receive transaction requests and process transaction validations;
a real-time updating module configured to synchronize the blockchain ledger across the plurality of nodes;
a communication interface for broadcasting transaction requests and validations to the plurality of nodes; and
a digital signature verifier for authenticating transaction requests.
2. The system of claim 1, further comprising:
a caching mechanism configured to temporarily store recently validated transactions to facilitate expedited transaction processing.
3. The system of claim 1, wherein, the transaction processing engine includes a parallel processing module configured to process multiple transaction requests simultaneously.
4. The system of claim 1, further comprising:
a fault-tolerant module configured to identify and quarantine non-responsive or malicious nodes from the plurality of nodes.
5.The system of claim 1, wherein, the blockchain ledger is configured to execute smart contracts that automatically trigger when predefined conditions are met.
6. A method for reducing payment transaction time, the method comprising:
initializing a blockchain ledger across a plurality of nodes;
receiving a transaction request from a sender node;
broadcasting said transaction request to the plurality of nodes;
validating the transaction request by verifying the digital signature and balance of the sender; and
updating the blockchain ledger to include the validated transaction.
7. The method of claim 6, further comprising a step of caching the validated transaction in a temporary storage to facilitate expedited future transactions.
8. The method of claim 6, further comprising a step of employing parallel processing to validate multiple transaction requests simultaneously.
9. The method of claim 6, further comprising a step of identifying and isolating non-responsive or malicious nodes from the plurality of nodes.
10. The method of claim 6, further comprising a step of executing a smart contract upon the validation of a transaction, where the smart contract automatically triggers when predefined conditions are met.

Blockchain Technology in Reducing payment Transaction Time
Abstract
The present disclosure provides a system for significantly reducing payment transaction time through the use of blockchain technology. The system features a blockchain ledger that is distributed across multiple nodes, ensuring decentralization and robustness. A specialized transaction processing engine is configured to rapidly receive and validate transaction requests. A real-time updating module ensures synchronization of the blockchain ledger across all nodes, facilitating immediate reflection of validated transactions. A communication interface is integrated for the purpose of efficiently broadcasting transaction requests and validations to all nodes in the network. Lastly, a digital signature verifier is employed to authenticate transaction requests, adding an extra layer of security. Together, said components work synergistically to provide a seamless, rapid, and secure payment transaction process. , Claims:Claims
I/We Claim:
1. A system for reducing payment transaction time using blockchain technology, comprising:
a blockchain ledger distributed across a plurality of nodes;
a transaction processing engine configured to receive transaction requests and process transaction validations;
a real-time updating module configured to synchronize the blockchain ledger across the plurality of nodes;
a communication interface for broadcasting transaction requests and validations to the plurality of nodes; and
a digital signature verifier for authenticating transaction requests.
2. The system of claim 1, further comprising:
a caching mechanism configured to temporarily store recently validated transactions to facilitate expedited transaction processing.
3. The system of claim 1, wherein, the transaction processing engine includes a parallel processing module configured to process multiple transaction requests simultaneously.
4. The system of claim 1, further comprising:
a fault-tolerant module configured to identify and quarantine non-responsive or malicious nodes from the plurality of nodes.
5.The system of claim 1, wherein, the blockchain ledger is configured to execute smart contracts that automatically trigger when predefined conditions are met.
6. A method for reducing payment transaction time, the method comprising:
initializing a blockchain ledger across a plurality of nodes;
receiving a transaction request from a sender node;
broadcasting said transaction request to the plurality of nodes;
validating the transaction request by verifying the digital signature and balance of the sender; and
updating the blockchain ledger to include the validated transaction.
7. The method of claim 6, further comprising a step of caching the validated transaction in a temporary storage to facilitate expedited future transactions.
8. The method of claim 6, further comprising a step of employing parallel processing to validate multiple transaction requests simultaneously.
9. The method of claim 6, further comprising a step of identifying and isolating non-responsive or malicious nodes from the plurality of nodes.
10. The method of claim 6, further comprising a step of executing a smart contract upon the validation of a transaction, where the smart contract automatically triggers when predefined conditions are met.