The system not only records point-of-sale computer transactions but also details about the transaction. It will help in the performance of near real-time transactions by eliminating the need to wait for block confirmations through miners.
TD Bank published a patent application last week detailing a public distributed ledger system for point-of-sale computer track transactions that could help it track assets on the blockchain.
The system basically stores information about assets being sold, their value in a given currency and the transaction data. While most banks are interesting in private blockchains, this one is public. The company says in the application that the public blockchain allows anyone to review the content of the ledger and to verify ownership.
Therefore, it will help anyone to verify that a transaction actually occurred. It hence minimizes the risk of falsifying of ledgers although it increases redundancy.
Near real-time transactions
Under normal circumstances, each block has a timestamp and hash of the preceding block and these blocks record and confirm transactions. However, the application says such a system introduces delays and thus affect real-time transactions.
“Users known as miners perform proof-of-work in the course of generating the blocks. The amount of time needed to perform the proof-of-work can introduce significant delays between the time a valid transaction. It is first received by one of the miners and incorporation of the transaction into a block”.
The application says the tracking system comprised of a storage device and a processor coupled to the storage device. The system also contains digital accounts associated with clients. These accounts have values in a currency.
When a first party initiates a transaction, the request goes to a central authority for authorization. The authority compares the value of assets to be transferring with an asset value in the first party’s account (s) and authorizes the transaction.
The transaction goes through without waiting for confirmation from distributed ledger regarding this transfer. This, according to the application, invokes a near-real-time delivery of goods or services upon tender of payment.
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