Instant payment and latent transactions on the Ethereum Blockchain

Abstract

Blockchain is one of the most important technological trends today since it has a wide spectrum of use cases (financial industry applications, supply-chain tracking, MedTech EHR management, energy grid etc.) and it offers a wide range of implementations. However, the main goal of the Blockchain remains the transfer of value-bearing assets between an owner of a resource and a client. Due to CPU intensive consensus algorithms, transaction prioritization based on potential earnings, the validation process and so on, Blockchain implementations are not able to support real-time services and, also, to enable a varied cloud computing service catalog on top of the existing infrastructure. Our solution is addressing this drawback by developing a system supporting late payments through our innovative concept called latent-transactions. We also provide the instruments through which we make viable off-chain agreements, between the parties involved in a transaction. Therefore, one can benefit from a service, prior to actual payment. In addition, we offer a service enlargement mechanism by providing a catalog where any member of Blockchain can subscribe and from where one can sell services in a real-time manner with adaptive pricing, based on the context (demand, activity at runtime etc.).