View source for 20240046263. BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF simplified abstract (International Institute of Information Technology, Hyderabad)

=BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF=


==Organization Name==

[[:Category:International Institute of Information Technology, Hyderabad|International Institute of Information Technology, Hyderabad]]


[[Category:International Institute of Information Technology, Hyderabad]]

==Inventor(s)==

[[:Category:Sujit Gujar of Hyderabad (IN)|Sujit Gujar of Hyderabad (IN)]][[Category:Sujit Gujar of Hyderabad (IN)]]

[[:Category:Kannan Srinathan of Hyderabad (IN)|Kannan Srinathan of Hyderabad (IN)]][[Category:Kannan Srinathan of Hyderabad (IN)]]

[[:Category:Anurag Jain of Hyderabad (IN)|Anurag Jain of Hyderabad (IN)]][[Category:Anurag Jain of Hyderabad (IN)]]

==BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240046263 titled 'BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF

==Simplified Explanation==

The abstract of the patent application describes a blockchain system that aims to improve scalability by using parallel blocks for mining transactions. The system includes a sender node, a blockchain network, and mining nodes. The sender node creates a transaction and broadcasts it on the blockchain network. The mining nodes split the transaction into disjoint subsets based on a hash value of the public key. These subsets are then assigned to sub-chains that are mined in parallel by multiple miners. The mining nodes mine the parallel block followed by a mining block and verify multiple sets of transactions associated with the parallel block using an umbrella-proof-of-work method. This system aims to enhance the scalability of the blockchain system.

* The system uses parallel blocks for mining transactions.
* The sender node creates and broadcasts a transaction on the blockchain network.
* Mining nodes split the transaction into disjoint subsets based on the public key's hash value.
* Disjoint subsets are assigned to sub-chains that are mined in parallel by multiple miners.
* Mining nodes mine the parallel block followed by a mining block.
* Multiple sets of transactions associated with the parallel block are verified using an umbrella-proof-of-work method.
* The system improves the scalability of the blockchain system.

Potential applications of this technology:

* Cryptocurrency transactions: The parallel block mining can improve the scalability of cryptocurrency networks, allowing for faster and more efficient transactions.
* Supply chain management: The blockchain system can be used to track and verify the movement of goods in a supply chain, with improved scalability enabling real-time updates and increased efficiency.

Problems solved by this technology:

* Scalability: The use of parallel blocks and sub-chains allows for increased transaction throughput, addressing the scalability limitations of traditional blockchain systems.
* Network congestion: By distributing the mining process across multiple miners and sub-chains, the system can handle a higher volume of transactions without causing network congestion.

Benefits of this technology:

* Improved transaction speed: The parallel block mining approach enables faster transaction processing, reducing the time required for confirmation and improving overall system efficiency.
* Enhanced network scalability: By utilizing parallel blocks and sub-chains, the system can handle a larger number of transactions, making it more scalable and capable of supporting growing network demands.
* Increased network efficiency: The mining process is distributed among multiple miners, allowing for more efficient use of computational resources and reducing the energy consumption associated with mining.


==Original Abstract Submitted==

a blockchain system for mining a transaction using parallel blocks to improve scalability is provided. the blockchain system includes a sender node, a blockchain network, and mining nodes. the sender node (i) creates a transaction, and (ii) broadcasts the transaction on the blockchain network. each of the mining nodes is configured to (i) split the transaction into disjoint subsets based on a hash value of the public key; (ii) assign the disjoint subsets to a plurality of sub-chains that are mined in parallel by a plurality of miners; (iii) mine the parallel block followed by a mining block; and (iv) verify multiple sets of transactions associated with the parallel block using an umbrella-proof-of-work method, thereby improving scalability of the blockchain system.



[[Category:G06Q20/38]]