20240021053. LOCALIZED BETTING SYSTEM AND METHOD simplified abstract (NAGRAVISION SARL)

LOCALIZED BETTING SYSTEM AND METHOD

Organization Name

NAGRAVISION SARL

Inventor(s)

Scott Carlson of CHESEAUX-SUR-LAUSANNE (CH)

José-Emmanuel Pont of CHESEAUX-SUR-LAUSANNE (CH)

LOCALIZED BETTING SYSTEM AND METHOD - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240021053 titled 'LOCALIZED BETTING SYSTEM AND METHOD

Simplified Explanation

The abstract describes a localized electronic betting system that includes a smart contract generation module and a results engine located in the same low-latency environment. The smart contract generation module receives a betting statement from a user device, generates a smart contract based on the statement, and transmits it to a local blockchain node. The results engine determines if the criterion in the betting statement is met based on content received from a results source. The system then transmits a signal to the local blockchain node containing the information about whether the criterion is met.

• The system includes a smart contract generation module and a results engine located in a low-latency environment.
• The smart contract generation module receives a betting statement from a user device and generates a smart contract based on the statement.
• The smart contract includes a criterion that self-executes when met.
• The generated smart contract is transmitted to a local blockchain node within the low-latency environment.
• The results engine determines if the criterion in the betting statement is met based on content received from a results source.
• The system transmits a signal to the local blockchain node containing the information about whether the criterion is met.

Potential applications of this technology:

• Online betting platforms can utilize this system to automate the process of creating and executing smart contracts for bets.
• Gambling websites can enhance their transparency and security by using a local blockchain ledger to store information about bet outcomes.
• Sports betting platforms can use this system to quickly determine if the criteria for a bet have been met and distribute winnings accordingly.

Problems solved by this technology:

• The system eliminates the need for intermediaries in the betting process, reducing costs and increasing efficiency.
• It ensures the transparency and fairness of the betting process by using smart contracts and a local blockchain ledger.
• The low-latency environment allows for real-time processing of betting statements and results, providing a seamless user experience.

Benefits of this technology:

• Users can have confidence in the fairness and security of their bets due to the use of smart contracts and blockchain technology.
• The system provides fast and accurate determination of bet outcomes, allowing for quick distribution of winnings.
• By eliminating intermediaries, the system reduces costs for both users and betting platforms.

Original Abstract Submitted

a localized electronic betting system includes: a smart contract generation module and a results engine located in a same low-latency environment as the smart contract generation module, wherein: the smart contract generation module is configured to receive a first betting statement from a first user device located within the low-latency environment, to generate a smart contract based on the first betting statement, the smart contract including a criterion to be met and configured to self-execute in response to a determination that the criterion is met, and to transmit the generated smart contract to a local blockchain node located within the low-latency environment; the results engine is configured, based on content received from a results source, to determine information indicative of whether the criterion in the first betting statement is met; and the localized betting system is configured to transmit a signal to the local blockchain node for storage on a local blockchain ledger or a local copy of a blockchain ledger, the signal containing the information indicative of whether the criterion is met. an equivalent method is also provided.