18452228. METHOD AND DEVICE FOR TRANSMITTING DATA BASED ON BLOCKCHAIN simplified abstract (Samsung Electronics Co., Ltd.)

METHOD AND DEVICE FOR TRANSMITTING DATA BASED ON BLOCKCHAIN

Organization Name

Samsung Electronics Co., Ltd.

Inventor(s)

Yongjoon Kim of Suwon-si (KR)

Younghwan Ryu of Suwon-si (KR)

Sungwook Won of Suwon-si (KR)

Geunseok Jang of Suwon-si (KR)

Yonggil Han of Suwon-si (KR)

METHOD AND DEVICE FOR TRANSMITTING DATA BASED ON BLOCKCHAIN - A simplified explanation of the abstract

This abstract first appeared for US patent application 18452228 titled 'METHOD AND DEVICE FOR TRANSMITTING DATA BASED ON BLOCKCHAIN

Simplified Explanation

The electronic device described in the patent application is capable of interacting with a blockchain network using smart contracts to facilitate transactions and data sharing between the device and external users.

• The electronic device includes a communication circuit, memory, and processor.
• The memory stores a partial or full ledger for a blockchain network.
• The processor generates transactions using smart contracts, verifies transactions, creates blocks, and executes smart contracts.
• The device can share data with external users through the blockchain network.

Potential Applications

The technology described in the patent application could be applied in various industries such as finance, healthcare, supply chain management, and more for secure and transparent transactions and data sharing.

Problems Solved

This technology solves the problem of secure and transparent transactions and data sharing between electronic devices and external users using blockchain technology and smart contracts.

Benefits

The benefits of this technology include increased security, transparency, efficiency, and trust in transactions and data sharing processes.

Potential Commercial Applications

The technology could be commercially applied in industries such as banking, healthcare, logistics, and IoT for secure and efficient transactions and data sharing.

Possible Prior Art

One possible prior art for this technology could be the use of smart contracts and blockchain technology in various applications such as cryptocurrency transactions, supply chain management, and digital identity verification.

How does the device ensure the privacy and security of shared data with external users?

The patent application does not provide specific details on how the device ensures the privacy and security of shared data with external users. Additional information on encryption methods or access control mechanisms would be helpful in understanding this aspect of the technology.

What are the limitations of the device in terms of scalability and processing speed?

The patent application does not address the potential limitations of the device in terms of scalability and processing speed when handling a large number of transactions. Further details on the device's capabilities in handling high transaction volumes would be beneficial for assessing its practicality in real-world applications.

Original Abstract Submitted

An electronic device is provided. The electronic device includes a communication circuit, a memory configured to store a partial ledger including a part of a full ledger for a blockchain network or the full ledger, and a processor. The processor is configured to generate a first transaction using a smart contract including shared data of the electronic device and information on an external user to receive the shared data, request to transmit the first transaction to the blockchain network, verify the first transaction using a node creating at least one block corresponding to each of at least one transaction, transmit the first transaction to the blockchain network, create a first block corresponding to the first transaction, verify a second transaction based on receiving a second transaction, execute the smart contract, and to create a second block corresponding to the second transaction.