18515159. BLOCKCHAIN SYSTEM FOR CONFIDENTIAL AND ANONYMOUS SMART CONTRACTS simplified abstract (THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY)

BLOCKCHAIN SYSTEM FOR CONFIDENTIAL AND ANONYMOUS SMART CONTRACTS

Organization Name

THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY

Inventor(s)

Shashank Agrawal of Mountain View CA (US)

[[:Category:Karl Benedikt B�nz of Palo Alto CA (US)|Karl Benedikt B�nz of Palo Alto CA (US)]][[Category:Karl Benedikt B�nz of Palo Alto CA (US)]]

Mahdi Zamani of Palo Alto CA (US)

Dan Boneh of Stanford CA (US)

BLOCKCHAIN SYSTEM FOR CONFIDENTIAL AND ANONYMOUS SMART CONTRACTS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18515159 titled 'BLOCKCHAIN SYSTEM FOR CONFIDENTIAL AND ANONYMOUS SMART CONTRACTS

Simplified Explanation

The abstract describes a system for implementing privacy-preserving smart contracts on a blockchain-based platform. By building a confidential and anonymous token on top of a cryptocurrency, the system can keep accounts private while maintaining functionality and with only a limited performance overhead.

• Techniques for implementing privacy-preserving smart contracts:

   - Building a confidential and anonymous token on top of a cryptocurrency
   - Keeping accounts private while maintaining functionality
   - Limited performance overhead

• Potential Applications:

   - Secure financial transactions
   - Private voting systems
   - Confidential supply chain management

• Problems Solved:

   - Maintaining privacy in blockchain transactions
   - Ensuring confidentiality in smart contract applications

• Benefits:

   - Increased privacy and confidentiality
   - Enhanced security in distributed applications
   - Improved trust in transactions

• Potential Commercial Applications:

   - Financial services
   - Healthcare data management
   - Legal contracts and agreements

• Possible Prior Art:

   - Zero-knowledge proofs in blockchain technology
   - Privacy-focused cryptocurrencies like Monero

1. 1. 1. Unanswered Questions

1. 1. 1. 1. How does this system compare to existing privacy-preserving solutions in blockchain technology?

The article does not provide a detailed comparison with other privacy-preserving techniques in blockchain technology.

1. 1. 1. 1. What are the potential limitations or drawbacks of implementing this privacy-preserving smart contract system?

The article does not discuss any potential limitations or drawbacks of the system, such as scalability issues or regulatory challenges.

Original Abstract Submitted

Blockchain-based, smart contract platforms have great promise to remove trust and add transparency to distributed applications. However, this benefit often comes at the cost of greatly reduced privacy. Techniques for implementing a privacy-preserving smart contract is described. The system can keep accounts private while not losing functionality and with only a limited performance overhead. This is achieved by building a confidential and anonymous token on top of a cryptocurrency. Multiple complex applications can also be built using the smart contract system.