20240022440. DEVICE AND METHOD FOR SECURING AND VERIFYING BUSINESS DATA VIA A BLOCKCHAIN SYSTEM simplified abstract (Unknown Organization)

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DEVICE AND METHOD FOR SECURING AND VERIFYING BUSINESS DATA VIA A BLOCKCHAIN SYSTEM

Organization Name

Unknown Organization

Inventor(s)

Wei Yeh of Taipei City (TW)

Chao-Chiu Huang of Taipei City (TW)

DEVICE AND METHOD FOR SECURING AND VERIFYING BUSINESS DATA VIA A BLOCKCHAIN SYSTEM - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240022440 titled 'DEVICE AND METHOD FOR SECURING AND VERIFYING BUSINESS DATA VIA A BLOCKCHAIN SYSTEM

Simplified Explanation

The abstract of the patent application describes a system in which a user device and an authentication device interact with a smart contract in a blockchain system to secure confidential information related to a business deal. Here is a simplified explanation of the abstract:

  • A user device obtains the address of a smart contract based on a transaction hash and generates a private data hash using business data.
  • The user device creates a transaction using the private data hash and the smart contract address, and submits it to the blockchain system.
  • The transaction stores the private data hash in the smart contract, ensuring the security of the confidential information in the real world business deal.
  • An authentication device generates a private data hash using business data and obtains the smart contract address based on a transaction hash.
  • The authentication device accesses the smart contract using the address to check if the private data hash is stored in it.
  • If the smart contract includes the private data hash, the authentication device approves the business data.

Potential applications of this technology:

  • Securing confidential information in business deals: This technology can be used to ensure the confidentiality of sensitive information related to business deals, such as financial transactions or trade secrets.
  • Supply chain management: The use of smart contracts in blockchain systems can help secure and authenticate data related to the movement of goods in a supply chain, preventing fraud and ensuring transparency.
  • Intellectual property protection: By storing private data hashes in smart contracts, this technology can help protect intellectual property rights and prevent unauthorized use or infringement.

Problems solved by this technology:

  • Data security: By utilizing blockchain technology and smart contracts, this system provides a secure and tamper-proof way to store and access confidential information, reducing the risk of data breaches or unauthorized access.
  • Trust and authentication: The use of private data hashes and smart contracts allows for the verification and authentication of business data, ensuring that only approved and authorized information is accepted.

Benefits of this technology:

  • Enhanced security: The decentralized nature of blockchain systems and the immutability of smart contracts provide a high level of security for confidential information.
  • Efficiency and transparency: The use of smart contracts automates and streamlines the process of verifying and approving business data, reducing the need for manual intervention and increasing transparency.
  • Cost savings: By eliminating the need for intermediaries or third-party verification services, this technology can potentially reduce costs associated with data security and authentication.


Original Abstract Submitted

in a blockchain system, a user device obtains an address of a smart contract according to a transaction hash, and generates a private data hash according to business data. the user device then generates a transaction based on the private data hash and the address of the smart contract, and submits the transaction to the blockchain system to store the private data hash into the smart contract, such that confidential information of a business deal in the real world is secured. an authentication device generates a private data hash according to business data, obtains an address of a smart contract in the blockchain system according to a transaction hash, and accesses the smart contract via the address to determine whether the private data hash is stored in the smart contract. the authentication device approves the business data when the smart contract includes the private data hash.

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