20240031149. SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE simplified abstract (GMO GlobalSign, Inc.)

From WikiPatents
Jump to navigation Jump to search

SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE

Organization Name

GMO GlobalSign, Inc.

Inventor(s)

Willow W. Noonan of Portsmouth NH (US)

SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240031149 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE

Simplified Explanation

The present invention addresses the issue of pseudonymous blockchain transactions that make it difficult to identify the individuals or institutions involved in a transaction solely based on a blockchain address. It introduces a system and method that verify transfers in an on-chain blockchain bitcoin transaction by using a sequence of blockchain bitcoin transactions to establish and confirm the identity of the parties involved.

  • The invention aims to solve the problem of anonymity in blockchain transactions by providing a mechanism to verify the identity of the parties involved.
  • It utilizes a series of blockchain bitcoin transactions to establish and confirm the identity of one or more parties to a transaction.
  • The system and method provide a way to overcome the limitations of relying solely on a blockchain address for identification purposes.
  • By establishing and confirming the identity of the parties involved, the invention enhances the transparency and accountability of blockchain transactions.

Potential applications of this technology:

  • Improved regulatory compliance: The ability to verify the identity of parties involved in blockchain transactions can help meet regulatory requirements, especially in industries where KYC (Know Your Customer) regulations are crucial.
  • Enhanced security: By establishing the identity of the parties, the technology can help prevent fraudulent or malicious activities on the blockchain.
  • Streamlined auditing and reporting: The ability to identify the individuals or institutions involved in blockchain transactions can simplify auditing processes and enable accurate reporting.

Problems solved by this technology:

  • Anonymity and lack of identification: The technology addresses the challenge of identifying the individuals or institutions involved in blockchain transactions when only a blockchain address is available.
  • Compliance with regulations: By providing a mechanism to verify the identity of parties, the technology helps ensure compliance with regulatory requirements, particularly in industries with strict KYC regulations.
  • Trust and transparency: The ability to establish and confirm the identity of parties involved in blockchain transactions enhances trust and transparency in the system.

Benefits of this technology:

  • Improved accountability: By verifying the identity of parties, the technology promotes accountability in blockchain transactions.
  • Enhanced security: The ability to confirm the identity of parties involved helps prevent fraudulent or malicious activities on the blockchain.
  • Regulatory compliance: The technology facilitates compliance with regulations, particularly in industries where KYC requirements are essential.
  • Simplified auditing and reporting: The ability to identify the individuals or institutions involved in blockchain transactions simplifies auditing processes and enables accurate reporting.


Original Abstract Submitted

the present invention overcomes problem of pseudonymous blockchain transactions that preclude the identification of an individual or institutional identity that rely solely on a blockchain address of a recipient in a blockchain transaction. a system and method is provided that verifies transfers in an on-chain blockchain bitcoin transaction by using a sequence of blockchain bitcoin transactions that establish and confirm an identity of one or more parties to the transaction.

Retrieved from "http://wikipatents.org/index.php?title=20240031149._SYSTEMS_AND_METHODS_FOR_BLOCKCHAIN_TRANSACTIONS_WITH_OFFER_AND_ACCEPTANCE_simplified_abstract_(GMO_GlobalSign,_Inc.)&oldid=29107"