20240037552. METHOD AND SYSTEM FOR BLOCKING ILLEGAL WITHDRAWAL USING VIRTUAL ASSET DOUBLE PAYMENT PREVENTION POLICY simplified abstract (The Research & Business Development Center of KNPU)
METHOD AND SYSTEM FOR BLOCKING ILLEGAL WITHDRAWAL USING VIRTUAL ASSET DOUBLE PAYMENT PREVENTION POLICY
Organization Name
The Research & Business Development Center of KNPU
Inventor(s)
Cheol Hee Yoon of Asan-si (KR)
METHOD AND SYSTEM FOR BLOCKING ILLEGAL WITHDRAWAL USING VIRTUAL ASSET DOUBLE PAYMENT PREVENTION POLICY - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240037552 titled 'METHOD AND SYSTEM FOR BLOCKING ILLEGAL WITHDRAWAL USING VIRTUAL ASSET DOUBLE PAYMENT PREVENTION POLICY
Simplified Explanation
The present disclosure describes a method and system for preventing illegal withdrawal of virtual assets by monitoring fraudulent transactions and restricting unauthorized withdrawal transactions using a double payment prevention policy.
- The method and system monitor unapproved fraudulent transactions involving a virtual asset address managed by a virtual asset exchange connected to a virtual asset blockchain network.
- The virtual asset address is designated as the transfer address, and withdrawal transactions are restricted using a double payment prevention policy for unapproved illegal transactions.
Potential Applications:
- Virtual asset exchanges can use this technology to enhance security and prevent illegal withdrawal of virtual assets.
- Financial institutions and cryptocurrency platforms can implement this system to protect users' virtual assets from unauthorized transactions.
Problems Solved:
- This technology addresses the issue of illegal withdrawal of virtual assets by monitoring and blocking fraudulent transactions.
- It helps prevent unauthorized access to virtual asset addresses and ensures the security of virtual assets stored in exchanges.
Benefits:
- Enhanced security: The system provides an additional layer of protection against illegal withdrawal of virtual assets.
- Fraud prevention: By monitoring and blocking fraudulent transactions, this technology helps prevent financial losses due to unauthorized withdrawals.
- User confidence: Implementing this system can increase user trust in virtual asset exchanges and blockchain networks.
Original Abstract Submitted
the exemplary embodiments of the present disclosure provides a method and a system for blocking illegal withdrawal of a virtual asset by monitoring unapproved fraudulent transactions in which the virtual asset address managed by the virtual asset exchange connected to the virtual asset blockchain network is designated as the transfer address and restricting withdrawal transactions using a double payment prevention policy for unapproved illegal transactions.
