20240046263. BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF simplified abstract (International Institute of Information Technology, Hyderabad)

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BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF

Organization Name

International Institute of Information Technology, Hyderabad

Inventor(s)

Sujit Gujar of Hyderabad (IN)

Kannan Srinathan of Hyderabad (IN)

Anurag Jain of Hyderabad (IN)

BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046263 titled 'BLOCKCHAIN SYSTEM FOR MINING TRANSACTION USING PARALLEL BLOCKS TO IMPROVE SCALABILITY AND A METHOD THEREOF

Simplified Explanation

The abstract of the patent application describes a blockchain system that aims to improve scalability by using parallel blocks for mining transactions. The system includes a sender node, a blockchain network, and mining nodes. The sender node creates a transaction and broadcasts it on the blockchain network. The mining nodes split the transaction into disjoint subsets based on a hash value of the public key. These subsets are then assigned to sub-chains that are mined in parallel by multiple miners. The mining nodes mine the parallel block followed by a mining block and verify multiple sets of transactions associated with the parallel block using an umbrella-proof-of-work method. This system aims to enhance the scalability of the blockchain system.

  • The system uses parallel blocks for mining transactions.
  • The sender node creates and broadcasts a transaction on the blockchain network.
  • Mining nodes split the transaction into disjoint subsets based on the public key's hash value.
  • Disjoint subsets are assigned to sub-chains that are mined in parallel by multiple miners.
  • Mining nodes mine the parallel block followed by a mining block.
  • Multiple sets of transactions associated with the parallel block are verified using an umbrella-proof-of-work method.
  • The system improves the scalability of the blockchain system.

Potential applications of this technology:

  • Cryptocurrency transactions: The parallel block mining can improve the scalability of cryptocurrency networks, allowing for faster and more efficient transactions.
  • Supply chain management: The blockchain system can be used to track and verify the movement of goods in a supply chain, with improved scalability enabling real-time updates and increased efficiency.

Problems solved by this technology:

  • Scalability: The use of parallel blocks and sub-chains allows for increased transaction throughput, addressing the scalability limitations of traditional blockchain systems.
  • Network congestion: By distributing the mining process across multiple miners and sub-chains, the system can handle a higher volume of transactions without causing network congestion.

Benefits of this technology:

  • Improved transaction speed: The parallel block mining approach enables faster transaction processing, reducing the time required for confirmation and improving overall system efficiency.
  • Enhanced network scalability: By utilizing parallel blocks and sub-chains, the system can handle a larger number of transactions, making it more scalable and capable of supporting growing network demands.
  • Increased network efficiency: The mining process is distributed among multiple miners, allowing for more efficient use of computational resources and reducing the energy consumption associated with mining.


Original Abstract Submitted

a blockchain system for mining a transaction using parallel blocks to improve scalability is provided. the blockchain system includes a sender node, a blockchain network, and mining nodes. the sender node (i) creates a transaction, and (ii) broadcasts the transaction on the blockchain network. each of the mining nodes is configured to (i) split the transaction into disjoint subsets based on a hash value of the public key; (ii) assign the disjoint subsets to a plurality of sub-chains that are mined in parallel by a plurality of miners; (iii) mine the parallel block followed by a mining block; and (iv) verify multiple sets of transactions associated with the parallel block using an umbrella-proof-of-work method, thereby improving scalability of the blockchain system.

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