20240046264. METHOD, APPARATUS, AND RECORDING MEDIUM simplified abstract (Panasonic Intellectual Property Corporation of America)
Contents
METHOD, APPARATUS, AND RECORDING MEDIUM
Organization Name
Panasonic Intellectual Property Corporation of America
Inventor(s)
Junji Michiyama of Fukuoka (JP)
METHOD, APPARATUS, AND RECORDING MEDIUM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240046264 titled 'METHOD, APPARATUS, AND RECORDING MEDIUM
Simplified Explanation
The method described in the patent application involves transferring value from a second user to a first user using smart contracts recorded in different blockchains. Here is a simplified explanation of the abstract:
- Acquiring transaction data that includes value information for transferring value from a second user to a first user.
- Executing a first smart contract recorded in the first blockchain by recording the transaction data in the first blockchain.
- Executing a second smart contract recorded in a second blockchain different from the first blockchain, based on the first smart contract.
- The second smart contract transfers at least a portion of the value from the second user to the first user, from a first account held by the first user to a third account held by a third user.
Potential Applications of this Technology:
- Cross-chain transactions: This method allows for value transfers between different blockchains, enabling interoperability and facilitating transactions across multiple blockchain networks.
- Decentralized finance (DeFi): The use of smart contracts and multiple blockchains can enhance the efficiency and security of DeFi applications, such as lending, borrowing, and decentralized exchanges.
- Supply chain management: By utilizing different blockchains, this method can enable transparent and secure value transfers within complex supply chain networks, ensuring traceability and reducing fraud.
Problems Solved by this Technology:
- Interoperability: The method addresses the challenge of transferring value between different blockchains, which typically operate independently and have limited compatibility.
- Trust and Security: By utilizing smart contracts and blockchain technology, this method enhances trust and security in value transfers, reducing the need for intermediaries and minimizing the risk of fraud or manipulation.
Benefits of this Technology:
- Efficiency: The use of smart contracts automates the execution of transactions, eliminating the need for manual processing and reducing the time and cost associated with traditional value transfers.
- Transparency: The transaction data recorded in the blockchains provides a transparent and immutable record of the value transfers, enhancing accountability and auditability.
- Flexibility: The method allows for the transfer of value between different accounts held by different users, providing flexibility in managing and distributing assets.
Original Abstract Submitted
a method includes: acquiring transaction data that includes value information regarding a value to be transferred from a second user to a first user; executing a first smart contract recorded in a first blockchain by recording the transaction data in the first blockchain; and executing a second smart contract recorded in a second blockchain different from the first blockchain based on the first smart contract. the second smart contract is a smart contract for transferring at least a portion of the value to be transferred from the second user to the first user, from a first account held by the first user to a third account held by a third user.
