20240046265. BLOCKCHAIN BASED AUTHENTICATION AND TRANSACTION SYSTEM simplified abstract (ESTORM CO., LTD.)

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BLOCKCHAIN BASED AUTHENTICATION AND TRANSACTION SYSTEM

Organization Name

ESTORM CO., LTD.

Inventor(s)

Jong Hyun Woo of Seoul (KR)

Tae Il Lee of Uiwang-si, Gyeonggi-do (KR)

Il Jin Jung of Siheung-si, Gyeonggi-do (KR)

Hee Jun Shin of Seoul (KR)

Hyung Seok Jang of Seoul (KR)

Min Jae Son of Seoul (KR)

Sang Heon Baek of Incheon (KR)

Seo Bin Park of Hwaseong-si, Gyeonggi-do (KR)

Hyo Sang Kwon of Bucheon-si, Gyeonggi-do (KR)

Mi Ju Kim of Seoul (KR)

Jung Hoon Song of Gunpo-si, Gyeonggi-do (KR)

Rakhmanov Dilshod of Seoul (KR)

Dong Hee Kim of Anyang-si, Gyeonggi-do (KR)

Jeon Gjin Kim of Gimpo-si, Gyeonggi-do (KR)

BLOCKCHAIN BASED AUTHENTICATION AND TRANSACTION SYSTEM - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046265 titled 'BLOCKCHAIN BASED AUTHENTICATION AND TRANSACTION SYSTEM

Simplified Explanation

According to the exemplary embodiments of the present invention, there is provided a blockchain-based authentication and transaction system. The system includes a user DID (Distributed Identity) wallet, which is an application program installed on a user's mobile terminal. The user DID wallet allows the user to verify the legitimacy of a counterpart by verifying the counterpart's VP (Verified Party) and displaying the verified counterpart information on the user's screen when the counterpart's VP provided from an authentication or transaction counterpart system is obtained.

  • The invention is a blockchain-based authentication and transaction system.
  • The system includes a user DID wallet, installed on a user's mobile terminal.
  • The user DID wallet allows the user to verify the legitimacy of a counterpart.
  • Verification is done by verifying the counterpart's VP (Verified Party).
  • The verified counterpart information is displayed on the user's screen.
  • The counterpart's VP is obtained from an authentication or transaction counterpart system.

Potential Applications:

  • Secure authentication and verification of counterpart parties in transactions.
  • Enhanced security in online transactions and interactions.
  • Protection against fraud and identity theft.
  • Streamlining and simplifying the authentication process for users.

Problems Solved:

  • Lack of secure and reliable authentication methods in online transactions.
  • Difficulty in verifying the legitimacy of counterpart parties.
  • Vulnerability to fraud and identity theft in digital transactions.
  • Complex and time-consuming authentication processes for users.

Benefits:

  • Increased security and trust in online transactions.
  • Improved user experience with simplified and streamlined authentication.
  • Reduced risk of fraud and identity theft.
  • Enhanced privacy and control over personal information.


Original Abstract Submitted

according to the exemplary embodiments of the present invention, there is provided a blockchain based authentication and transaction system including a user did (distributed identity) wallet which is an application program installed on a user's mobile terminal. here, the user did wallet allows a user to ascertain whether a counterpart is a legitimate party by verifying a counterpart's vp and expressing the verified counterpart ascertainment information to the user on a screen when the counterpart's vp provided from a counterpart system which is an authentication or transaction counterpart is obtained.

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