20240048357. SYMMETRIC ENCRYPTION FOR PRIVATE SMART CONTRACTS AMONG MULTIPLE PARTIES IN A PRIVATE PEER-TO-PEER NETWORK simplified abstract (Experian Information Solutions, Inc.)

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SYMMETRIC ENCRYPTION FOR PRIVATE SMART CONTRACTS AMONG MULTIPLE PARTIES IN A PRIVATE PEER-TO-PEER NETWORK

Organization Name

Experian Information Solutions, Inc.

Inventor(s)

Vijay Mehta of Newport Beach CA (US)

Alexander Phan of Aliso Viejo CA (US)

SYMMETRIC ENCRYPTION FOR PRIVATE SMART CONTRACTS AMONG MULTIPLE PARTIES IN A PRIVATE PEER-TO-PEER NETWORK - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240048357 titled 'SYMMETRIC ENCRYPTION FOR PRIVATE SMART CONTRACTS AMONG MULTIPLE PARTIES IN A PRIVATE PEER-TO-PEER NETWORK

Simplified Explanation

The patent application describes features for providing a secure method of symmetric encryption for private smart contracts among multiple parties in a private peer-to-peer network. Here are the bullet points explaining the patent/innovation:

  • The method involves using a master key that represents a unique blockchain ledger.
  • The master key can be shared among multiple participants in the network.
  • Sharing of the master key can be done through encrypted messages using public key infrastructure (PKI).
  • More complex distribution features, like quantum entanglement, can be included in some implementations.
  • The features allow for the instantiation of a smart contract using a specific master key.
  • Requests for smart contract instantiation can be submitted to the ledger with metadata and payload information for identification and processing.

Potential applications of this technology:

  • Secure communication and collaboration among multiple parties in a private peer-to-peer network.
  • Implementation of private smart contracts with enhanced encryption and security features.
  • Facilitating secure transactions and data exchange in decentralized systems.

Problems solved by this technology:

  • Ensuring the privacy and security of smart contracts in a peer-to-peer network.
  • Providing a secure method of symmetric encryption for private communications.
  • Addressing the challenges of key distribution and sharing in a decentralized environment.

Benefits of this technology:

  • Enhanced security and privacy for smart contracts and communications.
  • Simplified and secure distribution of the master key among multiple participants.
  • Support for instantiating smart contracts with specific master keys, ensuring proper identification and processing.


Original Abstract Submitted

features for providing a secure method of symmetric encryption for private smart contacts among multiple parties in a private peer-to-peer network. the features include a master key representing a unique blockchain ledger. the master key may be shared among multiple participants in a private peer-to-peer network. sharing of the master key may include communicating the master key in an encrypted message (e.g., email) using public key infrastructure (pki). in some implementations, more complex distribution features may be includes such as quantum entanglement. the features support instantiation of a smart contract using a specific master key. the request may be submitted as an entry to the ledger with appropriate metadata and/or payload information for identifying and processing the request.

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