20240054458. SYSTEMS AND METHODS FOR SECURELY SHARING PUBLIC BLOCKCHAIN ADDRESSES simplified abstract (Citibank, N.A.)
SYSTEMS AND METHODS FOR SECURELY SHARING PUBLIC BLOCKCHAIN ADDRESSES
Organization Name
Inventor(s)
Lior Glass of New York NY (US)
Puneet Singhvi of New York NY (US)
SYSTEMS AND METHODS FOR SECURELY SHARING PUBLIC BLOCKCHAIN ADDRESSES - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240054458 titled 'SYSTEMS AND METHODS FOR SECURELY SHARING PUBLIC BLOCKCHAIN ADDRESSES
Simplified Explanation
The system described in the patent application involves a first processor transmitting a payload for a transaction in a public blockchain network to a second processor via a secure network session. The payload includes a transaction amount and a wallet address of a cryptocurrency account. When the blockchain node associated with the cryptocurrency account indicates that the account has received a monetary amount via the network, the second processor validates the amount and transmits the remainder of the transaction amount to the cryptocurrency account.
- The system involves two processors communicating via a secure network session.
- The first processor transmits a payload for a transaction in a public blockchain network to the second processor.
- The payload includes a transaction amount and a wallet address of a cryptocurrency account.
- When the cryptocurrency account receives a monetary amount, the second processor validates it and transmits the remainder of the transaction amount to the account via the blockchain network.
Potential Applications
- Secure and efficient transactions in cryptocurrency networks.
- Automation of transaction validation and completion processes.
Problems Solved
- Ensures secure and accurate completion of cryptocurrency transactions.
- Streamlines the process of validating and transmitting cryptocurrency amounts.
Benefits
- Increased security in cryptocurrency transactions.
- Improved efficiency in processing transactions on blockchain networks.
Original Abstract Submitted
a system includes a first processor configured to transmit to a second processor via a secure network session, a first payload configured for a transaction in a public blockchain network including a transaction amount, and a wallet address of a cryptocurrency account, and, in response to receiving, from a blockchain node associated with the cryptocurrency account, an indication that the cryptocurrency account has received a first monetary amount via the public blockchain network, transmit, to the second processor via the secure network session, a second payload indicating the first monetary amount that is less than the transaction amount. in response to the second processor validating the first monetary amount, the second processor transmits, using a blockchain node associated with the cryptocurrency account, a remainder of the transaction amount to the cryptocurrency account via the public blockchain network.
