20240054459. SYSTEMS AND METHODS FOR SECURELY SHARING PUBLIC BLOCKCHAIN ADDRESSES simplified abstract (Citibank, N.A.)
Contents
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 20240054459 titled 'SYSTEMS AND METHODS FOR SECURELY SHARING PUBLIC BLOCKCHAIN ADDRESSES
Simplified Explanation
The system described in the patent application involves two processors communicating via a secure network session to facilitate transactions in a public blockchain network involving cryptocurrency accounts.
- The first processor transmits a payload to the second processor containing transaction details, including a transaction amount and a wallet address of a cryptocurrency account.
- Upon receiving confirmation from a blockchain node associated with the cryptocurrency account that a monetary amount has been received, the second processor sends a payload to the first processor indicating the received amount, which may be less than the transaction amount.
- If the second processor validates the received amount, it then uses a blockchain node to send the remaining transaction amount to the cryptocurrency account via the public blockchain network.
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- Potential Applications
- Secure and efficient cryptocurrency transactions
- Streamlining payment processes in blockchain networks
- Problems Solved
- Ensuring accurate and timely completion of cryptocurrency transactions
- Minimizing errors in transaction amounts in blockchain networks
- Benefits
- Increased security in cryptocurrency transactions
- Improved efficiency in processing blockchain transactions
- Enhanced reliability in confirming transaction amounts
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.
