BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE

Organization Name

nChain Licensing AG

Inventor(s)

Jack Owen Davies of London (GB)

Michaella Pettit of London (GB)

Sigourney Hove of London (GB)

Craig Steven Wright of London (GB)

BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE - A simplified explanation of the abstract

This abstract first appeared for US patent application 18578250 titled 'BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE

The abstract describes a computer-implemented method for constructing a candidate block of a blockchain. This involves obtaining a set of blockchain transactions and constructing the candidate block with a current block header that links it to a previous block. The current block header includes a hash of the previous block header, a nonce value, and the set of blockchain transactions.

The method involves obtaining a set of blockchain transactions.
The candidate block is constructed with a current block header that links it to a previous block.
The current block header includes a hash of the previous block header, a nonce value, and the set of blockchain transactions.
When the current block header is hashed, the resulting hash must satisfy a predetermined difficulty target.

Potential Applications: - Cryptocurrency mining - Secure data storage - Supply chain management - Smart contracts - Voting systems

Problems Solved: - Ensures secure and tamper-proof record-keeping - Facilitates trustless transactions - Enables decentralized consensus mechanisms

Benefits: - Increased security and transparency - Reduced reliance on centralized authorities - Improved efficiency in transaction processing

Commercial Applications: Title: Blockchain Technology for Secure Transactions This technology can be utilized in financial institutions, supply chain management companies, and any industry requiring secure and transparent transaction records. The market implications include improved data integrity, reduced transaction costs, and enhanced trust among stakeholders.

Questions about Blockchain Technology: 1. How does blockchain technology ensure the security of transactions? Blockchain technology ensures security through cryptographic hashing and decentralized consensus mechanisms, making it extremely difficult for malicious actors to alter transaction records.

2. What are the potential drawbacks of blockchain technology? While blockchain technology offers enhanced security and transparency, challenges such as scalability issues and energy consumption in mining processes need to be addressed for widespread adoption.

Original Abstract Submitted

A computer-implemented method of constructing a candidate block of a blockchain, wherein the method comprises: obtaining a set of blockchain transactions; and constructing the candidate block, wherein the candidate block comprises a current block header used to link the candidate block to a previous block of the blockchain, and wherein the current block header comprises i) a hash of the respective block header of the previous block, ii) a nonce value, such that when the current block header is hashed, the resulting hash of the current block header satisfies a predetermined difficulty target, and iii) the set of blockchain transactions.