PROCESSING A CONTINGENT ACTION TOKEN SECURELY

Organization Name

Inventor(s)

Gary W. Grube of Barrington Hills IL (US)

PROCESSING A CONTINGENT ACTION TOKEN SECURELY - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240223374 titled 'PROCESSING A CONTINGENT ACTION TOKEN SECURELY

The abstract of this patent application describes a method executed by a computing device that involves determining baseline content associated with a longevity-contingent instrument for a contingency-action token (CAT) for an object distributed ledger. The method further includes establishing CAT content to include the baseline content and additional CAT content to produce the CAT. The method also involves using a securely passing process to generate a new block affiliated with the CAT via a blockchain of the object distributed ledger, where the new block includes the CAT content.

Key Features and Innovation:

- Determining baseline content for a longevity-contingent instrument - Establishing CAT content for an object distributed ledger - Using a securely passing process to generate a new block via a blockchain

Potential Applications:

- Financial instruments - Smart contracts - Supply chain management

Problems Solved:

- Ensuring secure and accurate record-keeping - Facilitating transactions on distributed ledgers - Enhancing transparency and trust in financial transactions

Benefits:

- Improved security and accuracy in record-keeping - Streamlined transaction processes - Increased transparency and trust in financial transactions

Commercial Applications:

- Financial institutions - Blockchain technology companies - Supply chain management companies

Prior Art:

- Researchers and developers in the field of blockchain technology - Patents related to distributed ledger technology

Frequently Updated Research:

- Latest developments in blockchain technology - Innovations in smart contract applications

Questions about the technology: 1. How does this method improve the security of transactions on distributed ledgers? 2. What potential impact could this technology have on financial institutions and supply chain management companies?

Original Abstract Submitted

a method executed by a computing device includes determining baseline content associated with a longevity-contingent instrument for a contingency-action token (cat) for an object distributed ledger. the method further includes establishing cat content to include the baseline content and further cat content to produce the cat. the method further includes using a securely passing process to generate a new block affiliated with the cat via a blockchain of the object distributed ledger, where the new block includes the cat content.