CITIBANK, N.A. (20240311813). SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION simplified abstract
SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION
Organization Name
Inventor(s)
Shishir Singh of New York NY (US)
SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240311813 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION
The abstract describes a computer-implemented method for processing transactions between two computing devices using blockchain technology.
- Receiving a transaction request from a first computing device with transaction attributes.
- Appending block instances to blockchains of both the first and second computing devices.
- Retrieving a second set of transaction attributes from the second computing device.
- Identifying a second blockchain associated with the pending transaction when attributes match.
- Automatically comparing transaction attributes with data stored on the identified second blockchain.
- Appending block instance to the blockchain if the attributes comply with the data on the ledger.
Potential Applications: - Secure and efficient transaction processing between computing devices. - Streamlining cross-device transactions using blockchain technology.
Problems Solved: - Ensuring the integrity and security of transactions between multiple devices. - Automating the verification process for transaction attributes.
Benefits: - Increased security and transparency in transactions. - Reduced processing time for cross-device transactions.
Commercial Applications: Blockchain-based transaction processing technology can be utilized in various industries such as finance, supply chain management, and healthcare for secure and efficient data exchange.
Questions about the technology: 1. How does this technology ensure the authenticity of transaction attributes? 2. What are the potential scalability challenges of implementing this method in large-scale transaction processing systems?
Original Abstract Submitted
a computer-implemented method comprising receiving a transaction request from a first computing device, the transaction request corresponding to a pending transaction between the first computing device and a second computing device and comprising a first set of transaction attributes; appending block instances to blockchains of the first and second computing devices, retrieving or receiving, from the second computing device, a second set of transaction attributes; when the first set of transaction attributes match, identifying a second blockchain associated with the pending transaction; automatically executing a protocol to compare the first set of transaction attributes with data stored onto a ledger of the identified second blockchain; and, in response to determining that the first set of transaction attributes complies with data of the ledger of the identified second blockchain, appending block instance to the blockchain comprising data corresponding to the transaction request to blockchains of the first and second computing devices.
