NChain Licensing AG (20240220983). BLOCKCHAIN-IMPLEMENTED SYSTEMS AND METHODS FOR CONCURRENT BYTECODE INTERPRETATION simplified abstract
BLOCKCHAIN-IMPLEMENTED SYSTEMS AND METHODS FOR CONCURRENT BYTECODE INTERPRETATION
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BLOCKCHAIN-IMPLEMENTED SYSTEMS AND METHODS FOR CONCURRENT BYTECODE INTERPRETATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240220983 titled 'BLOCKCHAIN-IMPLEMENTED SYSTEMS AND METHODS FOR CONCURRENT BYTECODE INTERPRETATION
The patent application describes computer-implemented methods for creating and validating spending blockchain transactions that represent execution threads joined from previous blockchain transactions.
- The spending blockchain transaction includes a locking script representing an instance of an execution thread joined from multiple execution threads in previous transactions.
- The spending blockchain also represents an execution thread joined from instances pointed to by the transaction.
- Transactions can implement thread-specific locking scripts and constructs for concurrent or asynchronous threads.
- Transactions can be validated according to constraints of a smart contract encoding transaction terms.
- Transactions can be mined and stored in a blockchain ledger.
Potential Applications: - Secure and efficient financial transactions - Smart contracts and decentralized applications - Supply chain management - Voting systems - Intellectual property rights protection
Problems Solved: - Ensuring transaction security and validity - Facilitating complex multi-threaded transactions - Enabling automation and decentralization in various applications
Benefits: - Increased transaction security and transparency - Enhanced efficiency and automation in financial and non-financial transactions - Reduced reliance on intermediaries - Improved traceability and auditability of transactions
Commercial Applications: Blockchain technology can be utilized in various industries such as finance, healthcare, supply chain, and legal sectors to streamline processes, enhance security, and reduce costs.
Questions about the technology: 1. How does the use of locking scripts enhance the security of blockchain transactions? 2. What are the potential challenges in implementing smart contracts in blockchain transactions?
Original Abstract Submitted
computer-implemented methods are provided that create and validate a spending blockchain transaction created by a node in a blockchain network and including a locking script representing an instance of an execution thread joined from a plurality of execution threads represented at least one previous blockchain transaction. the spending blockchain also represents an execution thread joined from the execution thread instances pointed to by the spending blockchain transaction. once created and validated, the spending blockchain transaction can be communicated on a blockchain network for storage in a blockchain ledger. the blockchain transactions can implement thread-specific locking scripts and associated fork, join and barrier constructs for concurrent or asynchronous threads of execution. the blockchain transactions can be validated according to constraints of a smart contract that encodes the terms for the blockchain transactions. the blockchain transactions can further be mined, and stored in a blockchain ledger.
