NChain Licensing AG (20240303648). BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE simplified abstract

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 20240303648 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's header, a nonce value, and the set of blockchain transactions.

• Obtaining a set of blockchain transactions
• Constructing a candidate block with a current block header
• Current block header includes hash of previous block header, nonce value, and blockchain transactions

Potential Applications: - Secure and efficient blockchain transaction processing - Cryptocurrency mining operations - Data verification and authentication systems

Problems Solved: - Ensures secure linking of candidate blocks to previous blocks - Facilitates the creation of new blocks in a blockchain network - Helps maintain the integrity and immutability of blockchain data

Benefits: - Increased security and reliability of blockchain networks - Streamlined process for creating candidate blocks - Enhanced efficiency in blockchain transaction validation

Commercial Applications: Title: Blockchain Transaction Processing Technology for Secure Cryptocurrency Operations Description: This technology can be utilized by cryptocurrency mining companies, financial institutions, and data verification services to enhance the security and efficiency of blockchain transactions.

Questions about Blockchain Transaction Processing Technology: 1. How does this method improve the security of blockchain networks? - This method enhances security by ensuring that candidate blocks are securely linked to previous blocks, preventing tampering or unauthorized modifications. 2. What are the potential cost savings associated with implementing this technology? - By streamlining the process of constructing candidate blocks, organizations can save time and resources in blockchain transaction processing.

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.