NChain Licensing AG (20240311821). BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE simplified abstract
BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE
Organization Name
Inventor(s)
Jack Owen Davies of London (GB)
Michaella Pettit 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 20240311821 titled 'BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE
The abstract describes a computer-implemented method for constructing a candidate block of a blockchain by obtaining a set of blockchain transactions, inputting each transaction into a bloom filter using hash functions to obtain a transaction representation, and then constructing the candidate block with the transaction representation.
- Simplified Explanation:
- The method involves creating a candidate block for a blockchain by processing blockchain transactions through a bloom filter with hash functions.
- Key Features and Innovation:
- Use of a bloom filter with hash functions to efficiently represent blockchain transactions. - Construction of candidate blocks for blockchains based on transaction representations.
- Potential Applications:
- Cryptocurrency transactions. - Supply chain management. - Secure data storage.
- Problems Solved:
- Efficient representation of blockchain transactions. - Streamlining the process of constructing candidate blocks.
- Benefits:
- Improved blockchain transaction processing. - Enhanced security and data integrity. - Increased efficiency in blockchain operations.
- Commercial Applications:
- Cryptocurrency exchanges. - Financial institutions. - Logistics companies.
- Prior Art:
- Researchers and developers in the field of blockchain technology. - Academic papers on blockchain data structures and algorithms.
- Frequently Updated Research:
- Ongoing developments in blockchain technology. - Updates on the use of bloom filters in blockchain applications.
Questions about blockchain technology: 1. How does the use of bloom filters with hash functions improve the efficiency of constructing candidate blocks? 2. What are the potential implications of this method for the future of blockchain technology?
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; obtaining a transaction representation by inputting each of the set of blockchain transactions to a bloom filter that utilizes one or more hash functions; and constructing the candidate block, wherein the candidate block comprises the transaction representation.
