NChain Licensing AG (20240330919). SCRIPT-BASED BLOCKCHAIN INTERACTION simplified abstract

SCRIPT-BASED BLOCKCHAIN INTERACTION

Organization Name

nChain Licensing AG

Inventor(s)

Ying Chan of Cambridge (GB)

Dean Kramer of London (GB)

SCRIPT-BASED BLOCKCHAIN INTERACTION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240330919 titled 'SCRIPT-BASED BLOCKCHAIN INTERACTION

The abstract describes a computer-implemented method using a blockchain network to transfer control of a digital asset through a set of constraints and scripts.

• Receiving a first transaction with a locking script specifying constraints on a second transaction.
• Obtaining the second transaction with an unlocking script that provides access to the required data.
• Validating the second transaction by executing the locking and unlocking scripts.

Potential Applications: - Secure digital asset transfers - Smart contracts - Supply chain management - Identity verification - Voting systems

Problems Solved: - Ensuring secure and transparent transactions - Reducing the need for intermediaries - Enhancing data privacy and integrity

Benefits: - Increased security and trust in transactions - Efficiency in contract execution - Cost savings from eliminating intermediaries - Improved data management and verification

Commercial Applications: Blockchain-based financial services, digital asset management platforms, smart contract development companies, supply chain tracking solutions.

Questions about the technology: 1. How does the blockchain network ensure the security of digital asset transfers? 2. What are the potential challenges in implementing this method in real-world applications?

Frequently Updated Research: Stay updated on the latest advancements in blockchain technology, smart contracts, and digital asset management to enhance the efficiency and security of transactions.

Original Abstract Submitted

there may be provided a computer-implemented method. it may be implemented using a blockchain network. the computer-implemented method includes: i) receiving, at a node in a blockchain network, a first transaction associated with a digital asset, the first transaction including a locking script that specifies a set of constraints on a second transaction to transfer control of the digital asset, one of the constraints being associated with a set of data; ii) obtaining the second transaction, the second transaction including an unlocking script that, as a result of being executed, causes the node to obtain the set of data; and iii) validating the second transaction by executing the locking script and the unlocking script.