View source for 20240031149. SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE simplified abstract (GMO GlobalSign, Inc.)

=SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE=


==Organization Name==

[[:Category:GMO GlobalSign, Inc.|GMO GlobalSign, Inc.]]


[[Category:GMO GlobalSign, Inc.]]

==Inventor(s)==

[[:Category:Willow W. Noonan of Portsmouth NH (US)|Willow W. Noonan of Portsmouth NH (US)]][[Category:Willow W. Noonan of Portsmouth NH (US)]]

==SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240031149 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN TRANSACTIONS WITH OFFER AND ACCEPTANCE

==Simplified Explanation==

The present invention addresses the issue of pseudonymous blockchain transactions that make it difficult to identify the individuals or institutions involved in a transaction solely based on a blockchain address. It introduces a system and method that verify transfers in an on-chain blockchain bitcoin transaction by using a sequence of blockchain bitcoin transactions to establish and confirm the identity of the parties involved.

* The invention aims to solve the problem of anonymity in blockchain transactions by providing a mechanism to verify the identity of the parties involved.
* It utilizes a series of blockchain bitcoin transactions to establish and confirm the identity of one or more parties to a transaction.
* The system and method provide a way to overcome the limitations of relying solely on a blockchain address for identification purposes.
* By establishing and confirming the identity of the parties involved, the invention enhances the transparency and accountability of blockchain transactions.

Potential applications of this technology:

* Improved regulatory compliance: The ability to verify the identity of parties involved in blockchain transactions can help meet regulatory requirements, especially in industries where KYC (Know Your Customer) regulations are crucial.
* Enhanced security: By establishing the identity of the parties, the technology can help prevent fraudulent or malicious activities on the blockchain.
* Streamlined auditing and reporting: The ability to identify the individuals or institutions involved in blockchain transactions can simplify auditing processes and enable accurate reporting.

Problems solved by this technology:

* Anonymity and lack of identification: The technology addresses the challenge of identifying the individuals or institutions involved in blockchain transactions when only a blockchain address is available.
* Compliance with regulations: By providing a mechanism to verify the identity of parties, the technology helps ensure compliance with regulatory requirements, particularly in industries with strict KYC regulations.
* Trust and transparency: The ability to establish and confirm the identity of parties involved in blockchain transactions enhances trust and transparency in the system.

Benefits of this technology:

* Improved accountability: By verifying the identity of parties, the technology promotes accountability in blockchain transactions.
* Enhanced security: The ability to confirm the identity of parties involved helps prevent fraudulent or malicious activities on the blockchain.
* Regulatory compliance: The technology facilitates compliance with regulations, particularly in industries where KYC requirements are essential.
* Simplified auditing and reporting: The ability to identify the individuals or institutions involved in blockchain transactions simplifies auditing processes and enables accurate reporting.


==Original Abstract Submitted==

the present invention overcomes problem of pseudonymous blockchain transactions that preclude the identification of an individual or institutional identity that rely solely on a blockchain address of a recipient in a blockchain transaction. a system and method is provided that verifies transfers in an on-chain blockchain bitcoin transaction by using a sequence of blockchain bitcoin transactions that establish and confirm an identity of one or more parties to the transaction.



[[Category:H04L9/30]]
[[Category:H04L9/08]]
[[Category:H04L9/32]]