View source for NChain Licensing AG (20240214179). BLOCKCHAIN-IMPLEMENTED HASH FUNCTION simplified abstract

=BLOCKCHAIN-IMPLEMENTED HASH FUNCTION=


==Organization Name==

[[:Category:nChain Licensing AG|nChain Licensing AG]]


[[Category:nChain Licensing AG]]

==Inventor(s)==

[[:Category:Craig Steven Wright of London (GB)|Craig Steven Wright of London (GB)]][[Category:Craig Steven Wright of London (GB)]]

[[:Category:Wei Zhang of London (GB)|Wei Zhang of London (GB)]][[Category:Wei Zhang of London (GB)]]

[[:Category:Alec Burns of London (GB)|Alec Burns of London (GB)]][[Category:Alec Burns of London (GB)]]

==BLOCKCHAIN-IMPLEMENTED HASH FUNCTION - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240214179 titled 'BLOCKCHAIN-IMPLEMENTED HASH FUNCTION

The abstract describes a computer-implemented method of implementing a hash function using blockchain transactions. The method involves generating a blockchain transaction and submitting it to nodes of a blockchain network. The transaction includes scripts that, when executed with another transaction containing a target data item, generate a hash result of the target data.

* The method involves implementing a hash function using blockchain transactions.
* It includes generating a blockchain transaction with specific scripts.
* The transaction is submitted to nodes of a blockchain network.
* The scripts, when executed with another transaction, generate a hash result of the target data item.
* This innovation combines blockchain technology with hash functions to securely process data.

Potential Applications:
* Secure data hashing in blockchain networks.
* Cryptocurrency transactions.
* Data verification and authentication.

Problems Solved:
* Ensuring data integrity in blockchain transactions.
* Enhancing security in data processing.
* Facilitating secure communication and transactions.

Benefits:
* Improved data security.
* Enhanced trust in blockchain transactions.
* Efficient data verification processes.

Commercial Applications:
* Secure data storage solutions for businesses.
* Cryptocurrency exchanges and transactions.
* Data authentication services for financial institutions.

Questions about the technology:
1. How does this method enhance the security of blockchain transactions?
2. What are the potential implications of combining hash functions with blockchain technology?


==Original Abstract Submitted==

a computer-implemented method of implementing a hash function (hf) using blockchain transactions, wherein the method is performed by a first party and comprises: generating a first blockchain transaction; and submitting the first blockchain transaction to one or more nodes of a blockchain transaction, wherein the first blockchain transaction comprises a locking script configured to, when executed together with an unlocking script of a second blockchain transaction comprising a target data item, generate a hash result of the target data item.



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