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

=SCRIPT-BASED BLOCKCHAIN INTERACTION=


==Organization Name==

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


[[Category:nChain Licensing AG]]

==Inventor(s)==

[[:Category:Ying Chan of Cambridge (GB)|Ying Chan of Cambridge (GB)]][[Category:Ying Chan of Cambridge (GB)]]

[[:Category:Dean Kramer of London (GB)|Dean Kramer of London (GB)]][[Category: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.



[[Category:G06Q20/38]]
[[Category:G06F16/23]]
[[Category:H04L9/00]]
[[Category:H04L9/06]]
[[Category:CPC_G06Q20/389]]