NChain Licensing AG (20240320667). BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE simplified abstract
Contents
BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE
Organization Name
Inventor(s)
Jack Owen Davies of London (GB)
Michaella Pettit of London (GB)
BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320667 titled 'BLOCKCHAIN BLOCKS & PROOF-OF-EXISTENCE
The abstract describes a computer-implemented method for constructing a candidate block of a blockchain by obtaining an ordered sequence of blockchain transactions, hashing a data object to obtain a transaction representation, and constructing the candidate block with the transaction representation.
- Obtaining an ordered sequence of blockchain transactions
- Hashing a data object to obtain a transaction representation
- Constructing the candidate block with the transaction representation
Potential Applications: - Cryptocurrency transactions - Supply chain management - Smart contracts
Problems Solved: - Ensuring the integrity and security of blockchain transactions - Streamlining the process of adding new blocks to the blockchain
Benefits: - Increased efficiency in blockchain transaction processing - Enhanced security and transparency in transactions
Commercial Applications: Title: Blockchain Transaction Processing Technology for Enhanced Security and Efficiency Description: This technology can be utilized by financial institutions, supply chain companies, and any organization looking to improve the security and efficiency of their transaction processing.
Questions about Blockchain Transaction Processing Technology: 1. How does this technology impact the speed of blockchain transactions? 2. What are the potential risks associated with implementing this technology?
Frequently Updated Research: Stay updated on the latest advancements in blockchain technology and transaction processing to ensure optimal security and efficiency in your operations.
Original Abstract Submitted
a computer-implemented method of constructing a candidate block of a blockchain, wherein the method comprises: obtaining an ordered sequence of blockchain transactions; obtaining a transaction representation by hashing a data object, wherein the data object comprises the ordered sequence of blockchain transactions; and constructing the candidate block, wherein the candidate block comprises the transaction representation.
