NChain Licensing AG (20240320683). PROTOCOL FOR VALIDATING BLOCKCHAIN TRANSACTIONS simplified abstract
Contents
PROTOCOL FOR VALIDATING BLOCKCHAIN TRANSACTIONS
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PROTOCOL FOR VALIDATING BLOCKCHAIN TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320683 titled 'PROTOCOL FOR VALIDATING BLOCKCHAIN TRANSACTIONS
Simplified Explanation:
The patent application describes a method for validating transactions in a blockchain network by applying a protocol that allows a termination opcode to be included in the output script of a transaction. This opcode can terminate the execution of the output script without invalidating the transaction. However, the protocol prohibits the inclusion of the termination opcode in the input script of the transaction.
- The protocol allows a termination opcode in the output script of a transaction.
- The termination opcode can terminate the execution of the output script without invalidating the transaction.
- The protocol disallows the inclusion of the termination opcode in the input script of the transaction to prevent invalidation.
Potential Applications: - Secure and efficient validation of transactions in blockchain networks. - Enhanced flexibility in transaction validation processes. - Improved transaction verification mechanisms.
Problems Solved: - Ensures secure and reliable validation of transactions. - Prevents unauthorized termination of transactions. - Enhances the overall integrity of the blockchain network.
Benefits: - Increased security in transaction validation. - Enhanced flexibility in transaction processing. - Improved trust and reliability in blockchain networks.
Commercial Applications: Title: Enhanced Transaction Validation Protocol for Blockchain Networks This technology can be utilized in various industries such as finance, supply chain management, healthcare, and more to ensure secure and efficient transaction validation processes. It can also be integrated into blockchain platforms and services to enhance their security and reliability.
Prior Art: Readers can explore prior research on blockchain transaction validation protocols, opcode usage in blockchain networks, and methods for enhancing transaction security in blockchain technology.
Frequently Updated Research: Stay updated on the latest advancements in blockchain transaction validation protocols, opcode management in blockchain networks, and security measures for blockchain transactions.
Questions about Blockchain Transaction Validation: 1. How does the inclusion of a termination opcode in the output script impact transaction validation? 2. What are the potential risks associated with allowing termination opcodes in blockchain transactions?
Original Abstract Submitted
a method of validating transactions for recordal in a blockchain comprises receiving one or more transactions at a node of a blockchain network. for each received transaction a protocol for validating the transaction is applied. the protocol is configured to allow a termination opcode to be included in an output script of the transaction. the termination opcode is configured to, upon being executed by the node, a) terminate execution of the output script, and b) not to invalidate the transaction based only on the inclusion of the termination opcode in the output script. the protocol is also configured to disallow any instance of the termination opcode from being included in an input script of the transaction, said disallowing comprising the node at least invalidating the transaction if any instance of the termination opcode is included in the input script.
