KEO RAILS LLC (20240320735). COMPUTING SYSTEM HAVING BLOCKCHAIN BASED TRANSACTION SYSTEM simplified abstract
Contents
COMPUTING SYSTEM HAVING BLOCKCHAIN BASED TRANSACTION SYSTEM
Organization Name
Inventor(s)
Paolo Fidanza of Miami FL (US)
Farid Shidfar of Miami FL (US)
COMPUTING SYSTEM HAVING BLOCKCHAIN BASED TRANSACTION SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320735 titled 'COMPUTING SYSTEM HAVING BLOCKCHAIN BASED TRANSACTION SYSTEM
The computing system described in the abstract is designed to facilitate transactions using a distributed ledger on a blockchain, involving smart contracts and a lending pool smart contract.
- The system consists of multiple computing nodes that store and maintain copies of the distributed ledger.
- A transaction processor connects to the computing nodes and facilitates transactions between buyers and suppliers using self-custodial wallets on their respective computing devices.
- Suppliers upload invoices to the transaction processor, which converts them into non-fungible tokens on the blockchain.
- Buyers use a loan provided by the lending pool smart contract to pay the invoices and purchase items.
Potential Applications: - Streamlining and automating transactions between buyers and suppliers. - Enhancing transparency and security in financial transactions. - Facilitating peer-to-peer lending and borrowing.
Problems Solved: - Simplifying the process of invoicing and payment in transactions. - Reducing the need for intermediaries in financial transactions. - Improving the efficiency and reliability of transactions on the blockchain.
Benefits: - Increased efficiency and speed in processing transactions. - Enhanced security and transparency in financial transactions. - Greater control and autonomy for buyers and suppliers in managing their transactions.
Commercial Applications: Title: Blockchain-based Transaction Facilitation System This technology can be used in various industries such as e-commerce, supply chain management, and finance to streamline transactions and improve financial processes. It can also be utilized in peer-to-peer lending platforms and decentralized marketplaces.
Prior Art: Readers can explore prior art related to blockchain-based transaction systems, smart contracts, and peer-to-peer lending platforms to gain a deeper understanding of the technology's development and potential improvements.
Frequently Updated Research: Researchers are continuously exploring ways to enhance blockchain technology for more efficient and secure transactions. Stay updated on the latest advancements in distributed ledger technology and smart contracts to leverage the benefits of this innovative system.
Questions about Blockchain-based Transaction Facilitation System: 1. How does the lending pool smart contract work in facilitating transactions between buyers and suppliers? 2. What are the potential challenges in implementing this system in different industries and markets?
Original Abstract Submitted
a computing system for facilitating transactions includes a plurality of computing nodes participating in a distributed ledger on a blockchain that stores transaction blocks and smart contracts. one of the smart contracts is a lending pool smart contract. each computing node is configured to store and maintain a respective copy of the distributed ledger. a transaction processor is connected to computing nodes and participates in the distributed ledger and transacts between a buyer self-custodial wallet on a buyer computing device and a supplier self-custodial wallet on a supplier computing device. the supplier self-custodial wallet generates and uploads invoices to the transaction processor, which mints the invoices as non-fungible tokens on the blockchain. the buyer self-custodial wallet pays the invoices to buy items via a loan provided by the lending pool smart contract.
