INTERNATIONAL BUSINESS MACHINES CORPORATION (20240320636). CHEQUES IN BLOCKCHAIN NETWORKS simplified abstract
Contents
CHEQUES IN BLOCKCHAIN NETWORKS
Organization Name
INTERNATIONAL BUSINESS MACHINES CORPORATION
Inventor(s)
Yacov Manevich of Beer Sheva (IL)
Kaoutar El Khiyaoui of Zurich (CH)
Elli Androulaki of Zurich (CH)
CHEQUES IN BLOCKCHAIN NETWORKS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320636 titled 'CHEQUES IN BLOCKCHAIN NETWORKS
The abstract of the patent application describes a network that can receive a cheque script with a signature from a drawer, generate an unspent transaction output (UTXO) satisfied by the script and signature, transfer crypto assets of the drawer to the UTXO, and execute the cheque script to claim a portion of the crypto assets for a payee.
- Simplified Explanation:
- A network can process a cheque script with a signature from a drawer to transfer crypto assets to a payee.
- Key Features and Innovation:
- Ability to generate UTXO satisfied by script and signature. - Transfer of crypto assets from drawer to UTXO. - Execution of cheque script to claim assets for payee.
- Potential Applications:
- Financial transactions. - Secure payment processing. - Digital asset transfers.
- Problems Solved:
- Secure transfer of crypto assets. - Efficient processing of cheque scripts. - Verification of signatures for transactions.
- Benefits:
- Increased security in asset transfers. - Streamlined payment processing. - Enhanced verification processes.
- Commercial Applications:
- Secure online payments. - Cryptocurrency exchanges. - Financial institutions.
- Prior Art:
- Research on blockchain technology. - Studies on digital signatures.
- Frequently Updated Research:
- Latest developments in blockchain security. - Advances in digital payment systems.
Questions about the technology: 1. How does the network ensure the security of the crypto asset transfers? - The network uses encryption and verification processes to secure transactions.
2. What are the potential risks associated with executing cheque scripts in this manner? - Risks may include fraud or unauthorized access to funds.
Original Abstract Submitted
a network may receive a cheque script with a signature from a drawer and generate an unspent transaction output (utxo) satisfied by the script and the signature from the drawer. the network may also transfer crypto assets of the drawer to the utxo and execute the cheque script to claim a portion of the crypto assets for a payee.
