18414297. INTER-BANK TRANSACTION WITH PRIVACY ENABLED AUDITING AND PRIVACY ENABLED INTER-BANK SETTLEMENTS IN BLOCKCHAIN NETWOR simplified abstract (Tata Consultancy Services Limited)
Contents
- 1 INTER-BANK TRANSACTION WITH PRIVACY ENABLED AUDITING AND PRIVACY ENABLED INTER-BANK SETTLEMENTS IN BLOCKCHAIN NETWOR
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 INTER-BANK TRANSACTION WITH PRIVACY ENABLED AUDITING AND PRIVACY ENABLED INTER-BANK SETTLEMENTS IN BLOCKCHAIN NETWOR - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Questions about Inter-Bank Transaction Privacy
- 1.11 Original Abstract Submitted
INTER-BANK TRANSACTION WITH PRIVACY ENABLED AUDITING AND PRIVACY ENABLED INTER-BANK SETTLEMENTS IN BLOCKCHAIN NETWOR
Organization Name
Tata Consultancy Services Limited
Inventor(s)
HARIKA Narumanchi of Hyderabad (IN)
LAKSHMI PADMAJA Maddali of Hyderabad (IN)
NITESH Emmadi of Hyderabad (IN)
INTER-BANK TRANSACTION WITH PRIVACY ENABLED AUDITING AND PRIVACY ENABLED INTER-BANK SETTLEMENTS IN BLOCKCHAIN NETWOR - A simplified explanation of the abstract
This abstract first appeared for US patent application 18414297 titled 'INTER-BANK TRANSACTION WITH PRIVACY ENABLED AUDITING AND PRIVACY ENABLED INTER-BANK SETTLEMENTS IN BLOCKCHAIN NETWOR
Simplified Explanation
Current solutions in literature use Zero Knowledge Proofs (ZKP) to ensure cryptographic guarantees for account balances. These are complex and require large memory. This patent introduces a method for inter-bank transactions with privacy-enabled auditing and settlements in a blockchain network, using cryptographic primitives like Boneh-Lynn-Shacham (BLS) to protect customer financial information.
- Leveraging cryptographic primitives like Boneh-Lynn-Shacham (BLS)
- Privacy-enabled auditing and settlements in a blockchain network
- Faster auditable settlement between banks
- Preserving the privacy of customer financial information
- Inter-bank transactions with cryptographic guarantees
Key Features and Innovation
- Utilizes Boneh-Lynn-Shacham (BLS) cryptographic primitives
- Enables privacy-enabled auditing and settlements in a blockchain network
- Faster and auditable settlement between banks
- Preserves the privacy of customer financial information
- Provides cryptographic guarantees for inter-bank transactions
Potential Applications
This technology can be applied in the banking and financial sector for secure inter-bank transactions, privacy-enabled auditing, and settlements in blockchain networks.
Problems Solved
- Complex and memory-intensive Zero Knowledge Proofs
- Lack of efficient mechanisms for preserving customer financial privacy
- Slow and non-auditable inter-bank settlements
- Inability to provide verifiable cryptographic guarantees for transactions without revealing customer information
Benefits
- Enhanced privacy protection for customer financial information
- Faster and auditable inter-bank settlements
- Improved security and cryptographic guarantees for transactions
- Efficient mechanism for preserving privacy in financial transactions
Commercial Applications
The technology can be commercially used by banks and financial institutions for secure inter-bank transactions, privacy-enabled auditing, and settlements in blockchain networks, enhancing customer trust and data security.
Questions about Inter-Bank Transaction Privacy
How does the use of Boneh-Lynn-Shacham (BLS) cryptographic primitives enhance privacy in inter-bank transactions?
The use of BLS cryptographic primitives helps preserve the privacy of customer financial information by enabling faster auditable settlements between banks while ensuring cryptographic guarantees for transactions.
What are the potential implications of privacy-enabled auditing and settlements in blockchain networks for the banking sector?
Privacy-enabled auditing and settlements in blockchain networks can lead to increased data security, improved trust among customers, and more efficient inter-bank transactions.
Original Abstract Submitted
Current solutions in literature use Zero Knowledge Proofs (ZKP) to ensure cryptographic guarantees for account balances. These are highly complex and require large memory. Hence there is a need for a computationally efficient mechanism that can preserve the privacy of customer financial information and provides verifiable cryptographic guarantees for debits and credits of a transaction without revealing customer information. Embodiments of the present disclosure provide a method and system for an inter-bank transaction with privacy enabled auditing and a privacy enabled inter-bank settlements in blockchain network. The method disclosed leverages cryptographic primitives such as Boneh-Lynn-Shacham (BLS) to preserve the privacy of the customer's financial information and to enable faster auditable settlement between the banks in the presence of a governing body.
