Capital One Services, LLC (20240330918). SYSTEMS AND METHODS FOR VALIDATING ASSET DESTINATIONS IN BLOCKCHAIN NETWORKS simplified abstract
Contents
SYSTEMS AND METHODS FOR VALIDATING ASSET DESTINATIONS IN BLOCKCHAIN NETWORKS
Organization Name
Inventor(s)
Kevin Osborn of Newton Highlands MA (US)
Xiaoguang Zhu of New York NY (US)
Samuel Rapowitz of Roswell GA (US)
SYSTEMS AND METHODS FOR VALIDATING ASSET DESTINATIONS IN BLOCKCHAIN NETWORKS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240330918 titled 'SYSTEMS AND METHODS FOR VALIDATING ASSET DESTINATIONS IN BLOCKCHAIN NETWORKS
The disclosed technology involves blockchain asset transfer destination verification to reduce fraudulent activity and increase confidence in digital asset transfers. An exemplary blockchain node device in a blockchain network may execute a smart contract to send a query to an oracle device with transaction context data from the smart contract, including one of a plurality of destination blockchain addresses and contextual information associated with an automated transfer of a digital asset defined by the smart contract. A confidence score is received from the oracle device in response to the query after applying a machine learning model to the contextual information. Based on the confidence score, the transfer of the digital asset to the destination blockchain address is allowed to proceed and recorded on the blockchain network.
- Blockchain asset transfer destination verification
- Reduction of fraudulent activity
- Increased confidence in digital asset transfers
- Smart contract execution on a blockchain node device
- Query sent to an oracle device with transaction context data
- Confidence score received based on machine learning model
- Transfer of digital asset allowed based on confidence score
- Recording of transfer on the blockchain network
Potential Applications: - Secure and verified digital asset transfers - Fraud prevention in blockchain transactions - Enhanced trust in automated asset transfers
Problems Solved: - Fraudulent activity in digital asset transfers - Lack of confidence in blockchain transactions
Benefits: - Increased security in asset transfers - Improved trust in blockchain networks - Prevention of fraudulent activities
Commercial Applications: Title: Blockchain Asset Transfer Verification Technology for Secure Transactions Description: This technology can be utilized in financial institutions, cryptocurrency exchanges, and any platform facilitating digital asset transfers to ensure secure and verified transactions, ultimately enhancing customer trust and reducing fraudulent activities in the blockchain ecosystem.
Questions about Blockchain Asset Transfer Destination Verification: 1. How does blockchain asset transfer destination verification help in reducing fraudulent activities in digital asset transfers? 2. What role does the oracle device play in the verification process of blockchain asset transfers?
Original Abstract Submitted
the disclosed technology relates to blockchain asset transfer destination verification to reduce fraudulent activity and increase confidence in digital asset transfers. an exemplary blockchain node device in a blockchain network may execute a smart contract to send a query to an oracle device with transaction context data from the smart contract and comprising one of a plurality of destination blockchain addresses and contextual information associated with an automated transfer of a digital asset defined by the smart contract. a confidence score may be received from the oracle device in response to the query following application of a machine learning model to the contextual information by the oracle device. the transfer may be determined to be allowed to proceed based on the confidence score. the transfer of the digital asset to the one of the destination blockchain addresses may then be recorded on the blockchain network.
