NChain Licensing AG (20240333474). COMPUTER-IMPLEMENTED SYSTEMS AND METHODS FOR USING A BLOCKCHAIN TO PERFORM AN ATOMIC SWAP simplified abstract
Contents
COMPUTER-IMPLEMENTED SYSTEMS AND METHODS FOR USING A BLOCKCHAIN TO PERFORM AN ATOMIC SWAP
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
COMPUTER-IMPLEMENTED SYSTEMS AND METHODS FOR USING A BLOCKCHAIN TO PERFORM AN ATOMIC SWAP - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240333474 titled 'COMPUTER-IMPLEMENTED SYSTEMS AND METHODS FOR USING A BLOCKCHAIN TO PERFORM AN ATOMIC SWAP
The abstract describes a computer-implemented exchange method that involves communicating veiled secret values between users and constructing blockchain transactions to transfer control of resources upon provision of the secret values.
- Users exchange veiled secret values on blockchains to unlock transactions for transferring control of resources.
- The method involves revealing secret values upon unlocking transactions, allowing users to access the exchanged information.
- Blockchain transactions are designed to require both secret values for unlocking, ensuring secure transfer of control over resources.
- The method enables a secure and transparent exchange process between users on blockchains.
- By revealing secret values upon unlocking transactions, users can access the exchanged information securely and efficiently.
Potential Applications: - Secure peer-to-peer transactions - Cryptocurrency exchanges - Secure data sharing platforms
Problems Solved: - Ensuring secure exchange of information between users - Preventing unauthorized access to exchanged data - Facilitating transparent and efficient transactions on blockchains
Benefits: - Enhanced security in information exchange - Efficient and transparent transactions on blockchains - Facilitates secure peer-to-peer interactions
Commercial Applications: Title: Secure Peer-to-Peer Transactions on Blockchain This technology can be utilized in cryptocurrency exchanges, secure data sharing platforms, and any system requiring secure and transparent peer-to-peer transactions.
Questions about the technology: 1. How does the method ensure the secure exchange of information between users? - The method requires both secret values to unlock transactions, ensuring that only authorized users can access the exchanged information securely. 2. What are the potential implications of this technology for the future of blockchain transactions? - This technology could revolutionize the way peer-to-peer transactions are conducted on blockchains, providing a secure and efficient method for exchanging information.
Original Abstract Submitted
a computer-implemented exchange method is provided. the method may be performed on one or more blockchains. the method comprises communicating a first veiled secret value (h(a)) from a first user to a second user and a second veiled secret value (h(b) from the second user to the first user; and constructing first and second blockchain transactions (tx1, tx2) each comprising the first veiled secret value and the second veiled secret value, the transactions arranged to be unlockable to transfer control of a respective first or second resource upon provision of both the first secret value (a) and the second secret value (b) to the respective blockchain transaction, wherein unlocking of the first blockchain transaction causes a first secret value to be revealed to the second user, and unlocking of the second blockchain transaction causes a second secret value to be revealed to the first user.
