2BC Innovations, LLC (20240333515). PROCESSING A CONTINGENT ACTION TOKEN SECURELY simplified abstract
Contents
PROCESSING A CONTINGENT ACTION TOKEN SECURELY
Organization Name
Inventor(s)
Gary W. Grube of Barrington Hills IL (US)
PROCESSING A CONTINGENT ACTION TOKEN SECURELY - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240333515 titled 'PROCESSING A CONTINGENT ACTION TOKEN SECURELY
The abstract of the patent application describes a method executed by a computing device that involves selecting a contingency-action token (CAT) of an object distributed ledger, determining reassignment information for the selected CAT, facilitating taking control of the selected CAT of a blockchain, updating the selected CAT, generating a new block affiliated with the updated CAT, and utilizing a securely passing process throughout the process.
- Selecting a contingency-action token (CAT) of an object distributed ledger that meets minimum CAT requirements
- Determining reassignment information for the selected CAT
- Facilitating taking control of the selected CAT of a blockchain using a securely passing process
- Updating the selected CAT utilizing the reassignment information to produce an updated CAT
- Generating a new block affiliated with the updated CAT via the blockchain using the securely passing process
Potential Applications: - Securely managing and updating information on distributed ledgers - Enhancing the security and efficiency of blockchain processes - Enabling seamless reassignment of tokens within a blockchain system
Problems Solved: - Ensuring the integrity and security of distributed ledger systems - Streamlining the process of updating and reassigning tokens within a blockchain network
Benefits: - Improved security and control over distributed ledger systems - Enhanced efficiency in managing blockchain processes - Facilitates seamless token reassignment within a blockchain network
Commercial Applications: Title: Secure Token Management System for Blockchain Networks This technology can be utilized in industries such as finance, healthcare, supply chain management, and legal sectors to enhance the security and efficiency of blockchain processes.
Questions about the technology: 1. How does the securely passing process contribute to the overall security of the blockchain system? 2. What are the key advantages of utilizing contingency-action tokens in distributed ledger systems?
Original Abstract Submitted
a method executed by a computing device includes selecting a contingency-action token (cat) of an object distributed ledger that meets minimum cat requirements. the method further includes determining reassignment information for the selected cat. the method further includes facilitating taking control of the selected cat of a blockchain of the object distributed ledger using a securely passing process and updating the selected cat utilizing the reassignment information for the cat to produce an updated cat. the method further includes causing generation of a new block affiliated with the updated cat via the blockchain of the object distributed ledger using the securely passing process, where the new block includes the updated cat.
