MASTERCARD INTERNATIONAL INCORPORATED (20240333523). METHOD AND SYSTEM OF STORING SMART CONTRACT EVENTS simplified abstract

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METHOD AND SYSTEM OF STORING SMART CONTRACT EVENTS

Organization Name

MASTERCARD INTERNATIONAL INCORPORATED

Inventor(s)

[[:Category:Miguel Ángel Rojo Fern�ndez of Dublin (IE)|Miguel Ángel Rojo Fern�ndez of Dublin (IE)]][[Category:Miguel Ángel Rojo Fern�ndez of Dublin (IE)]]

Stephen Higgins of Dublin (IE)

Eduardo Andrade of Dublin (IE)

METHOD AND SYSTEM OF STORING SMART CONTRACT EVENTS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240333523 titled 'METHOD AND SYSTEM OF STORING SMART CONTRACT EVENTS

Simplified Explanation: This patent application describes a method for distributing event data from smart contracts on a blockchain to subscribing systems.

  • The processor of a blockchain node collects event data from a smart contract on the blockchain.
  • Communication data for subscribing systems is identified by the processor.
  • After a set period, the transmitter of the blockchain node sends the collected event data to the subscribing systems using the communication data.

Key Features and Innovation:

  • Efficient distribution of event data from smart contracts to subscribing systems.
  • Automation of the process through the use of processors and transmitters in the blockchain node.
  • Improved communication between smart contracts and external systems.

Potential Applications:

  • Supply chain management
  • Financial transactions
  • Voting systems

Problems Solved:

  • Streamlining the distribution of event data from smart contracts.
  • Enhancing the connectivity between blockchain networks and external systems.

Benefits:

  • Increased efficiency in data distribution.
  • Enhanced transparency and reliability in smart contract execution.
  • Improved integration of blockchain technology with external systems.

Commercial Applications:

  • Data management solutions for businesses utilizing smart contracts.
  • Integration services for blockchain networks and external systems.

Questions about the Technology: 1. How does this method improve the interaction between smart contracts and subscribing systems? 2. What are the potential challenges in implementing this method in real-world applications?

Frequently Updated Research: Stay updated on the latest advancements in blockchain technology and smart contract execution to enhance the efficiency of data distribution processes.


Original Abstract Submitted

a method for distributing event data for smart contracts executed on a blockchain to subscribing systems includes: collecting, by a processor of a blockchain node in a blockchain network, a set of event data emitted by a smart contract executed on a blockchain associated with the blockchain network; identifying, by the processor of the blockchain node, communication data for one or more subscriber computing systems; and after a predetermined period of time, transmitting, by a transmitter of the blockchain node, the collected event data to each of the one or more subscriber computing systems using the communication data.

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