Unknown Organization (20240338668). SYSTEM, METHOD AND DEVICE FOR PROCESSING A TRANSACTION simplified abstract
Contents
SYSTEM, METHOD AND DEVICE FOR PROCESSING A TRANSACTION
Organization Name
Inventor(s)
Charles Christian Bedford of Yonkers NY (US)
SYSTEM, METHOD AND DEVICE FOR PROCESSING A TRANSACTION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240338668 titled 'SYSTEM, METHOD AND DEVICE FOR PROCESSING A TRANSACTION
The abstract describes a method for recording asset transfers in a blockchain system using an independent authentication mechanism.
- Receiving a request from a remote device to record an asset transfer in a blockchain system.
- Authenticating the request using an authentication mechanism independent of the blockchain system.
- Recording the asset transfer in the blockchain system by storing the authentication record and the asset transfer record in a ledger.
- Associating the authentication record with the asset transfer record in the blockchain system.
Potential Applications: - Secure and transparent record-keeping for asset transfers. - Streamlining processes in industries such as finance, supply chain, and real estate.
Problems Solved: - Ensuring the authenticity and security of asset transfer records. - Reducing the risk of fraud and errors in recording transactions.
Benefits: - Enhanced security and transparency in asset transfers. - Improved efficiency and accuracy in recording transactions.
Commercial Applications: Title: Blockchain-based Asset Transfer Recording System This technology can be used in industries such as finance, supply chain management, and real estate for secure and transparent recording of asset transfers, leading to increased trust and efficiency in transactions.
Questions about the technology: 1. How does the independent authentication mechanism enhance the security of asset transfers in the blockchain system? 2. What are the potential challenges in implementing this method in different industries?
Original Abstract Submitted
a method for use in a computing device, comprising: receiving, from a remote device, a request to record an asset transfer in a first blockchain system; authenticating the request by using an authentication mechanism that is independent of the first blockchain system and obtaining an authentication record indicating that the request has been authenticated successfully; and recording the asset transfer in the first blockchain system, the asset transfer being recorded by storing the authentication record and a record of the asset transfer in a first ledger of the first blockchain system, wherein recording the asset transfer includes associating an instance of the record of the asset transfer that is stored in the first ledger of the first blockchain system with an instance of the authentication record that is stored in the first ledger of the first blockchain system.
