NChain Licensing AG (20240338690). TIME LOCK TECHNIQUE FOR SECURING A RESOURCE ON A BLOCKCHAIN simplified abstract
Contents
TIME LOCK TECHNIQUE FOR SECURING A RESOURCE ON A BLOCKCHAIN
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
TIME LOCK TECHNIQUE FOR SECURING A RESOURCE ON A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240338690 titled 'TIME LOCK TECHNIQUE FOR SECURING A RESOURCE ON A BLOCKCHAIN
The invention described in the abstract is a method, system, and storage medium for unlocking an output in a blockchain transaction, such as in the Bitcoin blockchain, by using a time lock mechanism based on a time-related result calculated from an input value.
- The invention involves arranging a locking script in a blockchain transaction to generate a time-related result.
- The time-related result is used to determine when the output of the blockchain transaction will be unlocked.
- This technology can be applied to various blockchain implementations, not limited to Bitcoin, to enhance security and control over transactions.
- By utilizing time locks, the invention ensures that the output of a transaction is only accessible after a pre-determined time, adding an extra layer of protection.
- The innovation provides a novel approach to managing access to blockchain outputs based on time-related calculations.
Potential Applications: - Secure transactions in blockchain networks - Time-sensitive smart contracts - Delayed payment mechanisms in decentralized systems
Problems Solved: - Enhancing security in blockchain transactions - Providing more control over the timing of transaction outputs - Preventing unauthorized access to outputs before a specified time
Benefits: - Improved transaction security - Increased flexibility in managing blockchain outputs - Enhanced trust in decentralized systems
Commercial Applications: Title: "Time-Lock Mechanism for Secure Blockchain Transactions" This technology can be utilized by financial institutions, cryptocurrency exchanges, and any organization dealing with blockchain transactions to ensure secure and controlled access to outputs.
Questions about the Time-Lock Mechanism for Secure Blockchain Transactions: 1. How does the time lock mechanism enhance security in blockchain transactions?
- The time lock mechanism adds an additional layer of protection by controlling when transaction outputs can be accessed, reducing the risk of unauthorized access.
2. What are the potential implications of using time locks in smart contracts and decentralized systems?
- Time locks can enable the implementation of time-sensitive conditions in smart contracts, allowing for delayed payments and other time-dependent actions.
Original Abstract Submitted
provided herein is an invention with a computer-implemented method, a computer-implement system, and a non-transitory computer-readable storage medium for unlocking an output (utxo) in a blockchain transaction. the invention may be used in conjunction with the bitcoin blockchain, for example, or another blockchain implementation, with functionality for arranging a locking script in the blockchain transaction such that it takes as input a value and uses that input in a calculation to produce a time-related result which is used to determine a time lock mechanism, wherein the output of the blockchain transaction is unlocked at a pre-determined time.
