Shopify Inc. (20240378608). SYSTEMS AND METHODS FOR BLOCKCHAIN NETWORK CONGESTION-ADAPTIVE DIGITAL ASSET EVENT HANDLING simplified abstract
Contents
- 1 SYSTEMS AND METHODS FOR BLOCKCHAIN NETWORK CONGESTION-ADAPTIVE DIGITAL ASSET EVENT HANDLING
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 SYSTEMS AND METHODS FOR BLOCKCHAIN NETWORK CONGESTION-ADAPTIVE DIGITAL ASSET EVENT HANDLING - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Prior Art
- 1.11 Frequently Updated Research
- 1.12 Questions about Blockchain Network Congestion-Adaptive Handling of Digital Assets
- 1.13 Original Abstract Submitted
SYSTEMS AND METHODS FOR BLOCKCHAIN NETWORK CONGESTION-ADAPTIVE DIGITAL ASSET EVENT HANDLING
Organization Name
Inventor(s)
John Jong-Suk Lee of Waterloo (CA)
SYSTEMS AND METHODS FOR BLOCKCHAIN NETWORK CONGESTION-ADAPTIVE DIGITAL ASSET EVENT HANDLING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240378608 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN NETWORK CONGESTION-ADAPTIVE DIGITAL ASSET EVENT HANDLING
Simplified Explanation
The patent application describes a method and system for handling events related to digital assets on a blockchain network based on network congestion levels. Transactions are processed at different layers depending on the congestion metric, ensuring efficient asset management.
Key Features and Innovation
- Measures congestion metric to determine blockchain network congestion levels.
- Implements digital asset requests using layer 1 blockchain transactions if congestion is below a certain threshold.
- Defers requests to layer 2 batch processing if congestion is above the threshold.
- Processes multiple requests with a batch blockchain transaction at layer 2.
- Reverts to layer 1 transactions when congestion falls below a second threshold.
Potential Applications
This technology can be applied in various industries that rely on blockchain networks for digital asset management, such as finance, supply chain, and healthcare.
Problems Solved
- Efficient handling of digital asset transactions during network congestion.
- Optimized use of blockchain resources based on congestion levels.
- Ensuring timely processing of asset requests without overwhelming the network.
Benefits
- Improved transaction processing efficiency.
- Enhanced network performance during peak congestion periods.
- Better management of digital assets on blockchain networks.
Commercial Applications
- Financial institutions can use this technology to streamline asset transfers during high traffic periods.
- Supply chain companies can optimize inventory management using blockchain transactions based on network congestion levels.
Prior Art
Readers can explore prior patents related to blockchain network congestion management and digital asset handling to gain a deeper understanding of the technology's evolution.
Frequently Updated Research
Stay informed about the latest developments in blockchain network congestion management and digital asset processing to leverage cutting-edge solutions for asset management.
Questions about Blockchain Network Congestion-Adaptive Handling of Digital Assets
How does the congestion metric impact the processing of digital asset requests on the blockchain network?
The congestion metric determines whether transactions are processed at layer 1 or deferred to layer 2 based on network congestion levels, ensuring efficient asset management.
What are the potential implications of reverting to layer 1 transactions when congestion falls below a second threshold?
Reverting to layer 1 transactions ensures that asset requests are processed promptly when network congestion decreases, maintaining smooth operation of digital asset transactions.
Original Abstract Submitted
a computer-implemented method and system for blockchain network congestion-adaptive handling of events relating to digital assets, including creation and transfer operations. a congestion metric is measured to determine current congestion of the blockchain network. if below a first threshold level, then digital asset request are implemented using blockchain transactions at layer 1 as they are received. if the metric is above the first threshold level, then the received requests are deferred until a trigger is detected, whereupon the requests are processed at layer 2 and a batch blockchain transaction is used to implement the two or more requests by recording the updated state on chain. when the metric falls below a second threshold, the process reverts to using layer 1 blockchain transactions instead of deferring requests for layer 2 batch processing.
