20240039742. ALERT ACCOUNT simplified abstract (nChain Licensing AG)

ALERT ACCOUNT

Organization Name

nChain Licensing AG

Inventor(s)

Liuxuan Pan of London (GB)

Chloe Tartan of London (GB)

Craig Steven Wright of London (GB)

ALERT ACCOUNT - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240039742 titled 'ALERT ACCOUNT

Simplified Explanation

The computer-implemented method described in the patent application is for alerting users to on-chain events. It involves an alerting entity that performs the method and a primary user who is associated with a primary user public key. The method includes the following steps:

1. Identifying one or more event transactions, each containing event data. 2. Generating a primary alert transaction, which includes a first output locked to the primary user public key and a second output containing alert data. The alert data includes a respective identifier for each identified event transaction. 3. Transmitting the primary alert transaction to the blockchain network.

Bullet points explaining the patent/innovation:

• The method alerts users to on-chain events by generating and transmitting a primary alert transaction.
• The primary alert transaction includes a first output locked to the primary user public key, ensuring only the primary user can access it.
• The second output of the primary alert transaction contains alert data, including identifiers for each identified event transaction.
• By associating event data with the primary user, the method enables targeted alerts for specific events.
• The primary alert transaction is transmitted to the blockchain network, ensuring the alert is recorded and accessible to all participants.

Potential applications of this technology:

• Cryptocurrency platforms can use this method to alert users about specific on-chain events, such as incoming transactions or changes in account balances.
• Smart contract platforms can utilize this method to notify users about contract executions or updates.
• Blockchain-based supply chain systems can employ this method to alert participants about important events, such as product shipments or quality control checks.

Problems solved by this technology:

• The method solves the problem of efficiently notifying users about on-chain events without relying on external communication channels.
• It ensures that the alert data is securely associated with the primary user and accessible only to them.
• By transmitting the primary alert transaction to the blockchain network, the method ensures the alert is recorded immutably and can be verified by all participants.

Benefits of this technology:

• Users can receive real-time alerts about on-chain events, enabling them to take immediate actions if necessary.
• The method provides a secure and tamper-proof way of associating event data with the primary user.
• It eliminates the need for centralized alerting systems, reducing reliance on third-party services and potential vulnerabilities.
• By leveraging the blockchain network, the method ensures transparency and trust in the alerting process.

Original Abstract Submitted

a computer-implemented method of alerting users to on-chain events, wherein a primary user is associated with a primary user public key, and wherein the method is performed by an alerting entity and comprises: identifying one or more event transactions, wherein each event transaction comprising respective event data; generating a primary alert transaction, wherein the primary alert transaction comprises a first output locked to the primary user public key, and a second output comprising alert data, and wherein the alert data comprises a respective identifier of each identified event transaction; and transmitting the primary alert transaction to the blockchain network.