18667905. MULTI-INPUT TRANSACTIONS simplified abstract (nChain Licensing AG)
Contents
MULTI-INPUT TRANSACTIONS
Organization Name
Inventor(s)
MULTI-INPUT TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18667905 titled 'MULTI-INPUT TRANSACTIONS
The abstract of the patent application describes a system where a server of media content enables users to transfer digital assets to a second party through a series of transactions recorded on a blockchain. Users provide inputs through a side channel, and once a target is reached, the transactions are finalized with unlocking scripts that require a media key for access to the media content.
- The system allows for the transfer of digital assets through a series of transactions on a blockchain.
- Users provide inputs through a side channel to initiate the transfer process.
- Transactions are recorded on the blockchain once a target amount is reached.
- Unlocking scripts in the transactions require a media key for users to access the media content.
- The system ensures secure and transparent transfer of digital assets between parties.
Potential Applications: - Secure digital asset transfers in media content distribution platforms. - Transparent payment systems for accessing premium media content. - Enhanced security measures for digital asset transactions.
Problems Solved: - Ensures secure and transparent transfer of digital assets. - Provides a method for users to access media content through blockchain transactions. - Enhances the efficiency of digital asset transfers in media distribution platforms.
Benefits: - Increased security in digital asset transfers. - Transparent and traceable transactions on the blockchain. - Improved user experience in accessing media content.
Commercial Applications: Title: Secure Digital Asset Transfer System for Media Content Platforms This technology can be utilized in: - Media streaming platforms for secure payment and access to premium content. - Online marketplaces for digital media distribution. - Financial institutions for secure digital asset transfers.
Questions about the technology: 1. How does the system ensure the security of digital asset transfers? 2. What are the advantages of using blockchain technology in media content distribution platforms?
Original Abstract Submitted
A server of media content makes a first transaction available to users that includes a first output specifying an amount of a digital asset to transfer to a second party, and a total of zero or more inputs wherein a total input amount of the digital asset specified in any outputs of any source transactions pointed to by the zero or more inputs is less than a total output amount of the digital asset specified by the one or more outputs. Inputs are received from users of a side channel. Once a target is reached, the first transaction and a second transaction are recorded in a blockchain, wherein the second transaction comprises an input pointing to the first output of the first transaction and an unlocking script meeting a condition that requires the unlocking script to include a media key enabling the users to access the item of media content.
