NChain Licensing AG (20240275611). MULTISIGNATURE TRANSACTIONS simplified abstract
Contents
MULTISIGNATURE TRANSACTIONS
Organization Name
Inventor(s)
Katharine Molloy of London (GB)
Craig Steven Wright of London (GB)
MULTISIGNATURE TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240275611 titled 'MULTISIGNATURE TRANSACTIONS
The patent application describes a computer-implemented method for generating a multisignature transaction for a blockchain.
- Receiving a first output and a non-signature portion of a first input, where the first input includes an outpoint to a first spendable transaction output encoding a multisignature requirement.
- Electronically signing the first output and the non-signature portion of the first input to generate a signature that satisfies the multisignature requirement when combined with an associated sighash single flag and at least one other signature.
- Receiving a second output and a non-signature portion of a second input, where the second input includes an outpoint to a second spendable transaction output encoding a signature requirement.
- Electronically signing the second output and the non-signature portion of the second input to generate a signature that partially satisfies the signature requirement when included in a signature portion with an associated sighash single flag.
Potential Applications: - Secure and efficient transaction processing on blockchain networks. - Enhanced security for multi-party transactions. - Streamlining of transaction verification processes.
Problems Solved: - Ensuring secure and reliable multisignature transactions. - Simplifying the process of generating and verifying multisignature transactions. - Enhancing the overall security of blockchain transactions.
Benefits: - Improved security for transactions involving multiple parties. - Increased efficiency in processing multisignature transactions. - Reduced risk of fraud or unauthorized transactions.
Commercial Applications: Title: "Enhanced Multisignature Transaction Processing for Blockchain Networks" This technology can be utilized by financial institutions, cryptocurrency exchanges, and any organization that requires secure and efficient transaction processing. The market implications include improved trust and security for users engaging in multisignature transactions.
Questions about Multisignature Transaction Processing: 1. How does this technology improve the security of blockchain transactions? - This technology enhances security by requiring multiple signatures to authorize transactions, reducing the risk of unauthorized or fraudulent activity. 2. What are the potential applications of multisignature transactions beyond blockchain networks? - Multisignature transactions can also be used in various industries such as legal contracts, escrow services, and supply chain management to ensure secure and transparent transactions.
Original Abstract Submitted
a computer implemented method for generating a multisignature transaction for a blockchain comprising: receiving a first output and a non-signature portion of a first input, the first input comprising an outpoint to a first spendable transaction output encoding a multisignature requirement; electronically signing the first output and the non-signature portion of the first input, thereby generating a signature for satisfying the multisignature requirement when included with: (i) an associated sighash single flag, and (ii) at least one other signature; receiving a second output and a non-signature portion of a second input, the second input comprising an outpoint to a second spendable transaction output encoding a signature requirement requiring at least one signature; and electronically signing the second output and the non-signature portion of the second input, thereby generating a signature for at least partially satisfying the signature requirement when included in a signature portion with an associated sighash single flag.
