NChain Licensing AG (20240289784). TIERED CONSENSUS simplified abstract
Contents
TIERED CONSENSUS
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
Kattharine Molloy of London (GB)
TIERED CONSENSUS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240289784 titled 'TIERED CONSENSUS
The abstract describes a computer-implemented method using a multi-level blockchain protocol to achieve consensus on a data chain through a core blockchain.
- Obtaining a target data block associated with the data chain.
- Generating a target ml block of the ml blockchain, containing the target data block and a target chain output with a consensus-based locking mechanism.
- The locking mechanism of each ml block is based on the respective data block.
- Including a target chain input referencing the chain output of a previous ml block.
Potential Applications: - Secure data storage and verification. - Supply chain management. - Financial transactions.
Problems Solved: - Ensuring data integrity and consensus in a decentralized system. - Preventing unauthorized access or tampering of data.
Benefits: - Increased security and transparency. - Efficient data validation process. - Reduced risk of fraud.
Commercial Applications: Blockchain technology can be utilized in industries such as finance, healthcare, and logistics to streamline operations and enhance security.
Prior Art: Researchers can explore existing patents related to blockchain consensus mechanisms and data validation processes.
Frequently Updated Research: Stay informed about the latest developments in blockchain technology, consensus algorithms, and data security protocols.
Questions about Multi-Level Blockchain Protocol: 1. How does the multi-level blockchain protocol enhance data security and consensus mechanisms? 2. What are the potential challenges in implementing a multi-level blockchain protocol for data validation and consensus?
Original Abstract Submitted
a computer-implemented method of using a multi-level, ml, blockchain protocol to reach consensus on a data chain using a core blockchain, wherein the method comprises: obtaining a target data block associated with the data chain; generating a target ml block of the ml blockchain, wherein the target ml block is a respective core blockchain transaction and comprises a) the target data block, and b) a target chain output, wherein the target chain output is configured to be spent by a respective chain input of a subsequent ml block and comprises a locking script configured to implement a respective consensus-based locking mechanism, wherein the respective consensus-based locking mechanism of each respective ml block is a function of the respective data block of that respective ml block, and c) a target chain input that references the respective chain output of a previous ml block.
