NChain Licensing AG (20240291669). MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME simplified abstract

From WikiPatents
Jump to navigation Jump to search

MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME

Organization Name

nChain Licensing AG

Inventor(s)

Alexandru Paunoiu of London (GB)

Craig Steven Wright of London (GB)

MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240291669 titled 'MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME

Simplified Explanation: The patent application describes a method of generating blockchain transactions using shared hash values and public keys.

  • Each second party is associated with a public key and an index.
  • The transaction includes a locking script with a shared hash value, which is a sequence of hash values of public keys placed at corresponding indices.
  • The unlocking script must include a target index, public key, and signature that match the shared hash value.
  • The method ensures the validity of the transaction through verification of the signature.

Key Features and Innovation:

  • Utilizes shared hash values and public keys for secure blockchain transactions.
  • Requires specific information in the unlocking script to validate the transaction.
  • Enhances security and authenticity of blockchain transactions.

Potential Applications:

  • Secure financial transactions.
  • Supply chain management.
  • Digital identity verification.

Problems Solved:

  • Ensures the integrity of blockchain transactions.
  • Prevents unauthorized access to transactions.
  • Enhances trust and security in digital transactions.

Benefits:

  • Improved security in blockchain transactions.
  • Enhanced verification processes.
  • Increased trust in digital transactions.

Commercial Applications:

  • Secure online payments.
  • Digital asset management.
  • Identity verification services.

Prior Art: Research existing blockchain transaction methods using shared hash values and public keys for comparison and potential improvements.

Frequently Updated Research: Stay updated on advancements in blockchain technology, cryptography, and digital signatures for potential enhancements to the method.

Questions about Blockchain Transactions with Shared Hash Values and Public Keys: 1. How does the method ensure the authenticity of the shared hash values and public keys in the transaction? 2. What are the potential implications of using this method for secure financial transactions?


Original Abstract Submitted

a method of generating a blockchain transaction, wherein each second party is associated with a public key and each public key is associated with an index, and wherein the method comprises: generating a transaction comprising a locking script comprising a shared hash value, the shared hash value comprising a sequence of hash values, each being a hash of one of the public keys and placed at a position corresponding to the respective index, and wherein the locking script is configured to require an unlocking script to comprise a target index, a target public key, and a target signature, extract the hash value from the shared hash value at a position corresponding to the target index, generate a hash of the target public key and require the generated hash value to match the extracted hash value, and verify that the target signature is a valid signature.

Retrieved from "http://wikipatents.org/index.php?title=NChain_Licensing_AG_(20240291669)._MULTI-PARTY_BLOCKCHAIN_ADDRESS_SCHEME_simplified_abstract&oldid=223066"