NChain Licensing AG (20240313952). MESSAGE EXCHANGE SYSTEM simplified abstract
Contents
MESSAGE EXCHANGE SYSTEM
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
MESSAGE EXCHANGE SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240313952 titled 'MESSAGE EXCHANGE SYSTEM
The abstract describes a computer-implemented method where a first user generates a second public key based on their first public key, a message, and a signature from a second user. The first user then provides this second public key to a second user, who determines a third public key based on the first public key, a second message, and a signature. The second user verifies if the third public key is equal to the second public key, and if so, concludes that the messages are equal and submits a transaction to a blockchain network.
- Key Features and Innovation:
- Generation of public keys based on messages and signatures. - Verification of public keys equality for message validation. - Utilization of blockchain network for secure transactions.
- Potential Applications:
- Secure communication between users. - Cryptocurrency transactions. - Digital signatures for authentication.
- Problems Solved:
- Ensuring message integrity. - Securely verifying message authenticity. - Facilitating secure transactions.
- Benefits:
- Enhanced security in communication. - Efficient verification process. - Reliable transaction validation.
- Commercial Applications:
Title: Secure Communication Protocol for Blockchain Transactions This technology can be applied in financial institutions for secure transactions, in e-commerce platforms for authentication, and in government agencies for secure document exchange. The market implications include increased trust in online transactions, reduced fraud, and improved data security.
- Prior Art:
Readers can explore prior research on cryptographic protocols, blockchain technology, and digital signatures to understand the background of this innovation.
- Frequently Updated Research:
Stay updated on advancements in blockchain security protocols, cryptographic algorithms, and digital signature technologies for potential improvements in this method.
Questions about Secure Communication Protocol for Blockchain Transactions:
1. How does this method ensure the authenticity of messages in a secure manner? This method uses public key generation and verification to ensure the integrity of messages and transactions, providing a secure communication protocol.
2. What are the potential risks associated with using blockchain networks for transactions? Blockchain networks are susceptible to 51% attacks, double-spending, and smart contract vulnerabilities, which can pose risks to transaction security.
Original Abstract Submitted
a computer-implemented method performed in a system comprising a first user with a first public key and a second user, the method comprising: generating, by the first user, a second public key based on: the first public key; a first message; and a signature for the first message generated by the second user; providing, by the first user, the second public key to the second user; determining, by the second user, a third public key based on: the first public key; a second message; and the signature for the second message generated by the second user; verifying, by the second user, whether the third public key is equal to the second public key; and when the third public key is equal to the second public key, determining that the first message is equal to the second message and submitting a transaction comprising the second public key to a blockchain network.
