NChain Licensing AG (20240346498). CONSTRAINTS ON OUTPUTS OF AN UNLOCKING TRANSACTION IN A BLOCKCHAIN simplified abstract
Contents
CONSTRAINTS ON OUTPUTS OF AN UNLOCKING TRANSACTION IN A BLOCKCHAIN
Organization Name
Inventor(s)
CONSTRAINTS ON OUTPUTS OF AN UNLOCKING TRANSACTION IN A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240346498 titled 'CONSTRAINTS ON OUTPUTS OF AN UNLOCKING TRANSACTION IN A BLOCKCHAIN
The abstract describes a method for implementing trustless deterministic state machines using a blockchain infrastructure, allowing state machines to run concurrently over multiple blockchain transactions.
- Trustless deterministic state machines can be implemented using a blockchain infrastructure.
- State machines can run concurrently over more than one blockchain transaction.
- Processes, apparatuses, and articles of manufacture are disclosed to create transactions with specific constraints.
- Transactions include outputs with spendable values and locking scripts.
- Constraints are imposed on selected transaction outputs to ensure security and integrity.
- The innovation allows for the creation of complex state machines that can interact with blockchain transactions securely and efficiently.
Potential Applications: - Smart contracts - Decentralized applications - Supply chain management - Financial transactions - Voting systems
Problems Solved: - Ensuring trustless and deterministic execution of state machines - Enhancing security and integrity of blockchain transactions - Facilitating complex interactions between state machines and blockchain infrastructure
Benefits: - Increased security and transparency - Efficient and reliable execution of state machines - Interoperability with multiple blockchain transactions - Enhanced scalability and flexibility for decentralized applications
Commercial Applications: Title: "Blockchain-based State Machine Implementation for Secure Transactions" This technology can be utilized in various industries such as finance, healthcare, supply chain, and voting systems to streamline processes, enhance security, and improve transparency in transactions.
Questions about Blockchain-based State Machine Implementation:
1. How does this technology improve the security of blockchain transactions? This technology enhances security by imposing specific constraints on transaction outputs, ensuring trustless and deterministic execution of state machines.
2. What are the potential commercial applications of this innovation? This technology can be applied in various industries such as finance, healthcare, supply chain management, and voting systems to improve efficiency, security, and transparency in transactions.
Original Abstract Submitted
trustless deterministic state machines can be implemented using a blockchain infrastructure and state machines can run concurrently over more than one blockchain transaction. disclosed herein are processes, apparatuses, and articles of manufacture to create, at a node, a first transaction that includes 1) a first output having a first spendable value and a first locking script and 2) a second output having a second spendable value and a second locking script. included, in the first locking script, is a first set of constraints on a first selected transaction output. included, in the second locking script, a second set of constraints on a second selected transaction output. furthermore, either the first set of constraints or the second set of constraints is configured to impose a constraint on a locking script of a spending transaction having as a spending transaction output the first selected transaction output or the second selected transaction output.
