PayPal, Inc. (20240289773). USING AN INTERNAL LEDGER WITH BLOCKCHAIN TRANSACTIONS simplified abstract
Contents
USING AN INTERNAL LEDGER WITH BLOCKCHAIN TRANSACTIONS
Organization Name
Inventor(s)
Charles Gabriel Neale Dalton of San Jose CA (US)
USING AN INTERNAL LEDGER WITH BLOCKCHAIN TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240289773 titled 'USING AN INTERNAL LEDGER WITH BLOCKCHAIN TRANSACTIONS
The patent application describes a system and method for reducing computation and computing resources for certain blockchain transactions by avoiding the need for recordation on the blockchain, thus saving computational power and improving computer operations.
- The system allows for internal transactions between user accounts to be recorded on an internal ledger rather than the blockchain.
- Incoming transactions transferring digital assets to user accounts and outgoing transactions transferring assets to external accounts are still recorded on the blockchain.
- This approach reduces the computational expense for both the requesting device and the nodes on the blockchain.
Potential Applications:
- This technology could be applied in various industries utilizing blockchain technology, such as finance, supply chain management, and healthcare.
- It could streamline and optimize transaction processes, making them more efficient and cost-effective.
Problems Solved:
- Reduces the computational power required for blockchain transactions.
- Improves overall computer operations by minimizing the resources needed for certain transactions.
Benefits:
- Cost savings due to reduced computation and computing resources.
- Enhanced efficiency and speed in transaction processing.
- Improved scalability of blockchain networks.
Commercial Applications:
- Financial institutions could use this technology to streamline their transaction processes and reduce costs.
- Supply chain management companies could benefit from more efficient and secure transactions.
Questions about the Technology: 1. How does this system impact the overall security of blockchain transactions? 2. What are the potential challenges in implementing this technology on a large scale?
Frequently Updated Research: There may be ongoing research on optimizing blockchain transactions and reducing computational resources in the field of distributed ledger technology. Researchers may be exploring new algorithms and architectures to further enhance the efficiency of blockchain systems.
Original Abstract Submitted
systems, methods, and computer-readable media disclosed herein relate to reducing computation and computing resources for certain blockchain related transactions. specifically, software algorithms and architecture allow some transactions to avoid the need for recordation on a blockchain, which can be computationally expensive both for a requesting device and for various nodes on the blockchain. thus, a computer system may receive indications of incoming transactions transferring digital assets to particular user accounts, and in response to requests from user accounts, the computer system facilitates one or more internal transactions between those accounts. in response to a request from a particular internal user account, the computer system may perform an outgoing transaction transferring one or more digital assets to an external user account from one or more internal user accounts. the incoming transactions and outgoing transaction are recorded on the blockchain, but the internal transactions are recorded on an internal ledger rather than the blockchain, saving computational power and improving computer operations.
