18432690. METHOD AND SYSTEM FOR AUTHORIZATION USING A PUBLIC LEDGER AND ENCRYPTION KEYS simplified abstract (MASTERCARD INTERNATIONAL INCORPORATED)

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METHOD AND SYSTEM FOR AUTHORIZATION USING A PUBLIC LEDGER AND ENCRYPTION KEYS

Organization Name

MASTERCARD INTERNATIONAL INCORPORATED

Inventor(s)

Brien Buckman of Stamford CT (US)

Benjamin Alexander Flast of New York NY (US)

METHOD AND SYSTEM FOR AUTHORIZATION USING A PUBLIC LEDGER AND ENCRYPTION KEYS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18432690 titled 'METHOD AND SYSTEM FOR AUTHORIZATION USING A PUBLIC LEDGER AND ENCRYPTION KEYS

Simplified Explanation

The method described in the abstract involves conveying a data message using a public ledger. Here are the key points explained in bullet points:

  • Generation of a data message containing data values by a processing server.
  • Transmission of a data signal with the data message to a first computing system.
  • Reception of a data signal with an encrypted message from the first computing system.
  • Encryption of the data message using encryption algorithms and at least one encryption key.
  • Appending an identification value to the encrypted message by the processing server.
  • Submission of the appended encrypted message to a public ledger associated with a second computing system.

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      1. Potential Applications of this Technology

- Secure data transmission - Blockchain technology applications

      1. Problems Solved by this Technology

- Ensuring data integrity and security during transmission - Providing a tamper-proof record of data messages

      1. Benefits of this Technology

- Enhanced data security - Immutable record of data transactions

      1. Potential Commercial Applications of this Technology
        1. Secure Data Transmission Solutions
      1. Possible Prior Art

There are existing methods for secure data transmission using encryption techniques and blockchain technology. However, the specific approach outlined in this patent application may have unique aspects that differentiate it from prior art.

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      1. Unanswered Questions
        1. How does this method handle scalability issues in a public ledger system?

The abstract does not provide details on how the system ensures efficient processing and scalability as the volume of data messages increases.

        1. What encryption algorithms are specifically used in this method?

The abstract mentions the application of encryption algorithms but does not specify which algorithms are employed in the process.


Original Abstract Submitted

A method for conveying a data message using a public ledger includes: generating, by a generation module of a processing server, a data message, wherein the data message comprises one or more data values; electronically transmitting, by a transmitting device of the processing server, a data signal superimposed with the generated data message to a first computing system; receiving, by a receiving device of the processing server, a data signal superimposed with an encrypted message from the first computing system, wherein the encrypted message is generated via application of one or more encryption algorithms to the generated data message using at least one encryption key; appending, by the generation module of the processing server, an identification value to the encrypted message; and submitting, by the transmitting device of the processing server, the appended encrypted message to a public ledger associated with a second computing system.

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