20240013209. SECURE CONTROL OF TRANSACTIONS USING BLOCKCHAIN simplified abstract (eBay Inc.)

From WikiPatents
Jump to navigation Jump to search

SECURE CONTROL OF TRANSACTIONS USING BLOCKCHAIN

Organization Name

eBay Inc.

Inventor(s)

David John Kamalsky of Campbell CA (US)

Vidit Aggarwal of Sunnyvale CA (US)

Seyed-Mahdi Pedramrazi of San Jose CA (US)

Ethan Benjamin Rubinson of Santa Clara CA (US)

Sachin Tilloo of Fremont CA (US)

Sergio Pinzon Gonzales, Jr. of San Jose CA (US)

SECURE CONTROL OF TRANSACTIONS USING BLOCKCHAIN - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240013209 titled 'SECURE CONTROL OF TRANSACTIONS USING BLOCKCHAIN

Simplified Explanation

The abstract of the patent application describes technologies for controlling a transaction on a blockchain. It involves the creation of multiple blocks on a blockchain, each associated with different entities and keys. The first block contains the transaction details and associated funds. A second block stores a refund code, which can be executed to refund the funds upon receiving specific digital signatures. A third block stores a payment code, which can be executed to transfer the funds upon receiving specific digital signatures.

  • Technologies for controlling transactions on a blockchain are described.
  • Multiple blocks are created on a blockchain for a transaction involving a seller entity, a buyer entity, and an intermediary entity.
  • Each entity is associated with a specific key for digital signatures.
  • The first block contains the transaction details and associated funds.
  • A second block is created and linked to the first block, storing a refund code.
  • The refund code can be executed to refund the funds when specific digital signatures from the seller or intermediary are received.
  • A third block is created and linked to the first block, storing a payment code.
  • The payment code can be executed to transfer the funds when specific digital signatures from the buyer or intermediary are received.

Potential Applications:

  • Secure and transparent transactions on a blockchain.
  • Facilitating transactions involving multiple entities with the use of digital signatures.
  • Enabling automated refund and payment processes on a blockchain.

Problems Solved:

  • Ensuring the security and integrity of transactions on a blockchain.
  • Simplifying the process of refunding and transferring funds in a transaction.
  • Providing a decentralized and trustless system for controlling transactions.

Benefits:

  • Increased security and transparency in transactions.
  • Automation of refund and payment processes.
  • Elimination of the need for intermediaries in transactions.
  • Efficient and reliable control of funds on a blockchain.


Original Abstract Submitted

technologies are shown for controlling a transaction on a blockchain. a first block is created on a blockchain for a transaction involving a seller entity associated with a first key, a buyer entity associated with a second key, and an intermediary entity associated with a third key. funds for the transaction are associated with the first block. a second block storing refund code is created and linked to the first block. the refund code is executable to refund the funds when a seller digital signature using the first key and/or an intermediary digital signature using the third key are received. a third block storing payment code is created and linked to the first block. the payment code is executable to transfer the funds when a buyer digital signature using the second key and/or an intermediary digital signature using the third key are received.

Retrieved from "http://wikipatents.org/index.php?title=20240013209._SECURE_CONTROL_OF_TRANSACTIONS_USING_BLOCKCHAIN_simplified_abstract_(eBay_Inc.)&oldid=27755"