20240013213. BLOCKCHAIN simplified abstract (Unknown Organization)
Contents
BLOCKCHAIN
Organization Name
Inventor(s)
Stanislav Trock of Givat Shmuel (IL)
BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240013213 titled 'BLOCKCHAIN
Simplified Explanation
The abstract describes a computer-implemented method for outputting a transmission to a second node of a blockchain. The method is performed by a first node of the blockchain and involves the following steps:
1. Identifying an input of a transaction. 2. Identifying a locking script associated with an output of a previous transaction referenced by the input. 3. The locking script contains a persisting smart contract that persists through multiple transactions on the blockchain. 4. Outputting a transmission to the second node based on the presence of the persisting smart contract in the locking script of an output of the transaction and/or the satisfaction of a redemption condition of the persisting smart contract. 5. The persisting smart contract includes a token identifier. 6. The token identifier is associated with a contract transaction, which defines the redemption condition.
Potential applications of this technology:
- Secure and efficient transfer of digital assets on a blockchain.
- Implementation of smart contracts that persist through multiple transactions.
- Creation of tokenized assets with associated contract transactions.
Problems solved by this technology:
- Ensures the secure transfer of digital assets by utilizing locking scripts and redemption conditions.
- Enables the creation of smart contracts that persist through multiple transactions, providing continuity and reliability.
- Facilitates the tokenization of assets, allowing for easier management and transfer.
Benefits of this technology:
- Improved security and transparency in the transfer of digital assets.
- Enhanced efficiency and reliability in the execution of smart contracts.
- Simplified management and transfer of tokenized assets.
Original Abstract Submitted
there is described a computer-implemented method of outputting a transmission to a second node of an unspent transaction output (utxo) based blockchain, the method being performed by a first node of the blockchain, the method comprising: identifying an input of a transaction; identifying a locking script associated with an output of a previous transaction that is referenced by the input, wherein the locking script comprises a persisting smart contract that is arranged to persist through multiple transactions on the blockchain; and outputting a transmission to the second node in dependence on: the persisting smart contract being present in a locking script of an output of the transaction; and/or a redemption condition of the persisting smart contract being satisfied; wherein the persisting smart contract comprises a token identifier; and wherein the token identifier is associated with a contract transaction, which contract transaction is associated with the persisting smart contract, wherein the contract transaction defines the redemption condition.
