20240039742. ALERT ACCOUNT simplified abstract (nChain Licensing AG)
Contents
ALERT ACCOUNT
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
ALERT ACCOUNT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240039742 titled 'ALERT ACCOUNT
Simplified Explanation
The computer-implemented method described in the patent application is for alerting users to on-chain events. It involves an alerting entity that performs the method and a primary user who is associated with a primary user public key. The method includes the following steps:
1. Identifying one or more event transactions, each containing event data. 2. Generating a primary alert transaction, which includes a first output locked to the primary user public key and a second output containing alert data. The alert data includes a respective identifier for each identified event transaction. 3. Transmitting the primary alert transaction to the blockchain network.
Bullet points explaining the patent/innovation:
- The method alerts users to on-chain events by generating and transmitting a primary alert transaction.
- The primary alert transaction includes a first output locked to the primary user public key, ensuring only the primary user can access it.
- The second output of the primary alert transaction contains alert data, including identifiers for each identified event transaction.
- By associating event data with the primary user, the method enables targeted alerts for specific events.
- The primary alert transaction is transmitted to the blockchain network, ensuring the alert is recorded and accessible to all participants.
Potential applications of this technology:
- Cryptocurrency platforms can use this method to alert users about specific on-chain events, such as incoming transactions or changes in account balances.
- Smart contract platforms can utilize this method to notify users about contract executions or updates.
- Blockchain-based supply chain systems can employ this method to alert participants about important events, such as product shipments or quality control checks.
Problems solved by this technology:
- The method solves the problem of efficiently notifying users about on-chain events without relying on external communication channels.
- It ensures that the alert data is securely associated with the primary user and accessible only to them.
- By transmitting the primary alert transaction to the blockchain network, the method ensures the alert is recorded immutably and can be verified by all participants.
Benefits of this technology:
- Users can receive real-time alerts about on-chain events, enabling them to take immediate actions if necessary.
- The method provides a secure and tamper-proof way of associating event data with the primary user.
- It eliminates the need for centralized alerting systems, reducing reliance on third-party services and potential vulnerabilities.
- By leveraging the blockchain network, the method ensures transparency and trust in the alerting process.
Original Abstract Submitted
a computer-implemented method of alerting users to on-chain events, wherein a primary user is associated with a primary user public key, and wherein the method is performed by an alerting entity and comprises: identifying one or more event transactions, wherein each event transaction comprising respective event data; generating a primary alert transaction, wherein the primary alert transaction comprises a first output locked to the primary user public key, and a second output comprising alert data, and wherein the alert data comprises a respective identifier of each identified event transaction; and transmitting the primary alert transaction to the blockchain network.
