Bank of America Corporation (20240242276). Blockchain-Based System for Management of Digital Tokens simplified abstract
Contents
Blockchain-Based System for Management of Digital Tokens
Organization Name
Inventor(s)
Siten Sanghvi of Westfield NJ (US)
Blockchain-Based System for Management of Digital Tokens - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242276 titled 'Blockchain-Based System for Management of Digital Tokens
The abstract of this patent application describes a blockchain system for recording, querying, and modifying transactions in a decentralized computing system for facilitating direct transactions between users without involving a third party. The system is associated with a cryptocurrency used for transactions.
- Simplified Explanation:
In this patent application, a blockchain system is detailed for recording, querying, and modifying transactions in a decentralized computing environment that enables direct transactions between users without the need for a third party. Additionally, the system is linked to a cryptocurrency for transaction facilitation.
- Key Features and Innovation:
- Blockchain system for recording, querying, and modifying transactions - Decentralized computing system for direct transactions between users - Cryptocurrency associated with the blockchain system for transaction facilitation
- Potential Applications:
- Financial transactions - Supply chain management - Voting systems - Smart contracts - Digital asset management
- Problems Solved:
- Eliminates the need for intermediaries in transactions - Enhances security and transparency in transactions - Facilitates faster and more efficient transactions
- Benefits:
- Increased security and transparency - Reduced transaction costs - Faster and more efficient transactions - Decentralized and trustless system
- Commercial Applications:
Blockchain systems can be utilized in various industries such as finance, supply chain, voting, and digital asset management to streamline transactions, enhance security, and improve efficiency.
- Questions about Blockchain Technology:
1. How does blockchain technology ensure the security of transactions? 2. What are the potential drawbacks of using blockchain systems in commercial applications?
- Frequently Updated Research:
Stay updated on the latest advancements in blockchain technology, including improvements in scalability, interoperability, and privacy features.
Original Abstract Submitted
aspects of this disclosure relate to a blockchain system for recording, querying and modifying transactions. in an arrangement, the blockchain system may correspond to a decentralized computing system for facilitating direct transactions between users, without involving a third party. the blockchain system may additionally be associated with a cryptocurrency that may be used for facilitating the transactions.
