Bank of America Corporation (20240320676). SECURE CROSS-BLOCKCHAIN ASSET MOVEMENT USING PHOTONIC QUANTUM COMPUTING simplified abstract
Contents
SECURE CROSS-BLOCKCHAIN ASSET MOVEMENT USING PHOTONIC QUANTUM COMPUTING
Organization Name
Inventor(s)
Shailendra Singh of Maharashtra (IN)
SECURE CROSS-BLOCKCHAIN ASSET MOVEMENT USING PHOTONIC QUANTUM COMPUTING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320676 titled 'SECURE CROSS-BLOCKCHAIN ASSET MOVEMENT USING PHOTONIC QUANTUM COMPUTING
Abstract: The patent application describes systems and methods for securing a cryptocurrency asset transfer via a cross-blockchain bridge. The methods involve using a photonic quantum processor to generate machine learning models based on extracted features to determine security risk thresholds and percentages for executing smart contracts on the blockchain bridge.
Key Features and Innovation:
- Utilizes a photonic quantum processor for enhanced security in cryptocurrency asset transfers.
- Uses machine learning models to analyze features extracted from event logs associated with blockchains.
- Determines security risk thresholds and percentages to permit or block the execution of smart contracts on the blockchain bridge.
Potential Applications: The technology can be applied in various industries that involve cryptocurrency transactions, such as finance, supply chain management, and decentralized applications.
Problems Solved: Addresses security concerns in cryptocurrency asset transfers between different blockchains. Enhances the trust and reliability of smart contracts executed over blockchain bridges.
Benefits: Improves the security and efficiency of cryptocurrency asset transfers. Reduces the risk of unauthorized transactions and fraudulent activities in blockchain networks.
Commercial Applications: Enhancing security in cross-blockchain transactions for financial institutions and cryptocurrency exchanges. Streamlining supply chain management processes through secure cryptocurrency transfers. Market Implications: The technology can attract more users to engage in cryptocurrency transactions by providing a secure and reliable method for asset transfers.
Prior Art: Readers can explore prior research on quantum computing, machine learning in blockchain technology, and secure cryptocurrency transactions to understand the background of this innovation.
Frequently Updated Research: Stay updated on advancements in quantum computing, machine learning algorithms for blockchain security, and developments in cross-blockchain technologies to enhance the application of this patent.
Questions about the Technology: 1. How does the use of a photonic quantum processor improve security in cryptocurrency asset transfers? 2. What are the potential implications of machine learning models in determining security risk thresholds for smart contract executions on blockchain bridges?
Original Abstract Submitted
systems and methods for securing a cryptocurrency asset transfer via a cross-blockchain bridge. methods may include detecting a request to transfer the asset between blockchains and extracting a set of features such as smart contract bytecode from event logs associated with the blockchains and a blockchain bridge. methods may include using a photonic quantum processor to use i) a long short-term neural network and ii) a neural network to generate machine learning models based on the extracted features to output i) a security risk threshold and ii) a security risk percentage, respectively. when the security risk percentage is below the security risk threshold, the method may permit the execution of a smart contract to allow transfer of the cryptocurrency asset over the blockchain bridge. when the security risk percentage is above the security risk threshold, the method may involve blocking an execution of a smart contract on the blockchain bridge.
