CITIBANK, N.A. (20240211938). SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION simplified abstract

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SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION

Organization Name

CITIBANK, N.A.

Inventor(s)

Shishir Singh of New York NY (US)

SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240211938 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED TRANSACTION BREAK PREVENTION

The abstract describes a computer-implemented method for processing transactions between two computing devices by appending block instances to their respective blockchains and comparing transaction attributes to data stored on a ledger.

  • Receiving a transaction request from a first computing device
  • Appending block instances to blockchains of the first and second computing devices
  • Retrieving or receiving a second set of transaction attributes from the second computing device
  • Identifying a second blockchain associated with the pending transaction
  • Executing a protocol to compare transaction attributes with data on the ledger
  • Appending block instance to the blockchain if the attributes comply with the ledger data

Potential Applications: - Secure and efficient transaction processing - Blockchain-based verification systems - Data integrity and authenticity verification

Problems Solved: - Ensuring transaction accuracy and security - Streamlining transaction verification processes - Enhancing trust and transparency in transactions

Benefits: - Improved transaction reliability - Reduced risk of fraud or errors - Enhanced data security and integrity

Commercial Applications: Title: Blockchain Transaction Verification System This technology can be applied in financial institutions, e-commerce platforms, supply chain management, and any industry requiring secure and transparent transaction processing.

Questions about Blockchain Transaction Verification System: 1. How does this technology improve transaction security and reliability? 2. What are the potential implications of this technology for the financial industry?

Frequently Updated Research: Stay updated on the latest advancements in blockchain technology, transaction processing systems, and data verification methods to enhance the efficiency and security of transactions.


Original Abstract Submitted

a computer-implemented method comprising receiving a transaction request from a first computing device, the transaction request corresponding to a pending transaction between the first computing device and a second computing device and comprising a first set of transaction attributes; appending block instances to blockchains of the first and second computing devices, retrieving or receiving, from the second computing device, a second set of transaction attributes; when the first set of transaction attributes match, identifying a second blockchain associated with the pending transaction; automatically executing a protocol to compare the first set of transaction attributes with data stored onto a ledger of the identified second blockchain; and, in response to determining that the first set of transaction attributes complies with data of the ledger of the identified second blockchain, appending block instance to the blockchain comprising data corresponding to the transaction request to blockchains of the first and second computing devices.

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