CITIBANK, N.A. (20240211940). SYSTEMS AND METHODS FOR MULTI-ENTITY BLOCKCHAIN-BASED EVENT BREAK PREVENTION simplified abstract
Contents
SYSTEMS AND METHODS FOR MULTI-ENTITY BLOCKCHAIN-BASED EVENT BREAK PREVENTION
Organization Name
Inventor(s)
Shishir Singh of New York NY (US)
SYSTEMS AND METHODS FOR MULTI-ENTITY BLOCKCHAIN-BASED EVENT BREAK PREVENTION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240211940 titled 'SYSTEMS AND METHODS FOR MULTI-ENTITY BLOCKCHAIN-BASED EVENT BREAK PREVENTION
The abstract describes a computer-implemented method for handling event requests related to the transfer of digital assets between blockchains.
- Receiving event requests for pending asset transfers
- Appending seller and buyer block instances to the blockchain for each event request
- Matching seller and buyer attributes to create match block instances
- Facilitating the transfer of digital assets between blockchains through the blockchain
Potential Applications: - Secure and transparent digital asset transfers - Streamlining blockchain transactions - Facilitating cross-chain interoperability
Problems Solved: - Ensuring the authenticity and integrity of asset transfers - Simplifying the process of transferring digital assets between blockchains - Enhancing trust and transparency in blockchain transactions
Benefits: - Increased security and reliability in digital asset transfers - Improved efficiency in cross-chain transactions - Enhanced transparency and auditability in blockchain operations
Commercial Applications: Title: "Blockchain-based Digital Asset Transfer System" This technology can be utilized in industries such as finance, supply chain management, and digital asset trading platforms. It can revolutionize the way assets are transferred between different blockchains, providing a secure and efficient solution for businesses.
Questions about the technology: 1. How does this technology ensure the security of digital asset transfers between blockchains? 2. What are the potential implications of this technology on the blockchain industry as a whole?
Frequently Updated Research: Stay updated on the latest advancements in blockchain technology and cross-chain interoperability to understand how this innovation fits into the evolving landscape of digital asset management.
Original Abstract Submitted
a computer-implemented method comprising receiving a first plurality of event requests each corresponding to a pending event, the pending event corresponding to a transfer of a digital asset between blockchains; appending a seller block instance to a blockchain for each of the first plurality of event requests, each seller block instance comprising a different seller set of event attributes of the first plurality of event requests; receiving a second plurality of event requests; appending a buyer block instance to the blockchain for each of the second plurality of event requests, each buyer block instance comprising different a buyer set of event attributes of the second plurality of event requests; and responsive to a seller set of event attributes from a seller block instance matching a buyer set of event attributes from a buyer block instance corresponding to the seller block instance, appending a match block instance to the blockchain.
