Chicago Mercantile Exchange Inc. (20240273085). SYSTEMS AND METHODS FOR BLOCKCHAIN RULE SYNCHRONIZATION simplified abstract

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SYSTEMS AND METHODS FOR BLOCKCHAIN RULE SYNCHRONIZATION

Organization Name

Chicago Mercantile Exchange Inc.

Inventor(s)

Ryan Pierce of Chicago IL (US)

Ajay Madhavan of Aurora IL (US)

Stanislav Liberman of Highland Park IL (US)

Mansoor Ahmed of Naperville IL (US)

SYSTEMS AND METHODS FOR BLOCKCHAIN RULE SYNCHRONIZATION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240273085 titled 'SYSTEMS AND METHODS FOR BLOCKCHAIN RULE SYNCHRONIZATION

The disclosed embodiments relate to the implementation of a syntax for altering rules in a blockchain network.

  • Software clients in the blockchain network can be programmed to respond to requests to modify rules.
  • Requests to alter rules are processed as transactions and added to the blockchain.
  • This allows for the addition of new rules or modification of existing rules for client operation.

Potential Applications: - Enhancing flexibility in blockchain networks - Allowing for dynamic rule changes based on network needs

Problems Solved: - Providing a mechanism for updating blockchain rules without requiring a hard fork - Enabling real-time adjustments to network rules based on changing requirements

Benefits: - Increased adaptability in blockchain networks - Improved responsiveness to evolving network conditions

Commercial Applications: Title: Dynamic Rule Modification in Blockchain Networks This technology could be used in industries such as finance, supply chain management, and healthcare to ensure that blockchain networks can quickly adapt to changing regulatory requirements and business needs.

Questions about Dynamic Rule Modification in Blockchain Networks: 1. How does this technology improve the flexibility of blockchain networks? - This technology allows for real-time adjustments to rules, enabling networks to adapt quickly to changing conditions. 2. What are the potential implications of dynamic rule modification for industries using blockchain technology? - Industries such as finance and healthcare can benefit from the ability to update rules without disrupting network operations.


Original Abstract Submitted

the disclosed embodiments relate to implementation of a syntax for altering one or more rules by which a blockchain may be modified wherein the software implementing each client of a blockchain network are programmed to be responsive to requests or directives to alter one or more rules by which blocks may be added to a blockchain responsive to transactions received for storage therein, the requests/directives being processed by the client as a transaction and added to the block in accordance with the current state of the operating rules, thereby adding a new rule or modifying an existing rule for subsequent operation of the client.

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