Concourse Petroleum Inc. (20240283667). TWO-TIER TOKEN METHOD AND SYSTEM FOR AN ASSET-BASED CONSENSUS simplified abstract
Contents
TWO-TIER TOKEN METHOD AND SYSTEM FOR AN ASSET-BASED CONSENSUS
Organization Name
Inventor(s)
Peng Jiang of Port Coquitlam (CA)
Shougen Song of Vancouver (CA)
TWO-TIER TOKEN METHOD AND SYSTEM FOR AN ASSET-BASED CONSENSUS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240283667 titled 'TWO-TIER TOKEN METHOD AND SYSTEM FOR AN ASSET-BASED CONSENSUS
The abstract describes a method and system for implementing a two-tier blockchain ledger. The system includes validator nodes maintaining the ledger and a producer node associated with a physical asset producing entity. The ledger consists of a first-tier token minted based on production data and a second-tier token quantity depending on the total first-tier tokens. Validator nodes form a consensus to validate blocks in the ledger based on staking of second-tier tokens and/or bidding of first-tier tokens.
- Validator nodes maintain a two-tier blockchain ledger.
- Producer node associated with a physical asset producing entity.
- First-tier token minted based on production data.
- Second-tier token quantity depends on total first-tier tokens.
- Validator nodes form a consensus to validate blocks.
- Consensus based on staking of second-tier tokens and/or bidding of first-tier tokens.
Potential Applications: - Supply chain management - Asset tracking - Tokenized asset production
Problems Solved: - Ensuring transparency in asset production - Facilitating secure transactions - Enhancing traceability in supply chains
Benefits: - Increased efficiency in asset management - Improved trust and security in transactions - Enhanced visibility into production processes
Commercial Applications: Title: Blockchain Ledger System for Secure Asset Production This technology can be applied in industries such as manufacturing, agriculture, and logistics to streamline operations, improve accountability, and enhance overall transparency in asset production and management.
Questions about Blockchain Ledger System for Secure Asset Production: 1. How does the two-tier blockchain ledger system ensure the security of asset production data? The system utilizes validator nodes to form a consensus based on staking of second-tier tokens and bidding of first-tier tokens, ensuring the integrity and security of the ledger.
2. What are the potential implications of this technology on supply chain management? This technology can revolutionize supply chain management by providing real-time visibility into production processes, enhancing traceability, and improving overall efficiency.
Original Abstract Submitted
there is provided a method and a system implementing a two-tier blockchain ledger. the blockchain system includes a plurality of connected validator computer nodes maintaining the two-tier blockchain ledger, and a producer node connected to the system and being associated with a physical asset producing entity. the two-tier blockchain ledger includes a first-tier token, which is minted based on physical asset production data from the producer, and a second-tier token, the second-tier token quantity in the ledger depending on a total quantity of first-tier tokens. the producer node may receive newly generated first-tier tokens upon minting. active validator nodes selected from the validator nodes based on staking of second-tier tokens and/or bidding of first-tier tokens form a consensus to validate blocks in the two-tier blockchain ledger. the active validator nodes may obtain newly generated second-tier tokens based on the total quantity of first-tier tokens.
