Dunamu Inc. (20240378609). METHOD FOR VIRTUAL ASSET TRANSMISSION simplified abstract
Contents
METHOD FOR VIRTUAL ASSET TRANSMISSION
Organization Name
Inventor(s)
Jae Hoon Oh of Seongnam-si (KR)
METHOD FOR VIRTUAL ASSET TRANSMISSION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240378609 titled 'METHOD FOR VIRTUAL ASSET TRANSMISSION
The abstract describes a method for transmitting a virtual asset from a sender at a sending virtual asset service provider to a recipient at a receiving virtual asset service provider, involving verification of the recipient account, checking if the transmission is recorded on a blockchain network, and updating the recipient account.
- Verification node determines if transmission is recorded on blockchain network
- Request sent to receiving VASP to update recipient account
- Verification node is independent of sending and receiving VASPs
Potential Applications: - Secure and transparent transfer of virtual assets - Streamlining transactions between different virtual asset service providers
Problems Solved: - Ensures validity and security of virtual asset transfers - Facilitates interoperability between different virtual asset service providers
Benefits: - Enhanced security and transparency in virtual asset transactions - Efficient and reliable transfer of virtual assets between different service providers
Commercial Applications: Title: Secure Virtual Asset Transfer Protocol This technology can be utilized by virtual asset service providers, financial institutions, and businesses involved in virtual asset transactions to ensure secure and transparent transfers, enhancing customer trust and operational efficiency in the digital asset space.
Prior Art: Further research can be conducted in the field of blockchain-based verification systems for virtual asset transfers to explore similar methods and technologies.
Frequently Updated Research: Stay updated on advancements in blockchain technology, virtual asset security protocols, and regulatory developments in the virtual asset industry to enhance the efficiency and security of virtual asset transfers.
Questions about Virtual Asset Transfer Protocol: 1. How does the verification node ensure the security of virtual asset transfers? 2. What are the potential challenges in implementing this method across different virtual asset service providers?
Original Abstract Submitted
disclosed is a method for use in a transmission of a virtual asset from a sender having a sending account at a sending virtual asset service provider (sending vasp) to a recipient having a receiving account at a receiving virtual asset service provider (receiving vasp). the method involves subsequent to verification that the receiving account at the receiving vasp is valid, determining, by a verification node, if the transmission has been recorded on a blockchain network; and subsequent to determination that the transmission has been recorded on the blockchain network, sending, by the verification node to the receiving vasp, a request to update the receiving account at the receiving vasp about the transmission of the virtual asset from the sender to the recipient. in the method, the verification node does not belong to either the sending vasp or the receiving vasp.
