Frontage Road Holdings, LLC (20240242201). System and Method for Authorizing Blockchain Network Transactions simplified abstract
Contents
System and Method for Authorizing Blockchain Network Transactions
Organization Name
Inventor(s)
Josh Williams of Sacramento CA (US)
Raymond A. Chiapuzio of Eugene OR (US)
Michael B. Li of San Francisco CA (US)
System and Method for Authorizing Blockchain Network Transactions - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242201 titled 'System and Method for Authorizing Blockchain Network Transactions
The abstract of this patent application describes a system that authorizes blockchain network transactions based on a work requirement. This system involves nodes within the blockchain network that determine whether a token has satisfied a work requirement, representing participation in the network. Transactions are approved or disapproved based on the satisfaction of this work requirement, allowing for authentication of the token's functional value and attesting to its non-security status.
- Nodes in a blockchain network determine if a token has met a work requirement.
- Transactions are approved based on the satisfaction of the work requirement.
- This system authenticates tokens as having inherent functional value.
- The blockchain network can attest to tokens not being securities subject to regulations.
- Enhances security and authenticity of transactions within the blockchain network.
Potential Applications: - Secure and authenticated transactions within blockchain networks. - Ensuring tokens have inherent functional value and are not securities. - Compliance with regulations regarding securities and transactions.
Problems Solved: - Ensuring the authenticity and value of tokens within blockchain networks. - Providing a method to distinguish tokens from securities. - Enhancing security and trust in blockchain transactions.
Benefits: - Increased security and authenticity in blockchain transactions. - Compliance with regulations regarding securities. - Enhanced trust and reliability in token exchanges.
Commercial Applications: Title: "Blockchain Transaction Authorization System" This technology can be used in cryptocurrency exchanges, token sales, and any blockchain transactions requiring authentication and security measures. It can also be applied in industries where secure and verified transactions are essential, such as finance, healthcare, and supply chain management.
Questions about Blockchain Transaction Authorization System: 1. How does this system improve the security of blockchain transactions? - This system enhances security by requiring tokens to meet a work requirement, ensuring their authenticity and value within the network. 2. What are the implications of this technology for industries beyond cryptocurrency? - This technology can be applied in various industries to enhance the security and trustworthiness of transactions, ensuring compliance with regulations and improving overall efficiency.
Original Abstract Submitted
systems and methods are provided that authorize blockchain network transactions based on a work requirement. a blockchain network has a plurality of nodes. at least one node of the plurality of nodes is configured to determine whether a token has satisfied a work requirement. the work requirement represents participation of performing work within the blockchain network. the at least one node is further configured to approve a transaction as a function of determining that the work requirement has been satisfied and, to disapprove the transaction as a function of determining that the work requirement has not been satisfied. by enabling the transaction to be approved based on a work requirement, the token, for example, can be authenticated as having an inherent functional value. in this way, the blockchain network or token exchange can attest to the token not being a security, which would be subject to federal securities and regulations.
