Intercontinental Exchange Holdings, Inc. (20240242208). MULTI-SIGNATURE VERIFICATION NETWORK simplified abstract
Contents
MULTI-SIGNATURE VERIFICATION NETWORK
Organization Name
Intercontinental Exchange Holdings, Inc.
Inventor(s)
Jerry Perullo of Atlanta GA (US)
MULTI-SIGNATURE VERIFICATION NETWORK - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242208 titled 'MULTI-SIGNATURE VERIFICATION NETWORK
Simplified Explanation: The patent application describes systems and methods for authorizing blockchain transactions. A verification network receives a transaction request from a payer device, verifies it with pre-agreed parameters, and broadcasts it to the blockchain network.
- Verification network receives transaction request from payer device
- Verification network broadcasts verification request to verification systems
- Verification systems assess pre-agreed threshold parameters
- If parameters are satisfied, transaction is perfected and broadcasted to blockchain network
- If parameters are not satisfied, verification offers are used to prompt payer device to confirm transaction
- Payer device selects offer(s) to confirm transaction
- Verification network receives selected offer(s) and broadcasts transaction to blockchain network
Key Features and Innovation:
- Use of verification network to authorize blockchain transactions
- Verification systems assess pre-agreed threshold parameters
- Payer device involvement in confirming transactions
- Flexibility in confirming transactions based on verification offers
Potential Applications:
- Secure authorization of blockchain transactions
- Enhanced transaction verification process
- Improved transparency in blockchain networks
Problems Solved:
- Ensuring secure authorization of blockchain transactions
- Streamlining the verification process
- Enhancing trust and transparency in blockchain networks
Benefits:
- Increased security in blockchain transactions
- Efficient verification process
- Enhanced trust and transparency in transactions
Commercial Applications: Blockchain transaction authorization systems can be used in financial institutions, supply chain management, healthcare, and other industries where secure and transparent transactions are crucial.
Prior Art: Readers can explore prior patents related to blockchain transaction authorization systems, verification networks, and transaction confirmation processes.
Frequently Updated Research: Stay updated on the latest developments in blockchain technology, transaction authorization systems, and verification networks for potential advancements in the field.
Questions about Blockchain Transaction Authorization Systems: 1. How does the verification network ensure the security of blockchain transactions? 2. What are the potential implications of using verification offers in confirming transactions?
By providing a detailed and informative overview of the patent application, readers can gain a better understanding of the innovative technology and its potential applications in various industries.
Original Abstract Submitted
systems and methods for authorizing a blockchain transaction. a verification network receives a transaction request for the blockchain transaction from a payer device including a first signature generated by a first private key associated with a payer. the verification network broadcasts a verification request to verification system(s) which assess pre-agreed threshold parameters. if the parameter(s) are satisfied, at least one verification system perfects the transaction by generating a second signature using a second private key, and broadcasts the transaction to the blockchain network. if the parameter(s) are not satisfied, verification offer(s) from among the verification system(s) including the second signature(s) are used to prompt the payer device to confirm the blockchain transaction by selecting at least one of the offer(s). the verification network receives selected offer(s) from the payer device and broadcasts the transaction to the blockchain network, in accordance with the selected offer(s) and the transaction request.
