Mastercard International Incorporated (20240296429). INFORMATION TRANSACTION INFRASTRUCTURE simplified abstract
Contents
- 1 INFORMATION TRANSACTION INFRASTRUCTURE
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 INFORMATION TRANSACTION INFRASTRUCTURE - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Questions about Secure Information Transfer Technology
- 1.11 Original Abstract Submitted
INFORMATION TRANSACTION INFRASTRUCTURE
Organization Name
Mastercard International Incorporated
Inventor(s)
Vladimir Goloshchuk of Dublin (IE)
INFORMATION TRANSACTION INFRASTRUCTURE - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240296429 titled 'INFORMATION TRANSACTION INFRASTRUCTURE
Simplified Explanation
The patent application describes a method of transferring information with verification from one party to another using programmed computing devices. The information is sent from a private address to a public address, then to the second party, and recorded on a blockchain for verification.
- Information transferred with verification
- Use of programmed computing devices
- Transfer from private to public address
- Recording on blockchain for verification
- Suitable for cryptocurrency transfer
Key Features and Innovation
- Transfer of information with verification
- Use of blockchain for public recordal
- Refund mechanism for cryptocurrency transfer
- Privacy protection by not disclosing private address
- Effective communication between parties
Potential Applications
The technology can be applied in various fields such as:
- Cryptocurrency transactions
- Secure data transfer
- Supply chain management
- Legal document verification
- Identity verification
Problems Solved
The technology addresses the following issues:
- Ensuring secure and verified information transfer
- Protecting privacy of parties involved
- Providing a refund mechanism for transactions
- Establishing trust between parties
- Preventing fraud and unauthorized access
Benefits
- Enhanced security in information transfer
- Efficient verification process
- Protection of privacy and sensitive data
- Reliable refund mechanism for transactions
- Increased trust and transparency in transactions
Commercial Applications
Title: Secure Information Transfer Technology for Cryptocurrency Transactions The technology can be utilized in:
- Cryptocurrency exchanges
- Financial institutions
- Legal and regulatory agencies
- E-commerce platforms
- Supply chain networks
Questions about Secure Information Transfer Technology
How does the technology ensure the privacy of the parties involved?
The technology protects privacy by not disclosing the private address of the first party, only the public address is communicated to the second party.
What are the potential risks associated with using blockchain for public recordal?
Blockchain technology is generally considered secure, but potential risks include hacking, data breaches, and regulatory challenges. Regular monitoring and security measures can mitigate these risks.
Original Abstract Submitted
a method of transferring information with verification from a first party to a second party using suitably programmed computing apparatus is described. information from a first party private address to a first party public address. this information is then sent from the first party public address to a second party address. the information is also provided for public recordal on a block of a block chain for verification. the first party private address is not communicated to the second party but the first party public address is communicated to the second party. this approach is particularly suitable for transfer of cryptocurrency, as it allows for an effective refund mechanism. computing apparatus and application software adapted to implement this approach is also described.
