NChain Licensing AG (20240211469). SYSTEM AND METHOD FOR DISTRIBUTING DATA RECORDS USING A BLOCKCHAIN simplified abstract
Contents
SYSTEM AND METHOD FOR DISTRIBUTING DATA RECORDS USING A BLOCKCHAIN
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
SYSTEM AND METHOD FOR DISTRIBUTING DATA RECORDS USING A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240211469 titled 'SYSTEM AND METHOD FOR DISTRIBUTING DATA RECORDS USING A BLOCKCHAIN
The abstract describes a computer-implemented method for transferring a total data record from an input node to an output node using a blockchain. This total data record could be a total payment, where the output node shares public key material and the input node selects unspent transaction outputs to use in paying the total value. The input node then determines a plurality of outputs payable to the output node in fixed denominations, generates output addresses for each output using public key material and random numbers, and mixes the inputs and outputs in coin mixing transactions. A nonce public key for each output, generated based on a random number, is shared with the output node, enabling it to search for and identify the outputs to claim ownership.
- The method involves transferring a total data record from an input node to an output node using a blockchain.
- The total data record may be a total payment, with the output node sharing public key material.
- The input node selects unspent transaction outputs to use in paying the total value.
- The input node determines a plurality of outputs payable to the output node in fixed denominations.
- Output addresses for each output are generated using public key material and random numbers.
- Inputs and outputs are mixed in coin mixing transactions for privacy.
- A nonce public key for each output is shared with the output node to enable ownership identification.
Potential Applications: - Secure and private payment transactions - Cryptocurrency transfers - Data record transfers in various industries
Problems Solved: - Ensuring privacy and security in data transfers - Simplifying the process of transferring total data records - Enabling secure ownership identification for outputs
Benefits: - Enhanced privacy and security in transactions - Efficient and reliable data transfer process - Simplified ownership identification for outputs
Commercial Applications: Title: Secure Blockchain-Based Data Transfer System This technology can be applied in financial institutions, healthcare organizations, and any industry requiring secure and private data transfers. It can revolutionize the way transactions are conducted and data is transferred securely.
Questions about Blockchain-Based Data Transfer System: 1. How does this technology ensure privacy in data transfers? 2. What are the potential risks associated with using blockchain for data transfer?
Original Abstract Submitted
a computer-implemented method for transferring a total data record from an input node to an output node using a blockchain. the total data record may be a total payment, wherein an output node shares public key material and the input node selects unspent transaction outputs to use in paying the total value, and determines a plurality of outputs payable to the output node in fixed denominations. the input node generates an output address for each output using the public key material and a respective random number, and mixes the inputs and outputs in coin mixing transactions. a nonce public key for each output, generated based on random number, is shared with the output node either separately or through the blockchain, and the output node can derive the corresponding private key for each output address, enabling it to search for and identify the outputs to claim ownership.
