NChain Licensing AG (20240211933). COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR DETERMINING THE STATE OF A MACHINE EXECUTABLE CONTRACT IMPLEMENTED USING A BLOCKCHAIN simplified abstract
COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR DETERMINING THE STATE OF A MACHINE EXECUTABLE CONTRACT IMPLEMENTED USING A BLOCKCHAIN
Organization Name
Inventor(s)
Pedro Jimenez-delgado of London (GB)
Craig Steven Wright of London (GB)
COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR DETERMINING THE STATE OF A MACHINE EXECUTABLE CONTRACT IMPLEMENTED USING A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240211933 titled 'COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR DETERMINING THE STATE OF A MACHINE EXECUTABLE CONTRACT IMPLEMENTED USING A BLOCKCHAIN
The patent application details computer-implemented systems and methods for establishing information on states of a machine-executable contract on a blockchain, specifically in the context of unspent transaction outputs (UTXOs) and deterministic finite automaton (DFA) implementations of contracts.
- Utilizes agent public keys with metadata associated with codes or tags to determine states within contracts.
- Agents provide public keys into a multi-signature redeem script to generate a locking script with designated scriptpubkey values.
- Scriptpubkey values are used to construct an external database for mapping keys from the scriptpubkey values.
- The database is searched to determine if the information of interest is present in UTXOs, providing a definitive state match.
Potential Applications: - Secure and efficient management of contract states on a blockchain. - Enhanced transparency and traceability in contract execution. - Streamlining of contract verification processes.
Problems Solved: - Ensures accurate and verifiable representation of contract states. - Facilitates quick and reliable access to relevant contract information. - Enhances security and integrity of contract data on the blockchain.
Benefits: - Improved contract management and monitoring. - Enhanced trust and transparency in contract execution. - Streamlined verification processes for contract states.
Commercial Applications: Title: Blockchain Contract State Management Solutions Description: This technology can be applied in industries such as finance, supply chain management, and legal sectors for secure and efficient contract management on the blockchain, leading to increased trust and transparency in business transactions.
Questions about Blockchain Contract State Management Solutions: 1. How does this technology improve the security of contract execution on the blockchain? 2. What are the potential implications of using agent public keys with metadata in contract state determination?
Original Abstract Submitted
computer-implemented systems and methods are detailed for establishing information on states of a machine-executable contract on a blockchain, for instance in the context of unspent transaction outputs (utxos) and the determination of states within deterministic finite automaton (dfa) implementations of contracts. the states are determined using agent public keys, each public key having metadata for information of interest associated with codes or tags. each of the agents provides a respective public key into a multi-signature redeem script that generates a locking script, with a hash to which a scriptpubkey is designated. scriptpubkey values of each script may be used to provide keys for use in constructing an external database and mapping the keys from the scriptpubkey values. upon searching the blockchain, the database is used to determine if the information of interest is present in utxos. a match from the search indicates, in a definitive manner, the state.
