NChain Licensing AG (20240214179). BLOCKCHAIN-IMPLEMENTED HASH FUNCTION simplified abstract

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BLOCKCHAIN-IMPLEMENTED HASH FUNCTION

Organization Name

nChain Licensing AG

Inventor(s)

Craig Steven Wright of London (GB)

Wei Zhang of London (GB)

Alec Burns of London (GB)

BLOCKCHAIN-IMPLEMENTED HASH FUNCTION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240214179 titled 'BLOCKCHAIN-IMPLEMENTED HASH FUNCTION

The abstract describes a computer-implemented method of implementing a hash function using blockchain transactions. The method involves generating a blockchain transaction and submitting it to nodes of a blockchain network. The transaction includes scripts that, when executed with another transaction containing a target data item, generate a hash result of the target data.

  • The method involves implementing a hash function using blockchain transactions.
  • It includes generating a blockchain transaction with specific scripts.
  • The transaction is submitted to nodes of a blockchain network.
  • The scripts, when executed with another transaction, generate a hash result of the target data item.
  • This innovation combines blockchain technology with hash functions to securely process data.

Potential Applications:

  • Secure data hashing in blockchain networks.
  • Cryptocurrency transactions.
  • Data verification and authentication.

Problems Solved:

  • Ensuring data integrity in blockchain transactions.
  • Enhancing security in data processing.
  • Facilitating secure communication and transactions.

Benefits:

  • Improved data security.
  • Enhanced trust in blockchain transactions.
  • Efficient data verification processes.

Commercial Applications:

  • Secure data storage solutions for businesses.
  • Cryptocurrency exchanges and transactions.
  • Data authentication services for financial institutions.

Questions about the technology: 1. How does this method enhance the security of blockchain transactions? 2. What are the potential implications of combining hash functions with blockchain technology?


Original Abstract Submitted

a computer-implemented method of implementing a hash function (hf) using blockchain transactions, wherein the method is performed by a first party and comprises: generating a first blockchain transaction; and submitting the first blockchain transaction to one or more nodes of a blockchain transaction, wherein the first blockchain transaction comprises a locking script configured to, when executed together with an unlocking script of a second blockchain transaction comprising a target data item, generate a hash result of the target data item.

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