NChain Licensing AG (20240231777). METHOD FOR CONTROLLING THE FLOW EXECUTION OF A GENERATED SCRIPT OF A BLOCKCHAIN TRANSACTION simplified abstract
Contents
METHOD FOR CONTROLLING THE FLOW EXECUTION OF A GENERATED SCRIPT OF A BLOCKCHAIN TRANSACTION
Organization Name
Inventor(s)
Craig Steven Wright of London (GB)
Stephane Savanah of London (GB)
METHOD FOR CONTROLLING THE FLOW EXECUTION OF A GENERATED SCRIPT OF A BLOCKCHAIN TRANSACTION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240231777 titled 'METHOD FOR CONTROLLING THE FLOW EXECUTION OF A GENERATED SCRIPT OF A BLOCKCHAIN TRANSACTION
The abstract describes a method and system for controlling the flow execution of a generated script transaction according to a blockchain protocol.
- Using a software resource to determine how logic is controlled and stored as code
- Generating an input by a computing resource based on computation
- Retrieving the stored code and inserting it into a transaction script based on the input
- Allowing for the generation of a more complex blockchain script
- Controlling the execution of the script on the blockchain
- Controlling the unlocking of the transaction output
Potential Applications: - Enhancing security and efficiency in blockchain transactions - Facilitating the development of more sophisticated smart contracts - Enabling greater control over the execution of transactions on the blockchain
Problems Solved: - Ensuring secure and efficient execution of blockchain transactions - Allowing for more complex and customizable blockchain scripts - Providing control over the output unlocking process
Benefits: - Improved security and efficiency in blockchain transactions - Enhanced customization and control over transaction scripts - Facilitation of more advanced blockchain applications
Commercial Applications: Title: "Enhanced Blockchain Transaction Control System" This technology could be utilized in industries such as finance, supply chain management, and healthcare to streamline transactions, enhance security, and improve overall operational efficiency.
Questions about the technology: 1. How does this technology improve the security of blockchain transactions? - This technology enhances security by allowing for more control over the execution of transaction scripts, ensuring that outputs are unlocked securely. 2. What potential impact could this technology have on the development of smart contracts? - This technology could revolutionize the development of smart contracts by enabling the creation of more complex and customizable scripts, leading to more sophisticated blockchain applications.
Original Abstract Submitted
a method and system for controlling a flow execution of a generated script transaction according to a blockchain protocol are disclosed. the method comprises using a software resource to determine how a logic is to be controlled and stored as a portion of code, generate an input by a computing resource as a result of a computation, retrieve the stored portion of code, and insert, based on the input, the stored portion of code into a transaction script associated with a blockchain transaction such that, upon execution of the transaction script. embodiments allow the generation of a more complex blockchain script, control how the script will execute when implemented on the blockchain, and control how or when an output of the transaction is unlocked.
