NChain Licensing AG (20240235813). BLOCKCHAIN-IMPLEMENTED METHOD AND SYSTEM simplified abstract
Contents
BLOCKCHAIN-IMPLEMENTED METHOD AND SYSTEM
Organization Name
Inventor(s)
Stephane Vincent of Luxembourg (LU)
Craig Steven Wright of London (GB)
BLOCKCHAIN-IMPLEMENTED METHOD AND SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240235813 titled 'BLOCKCHAIN-IMPLEMENTED METHOD AND SYSTEM
The abstract describes a blockchain-implemented method and system for controlling access to a parking space. The method involves generating a blockchain transaction indicating a condition for use of the parking space, requiring multiple signatures for completion. A subset of signatures is provided to partially complete the transaction, with the remaining signatures added upon satisfaction of the condition.
- Blockchain-implemented method for controlling access to a parking space
- Multi-signature script required for completion of blockchain transaction
- Partial completion of transaction with first subset of signatures
- Full completion of transaction upon satisfaction of condition
- Efficient and secure way to manage access to parking spaces
Potential Applications: - Parking management systems - Smart city infrastructure - Access control for private parking spaces
Problems Solved: - Ensuring secure and controlled access to parking spaces - Preventing unauthorized use of parking facilities
Benefits: - Enhanced security for parking spaces - Efficient management of parking access - Transparent and tamper-proof transaction records
Commercial Applications: Title: Blockchain-Based Parking Space Access Control System This technology can be utilized by parking management companies, smart city developers, and private property owners to streamline access control processes and enhance security for parking facilities. The market implications include improved efficiency, reduced operational costs, and increased customer satisfaction.
Questions about Blockchain-Implemented Parking Space Access Control System: 1. How does the multi-signature script enhance security in controlling access to parking spaces? The multi-signature script requires multiple signatures for completion of the blockchain transaction, ensuring that access to the parking space is only granted when all necessary approvals are obtained.
2. What are the potential challenges in implementing this blockchain-based parking space access control system? Implementing this system may require integration with existing infrastructure, ensuring compatibility with different access control systems, and educating users on the new process.
Original Abstract Submitted
techniques are presented for a blockchain-implemented method and system of controlling use of or access to a parking space. the method comprises generating a blockchain transaction indicative of a condition on use of, or access to, the parking space, the blockchain transaction comprising a multi-signature script requiring a plurality of signatures for completion of the blockchain transaction; providing a first subset of the plurality of signatures to the blockchain transaction to generate a partially signed signature script to partially complete the blockchain transaction; and responsive to the condition on use of or access to the parking space being satisfied, providing a second subset of the plurality of signatures to the blockchain transaction to fully complete the blockchain transaction.
