NChain Licensing AG (20240235848). MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME simplified abstract
Contents
MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME
Organization Name
Inventor(s)
Alexandru Paunoiu of London (GB)
Craig Steven Wright of London (GB)
MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240235848 titled 'MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME
The abstract describes a method of generating a blockchain transaction where each second party is associated with a public key and an index. The method involves creating a transaction with a locking script containing multiple sub-scripts, each linked to a specific index and containing the expected hash value of the associated public key. The locking script requires an unlocking script with a target index, public key, and signature to execute the sub-script linked to the target index. Each sub-script generates a hash of the target public key and verifies it against the expected hash value in the script, along with validating the target signature for the target public key.
- The method involves generating a blockchain transaction with a locking script containing multiple sub-scripts linked to specific indices and public keys.
- Each sub-script includes the expected hash value of the associated public key and verifies it against the generated hash of the target public key.
- The unlocking script must contain the target index, public key, and signature to execute the sub-script linked to the target index.
- This method ensures the security and authenticity of blockchain transactions by validating the public keys and signatures involved.
Potential Applications: - Secure and verifiable blockchain transactions - Cryptocurrency transactions - Digital asset transfers
Problems Solved: - Ensures the authenticity of public keys and signatures in blockchain transactions - Enhances security in digital asset transfers
Benefits: - Increased security in blockchain transactions - Verifiable and authentic digital asset transfers - Protection against fraudulent activities
Commercial Applications: Title: Secure Blockchain Transaction Verification Technology This technology can be utilized in financial institutions, cryptocurrency exchanges, and digital asset platforms to ensure secure and authentic transactions, thereby building trust among users and enhancing the overall security of the blockchain ecosystem.
Prior Art: Readers can explore prior research on blockchain transaction verification methods, cryptographic protocols, and digital signature algorithms to gain a deeper understanding of the evolution of secure transaction technologies in the blockchain space.
Frequently Updated Research: Stay updated on the latest advancements in blockchain security protocols, cryptographic algorithms, and digital signature technologies to enhance the security and efficiency of blockchain transactions.
Questions about Blockchain Transaction Verification Technology: 1. How does this method enhance the security of blockchain transactions? 2. What are the potential applications of this technology in the financial sector?
Original Abstract Submitted
a method of generating a blockchain transaction, wherein each second party is associated with a public key, each public key is associated with a index, and wherein the method comprises: generating a first transaction comprising a locking script comprising a plurality of sub-scripts, each sub-script being associated with a respective index and comprising a expected hash value of the public key associated with the index associated with that sub-script, and wherein the locking script is configured to require a first unlocking script to comprise a target index, a target public key, and a target signature, and execute the sub-script associated with the target index, wherein each sub-script is configured to generate a hash of the target public key and require the generated hash value to match the respective expected hash value included in that sub-script, and verify that the target signature is a valid signature for the target public key.
