NChain Licensing AG (20240265392). CONCURRENT STATE MACHINE PROCESSING USING A BLOCKCHAIN simplified abstract
Contents
- 1 CONCURRENT STATE MACHINE PROCESSING USING A BLOCKCHAIN
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 CONCURRENT STATE MACHINE PROCESSING USING A BLOCKCHAIN - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Prior Art
- 1.11 Frequently Updated Research
- 1.12 Questions about Blockchain State Machines
- 1.13 Original Abstract Submitted
CONCURRENT STATE MACHINE PROCESSING USING A BLOCKCHAIN
Organization Name
Inventor(s)
CONCURRENT STATE MACHINE PROCESSING USING A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265392 titled 'CONCURRENT STATE MACHINE PROCESSING USING A BLOCKCHAIN
Simplified Explanation
Trustless deterministic state machines can be implemented using a blockchain infrastructure, allowing state machines to run concurrently over multiple blockchain transactions. Transactions can be conducted on a Bitcoin blockchain ledger, with specific constraints in place to ensure security and validity.
- State machines can run concurrently over multiple blockchain transactions.
- Transactions are conducted on a Bitcoin blockchain ledger.
- Specific constraints ensure the security and validity of transactions.
Key Features and Innovation
- Implementation of trustless deterministic state machines using blockchain infrastructure.
- Ability for state machines to run concurrently over multiple blockchain transactions.
- Utilization of specific constraints to ensure security and validity of transactions on a Bitcoin blockchain ledger.
Potential Applications
This technology can be applied in various industries such as finance, supply chain management, and healthcare for secure and efficient transaction processing.
Problems Solved
- Ensures trustless and deterministic state machine implementation.
- Enables concurrent operation of state machines over multiple blockchain transactions.
- Enhances security and validity of transactions on a blockchain ledger.
Benefits
- Improved security and trust in transaction processing.
- Increased efficiency in state machine operation.
- Enhanced transparency and accountability in blockchain transactions.
Commercial Applications
Blockchain-based trustless deterministic state machines can revolutionize industries such as finance, supply chain management, and healthcare by providing secure and efficient transaction processing solutions.
Prior Art
Readers can explore prior research on blockchain technology, state machines, and transaction processing to understand the evolution of this innovative approach.
Frequently Updated Research
Stay updated on the latest advancements in blockchain technology, state machine implementation, and transaction processing to leverage the full potential of this innovative solution.
Questions about Blockchain State Machines
How do blockchain state machines enhance transaction security?
Blockchain state machines utilize specific constraints to ensure the security and validity of transactions, enhancing trust and transparency in the process.
What are the potential applications of trustless deterministic state machines in different industries?
Trustless deterministic state machines can be applied in finance, supply chain management, healthcare, and other sectors for secure and efficient transaction processing.
Original Abstract Submitted
trustless deterministic state machines can be implemented using a blockchain infrastructure and state machines can run concurrently over more than one blockchain transaction. the transactions can be done in a bitcoin blockchain ledger. an unlocking transaction constraint that constrains an unlocking transaction to include a transaction input that references a previous transaction output is determined. a redeemable transaction is created to include a transaction output that includes an amount and a transaction locking script that includes the unlocking transaction constraint, with unlocking the amount being contingent upon execution of at least one unlocking script of the unlocking transaction satisfying the unlocking transaction constraint. the redeemable transaction is caused to be validated at a node of a blockchain network.
