NChain Licensing AG (20240281806). MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME simplified abstract

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MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME

Organization Name

nChain Licensing AG

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 20240281806 titled 'MULTI-PARTY BLOCKCHAIN ADDRESS SCHEME

The abstract describes a method of generating a blockchain transaction using shared hash values and public keys.

  • The transaction includes a locking script with a first shared hash value generated from a hash function applied to a second shared hash value.
  • The second shared hash value is generated by applying the hash function to a combination of the respective public keys.
  • The locking script requires an unlocking script with a target public key, target signature, and an intermediate hash value generated from all but one of the public keys.
  • The unlocking script applies the hash function to the target public key to generate a target hash value, combines it with the intermediate hash value to generate a target second shared hash value, and verifies the match with the first shared hash value.

Potential Applications: - Secure and efficient blockchain transactions - Cryptocurrency transactions - Smart contracts

Problems Solved: - Ensures secure and verifiable transactions - Enhances privacy and confidentiality in blockchain transactions

Benefits: - Improved security and trust in blockchain transactions - Streamlined transaction process - Enhanced privacy protection for users

Commercial Applications: Title: "Enhanced Blockchain Transaction Security Protocol" This technology can be utilized in financial institutions, cryptocurrency exchanges, and any platform that requires secure and efficient blockchain transactions. It can also be integrated into smart contract platforms to enhance security and privacy.

Questions about the technology: 1. How does this method improve the security of blockchain transactions? 2. What are the potential drawbacks of using shared hash values in blockchain transactions?


Original Abstract Submitted

a method of generating a blockchain transaction comprising: generating a transaction comprising a locking script comprising a first shared hash value (hv) generated by applying a hash function (hf) to a second shared hv, wherein the second shared hv is generated by applying a hf to a combination of the respective public keys, and wherein the locking script is configured to require an unlocking script to comprise a target public key, a target signature, and an intermediate hv generated based on all but one of the respective public keys, apply the hf to the target public key to generate a target hv, combine the target hv and the intermediate hv to generate a target second shared hv, apply the hf to the target second shared hv to generate a target first shared hv, an verify that the target first hv matches the first shared hv, and verify the target signature.

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