NChain Licensing AG (20240289785). BLOCKCHAIN-BASED METHOD AND SYSTEM FOR SPECIFYING THE RECIPIENT OF AN ELECTRONIC COMMUNICATION simplified abstract

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BLOCKCHAIN-BASED METHOD AND SYSTEM FOR SPECIFYING THE RECIPIENT OF AN ELECTRONIC COMMUNICATION

Organization Name

nChain Licensing AG

Inventor(s)

Gavin Allen of London (GB)

Craig Steven Wright of London (GB)

BLOCKCHAIN-BASED METHOD AND SYSTEM FOR SPECIFYING THE RECIPIENT OF AN ELECTRONIC COMMUNICATION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240289785 titled 'BLOCKCHAIN-BASED METHOD AND SYSTEM FOR SPECIFYING THE RECIPIENT OF AN ELECTRONIC COMMUNICATION

The abstract presents a method and system for controlling blockchain transaction outputs and specifying recipients, as well as generating electronic communications. The unlocking script allows spending outputs from further transactions on the blockchain, which may be associated with tokenized assets. The notification address can be linked to assets or resources on the blockchain, and can serve as a destination for electronic communications.

  • Method and system for controlling blockchain transaction outputs and specifying recipients
  • Unlocking script for spending outputs from further transactions on the blockchain
  • Association of transactions with tokenized assets on the blockchain
  • Notification address linked to assets or resources on the blockchain
  • Use of notification address as a destination for electronic communications
      1. Potential Applications:

- Secure and transparent financial transactions - Asset management and tracking on the blockchain - Secure communication between blockchain users

      1. Problems Solved:

- Ensuring secure and controlled blockchain transactions - Facilitating communication within the blockchain ecosystem - Enhancing asset management and tracking capabilities

      1. Benefits:

- Increased security and transparency in transactions - Improved control over transaction outputs - Enhanced communication within the blockchain network

      1. Commercial Applications:
        1. Title: Blockchain Transaction Control System

This technology can be utilized in financial institutions, supply chain management, and digital asset exchanges to streamline transactions, enhance security, and improve communication within the blockchain network.

      1. Questions about Blockchain Transaction Control System:

1. How does the unlocking script ensure secure spending of transaction outputs? 

  - The unlocking script provides a method to spend outputs from further transactions on the blockchain, ensuring secure and controlled transactions.

2. What are the potential implications of using a notification address for electronic communications on the blockchain? 

  - The notification address can enhance communication and coordination within the blockchain network, improving overall efficiency and transparency.


Original Abstract Submitted

a method and corresponding system is presented for controlling a blockchain transaction output and/or specifying the recipient of the output. it also provides a method of controlling and/or generating an electronic communication. the unlocking script is provided in order to spend an output from a further transaction (tx) on the blockchain. the input of the transaction (tx) and/or the output of the further transaction (tx) may be associated with a tokenised asset represented on, or referenced via, the blockchain. the notification address may be associated with an asset or resource represented on the blockchain, or a controller of an asset or resource represented on the blockchain. the notification address may be a network address, a cryptographic key, a uniform resource locator (uri), email address or any other address or identifier which can be represented in the metadata of a transaction script and used as a destination for an electronic communication.

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