NChain Licensing AG (20240291856). SECURE BLOCKCHAIN-BASED CONSENSUS simplified abstract
Contents
SECURE BLOCKCHAIN-BASED CONSENSUS
Organization Name
Inventor(s)
Pedro Jimenez-delgado of London (GB)
SECURE BLOCKCHAIN-BASED CONSENSUS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240291856 titled 'SECURE BLOCKCHAIN-BASED CONSENSUS
The abstract of the patent application describes techniques related to activating a script after a congress pool has accepted a request from a requester.
- Preparing a blockchain transaction locked with a public key associated with the congress pool.
- Allowing multiple information providing systems to add inputs to the blockchain transaction.
- Determining a center point for data received from the information providing systems.
- Activating the script based on the center point in cooperation with other nodes of the congress pool.
Potential Applications: - Secure data activation processes in decentralized systems. - Enhancing transparency and accountability in blockchain transactions.
Problems Solved: - Ensuring secure activation of scripts in congress pools. - Facilitating collaboration among multiple nodes in a decentralized network.
Benefits: - Improved security and trust in blockchain transactions. - Efficient and reliable activation of scripts in decentralized systems.
Commercial Applications: Title: "Enhancing Blockchain Security in Decentralized Systems" This technology can be utilized in industries such as finance, healthcare, and supply chain management to ensure secure and transparent data activation processes.
Questions about the technology: 1. How does this technology improve the security of blockchain transactions? 2. What are the advantages of allowing multiple information providing systems to add inputs to the blockchain transaction?
Original Abstract Submitted
techniques are presented relating to steps after a congress pool has accepted a request from a requester to activate a script. the steps include preparing, by a node, a blockchain transaction cryptographically locked with a public key associated with the congress pool, the blockchain transaction configured to permit a plurality of information providing systems to add inputs to the blockchain transaction; determining a centre point for data received from the plurality of information providing systems; and activating, by the node in cooperation with other nodes of the congress pool, the script based on the centre point.
