NChain Licensing AG (20240333503). ENFORCING CONDITIONS ON BLOCKCHAIN TRANSACTIONS simplified abstract
Contents
ENFORCING CONDITIONS ON BLOCKCHAIN TRANSACTIONS
Organization Name
Inventor(s)
ENFORCING CONDITIONS ON BLOCKCHAIN TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240333503 titled 'ENFORCING CONDITIONS ON BLOCKCHAIN TRANSACTIONS
The abstract describes a computer-implemented method for enforcing conditions on a second blockchain transaction using a first blockchain transaction. One of the conditions is that when the unlocking script of the second transaction is executed alongside the locking script of the first transaction, a representation of the second transaction is output to memory. The representation is based on fields of the second transaction and an output of the first transaction.
- The method involves generating the first transaction with a locking script containing a message sub-script, a signature sub-script, a public key, and a verification sub-script.
Key Features and Innovation:
- Enforcing conditions on a second blockchain transaction using a first blockchain transaction.
- Outputting a representation of the second transaction to memory based on specific conditions being met.
- Utilizing locking and unlocking scripts to ensure the execution of required actions.
Potential Applications:
- Secure and verifiable transactions on blockchain networks.
- Smart contracts with complex conditions and triggers.
- Enhanced security and transparency in financial transactions.
Problems Solved:
- Ensuring specific conditions are met before executing a blockchain transaction.
- Providing a method for enforcing rules and requirements within blockchain transactions.
- Enhancing the security and reliability of blockchain-based systems.
Benefits:
- Increased trust and transparency in blockchain transactions.
- Improved compliance with predefined conditions and rules.
- Enhanced security against unauthorized or fraudulent transactions.
Commercial Applications:
- Financial institutions for secure and transparent transactions.
- Supply chain management for tracking and verifying product movements.
- Legal industry for smart contracts and automated agreement enforcement.
Prior Art: Prior art related to this technology may include research on blockchain transaction verification methods, smart contract execution, and secure data storage on blockchain networks.
Frequently Updated Research: Research on blockchain security protocols, smart contract automation, and decentralized applications may be relevant to this technology.
Questions about blockchain transaction enforcement: 1. How does this method enhance the security of blockchain transactions? This method enhances security by ensuring specific conditions are met before executing transactions, reducing the risk of unauthorized or fraudulent activities.
2. What are the potential implications of this technology for industries beyond finance? This technology can be applied to various industries such as supply chain management, legal services, and healthcare for secure and transparent transaction processes.
Original Abstract Submitted
a computer-implemented method of enforcing conditions on a second blockchain transaction using a first blockchain transaction, wherein a first one of the conditions is that, when a first unlocking script of the second transaction is executed alongside a first locking script of the first transaction, a representation of the second transaction is output to memory, wherein the representation is based on a plurality of fields of the second transaction and a first output of the first transaction, and wherein the method comprises: generating the first transaction, wherein the first transaction comprises a first output, wherein the first output comprises the first locking script, and wherein the first locking script comprises: a message sub-script; a signature sub-script; a public key corresponding to a private key; and a verification sub-script.
