NChain Licensing AG (20240380621). BLOCKCHAIN BASED TRANSACTION PROTOCOL simplified abstract
Contents
BLOCKCHAIN BASED TRANSACTION PROTOCOL
Organization Name
Inventor(s)
Andrew James Mee of London (GB)
BLOCKCHAIN BASED TRANSACTION PROTOCOL - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240380621 titled 'BLOCKCHAIN BASED TRANSACTION PROTOCOL
The present disclosure introduces methods, devices, and systems for facilitating transactions between customers and merchants. The method involves secure communication channels, invoice transactions, blockchain validation, and notifications.
- Receiving customer information from a customer device
- Establishing a secure communication channel between the customer and the merchant
- Generating a partial invoice transaction based on the customer information
- Sending the partial invoice transaction to the customer device
- Receiving and validating the completed transaction authorized at the customer device
- Broadcasting the validated transaction to a blockchain node
- Receiving notifications that the transaction has been validated and included on the blockchain
Potential Applications: - Secure and efficient transaction processing - Enhanced customer experience - Streamlined payment procedures
Problems Solved: - Ensuring secure transactions - Simplifying payment processes - Providing transparency in transactions
Benefits: - Increased security - Improved efficiency - Enhanced trust between customers and merchants
Commercial Applications: Title: Secure Transaction Processing System This technology can be utilized in various industries such as e-commerce, retail, and financial services to streamline payment processes and enhance security in transactions.
Questions about Secure Transaction Processing System: 1. How does the system ensure the security of transactions? The system establishes secure communication channels and utilizes blockchain technology for validation, ensuring the integrity of transactions. 2. What are the potential benefits for merchants using this system? Merchants can benefit from increased efficiency, enhanced customer trust, and streamlined payment procedures.
Original Abstract Submitted
the present disclosure proposes methods, devices and systems for processing a transaction between a customer and a merchant. the method may be performed at a merchant device. the method may comprise receiving customer information from a customer device associated with the customer; establishing a secure communication channel between the customer and the merchant based on the customer information; generating a partial invoice transaction based on the customer information; sending the partial invoice transaction to the customer device via the secure communication channel; receiving via the secure communication channel, a transaction which is a completed version of the partial invoice transaction and which has been authorised at the customer device; validating the transaction; broadcasting the validated transaction to a blockchain node to be submitted to a blockchain; receiving at least one notification that the transaction has been validated by the blockchain node and included on the blockchain.
