PAYPAL, INC. (20240257108). RESOURCE-BASED DISTRIBUTED PUBLIC LEDGER SYSTEM simplified abstract
Contents
RESOURCE-BASED DISTRIBUTED PUBLIC LEDGER SYSTEM
Organization Name
Inventor(s)
Pankaj Sarin of Elkhorn NE (US)
RESOURCE-BASED DISTRIBUTED PUBLIC LEDGER SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257108 titled 'RESOURCE-BASED DISTRIBUTED PUBLIC LEDGER SYSTEM
The abstract describes systems and methods for providing a resource-based distributed public crypto currency blockchain. The system provider devices receive information about a crypto currency transaction and use resource information from computing devices to select a subset for processing the transaction. The selected computing devices then process the transaction and add it to the primary distributed public crypto currency blockchain.
- System provider devices receive information about a crypto currency transaction.
- Resource information from computing devices is used to select a subset for processing the transaction.
- Selected computing devices process the transaction and add it to the primary distributed public crypto currency blockchain.
Potential Applications: - Secure and efficient crypto currency transactions - Decentralized blockchain technology for various industries
Problems Solved: - Ensuring secure and reliable crypto currency transactions - Efficient processing of transactions on a distributed blockchain network
Benefits: - Increased security and transparency in crypto currency transactions - Scalability and decentralization of blockchain technology
Commercial Applications: Title: "Decentralized Crypto Currency Transaction Processing System" This technology can be used in financial institutions, e-commerce platforms, and any industry requiring secure and efficient transaction processing.
Prior Art: Research existing blockchain technologies and distributed systems for similar approaches to resource-based transaction processing.
Frequently Updated Research: Stay informed on advancements in blockchain technology, distributed systems, and crypto currency regulations.
Questions about Resource-Based Distributed Public Crypto Currency Blockchain: 1. How does resource-based selection of computing devices improve transaction processing efficiency? 2. What are the potential challenges of implementing a resource-based distributed public crypto currency blockchain system?
Original Abstract Submitted
systems and methods for providing a resource-based distributed public crypto currency blockchain include system provider device(s) that receive first crypto currency transaction information for a first crypto currency transaction that is configured to provide for the transfer of a crypto currency to a payee via a primary distributed public crypto currency blockchain maintained by computing devices. the system provider device(s) identify resource information provided by each computing device and use the resource information to select a subset of the computing devices for processing the first crypto currency transaction. the system provider device(s) then broadcast, via the network to each computing device, the first crypto currency transaction information for the first crypto currency transaction in order to cause a first computing device to process the first crypto currency transaction as part of a first block that is added to the primary distributed public crypto currency blockchain.
