PayPal, Inc. (20240320664). VALIDATION AND STORAGE OF TRANSACTION DATA FOR A BLOCKCHAIN simplified abstract
Contents
VALIDATION AND STORAGE OF TRANSACTION DATA FOR A BLOCKCHAIN
Organization Name
Inventor(s)
Suryatej Gundavelli of San Jose CA (US)
VALIDATION AND STORAGE OF TRANSACTION DATA FOR A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320664 titled 'VALIDATION AND STORAGE OF TRANSACTION DATA FOR A BLOCKCHAIN
The abstract of the patent application describes a system that incorporates transaction data into a security process associated with challenge-response authentication for a data block in a blockchain.
- The system includes a memory and a processor for executing computer instructions.
- Operations involve receiving transaction data via a transaction component.
- The transaction data is incorporated into a security process for challenge-response authentication.
- The data block contains cryptographic hash data for another data block in a blockchain.
- The system validates the data block associated with the blockchain based on the security process.
Potential Applications: - Secure authentication processes for transactions - Enhancing the security of blockchain technology
Problems Solved: - Ensuring the integrity and authenticity of transaction data - Preventing unauthorized access to blockchain data
Benefits: - Improved security for transactions - Enhanced trust in blockchain technology
Commercial Applications: Title: Enhanced Transaction Security System This technology can be applied in financial institutions, e-commerce platforms, and any industry that requires secure transaction processing. It can also be utilized in blockchain-based applications to enhance data security and integrity.
Questions about the technology: 1. How does the system ensure the authenticity of transaction data in the blockchain? 2. What are the potential implications of incorporating challenge-response authentication into blockchain technology?
Original Abstract Submitted
a system includes a memory and a processor configured to execute computer instructions stored in the memory that when executed cause the system to perform operations. the operations include receiving transaction data associated with a transaction via a transaction component. the operations include incorporating at least a portion of the transaction data into a security process associated with challenge-response authentication of a data block for the transaction data. the data block includes cryptographic hash data for another data block in a blockchain associated with the data block. the operations include validating the data block associated with the blockchain based on the security process.
