R3 Ltd. (20240265356). PROTOCOL FLOW FOR NOTARIZING A TRANSACTION simplified abstract
Contents
PROTOCOL FLOW FOR NOTARIZING A TRANSACTION
Organization Name
Inventor(s)
Michael Christopher Hearn of Zurich (CH)
Qurratul Ain Shams Asari of London (GB)
PROTOCOL FLOW FOR NOTARIZING A TRANSACTION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265356 titled 'PROTOCOL FLOW FOR NOTARIZING A TRANSACTION
The abstract describes a method and system for supporting a decentralized distributed ledger without using a blockchain. The system allows parties to record transactions, propose, accept, and notarize them without the need for a blockchain ledger.
- Protocol flows control the performance of transactions by parties involved.
- Transactions can be developed for different types of transactions.
- Notaries can notarize transactions, which are then stored without a blockchain ledger.
- The system avoids the computational and storage resources needed for redundant verification on blockchain nodes.
Potential Applications: - Financial transactions - Supply chain management - Voting systems - Legal contracts
Problems Solved: - Expensive computational and storage resources - Redundant verification processes - Blockchain limitations
Benefits: - Cost-effective transaction recording - Efficient notarization process - Enhanced security and privacy
Commercial Applications: Decentralized financial systems, secure supply chain management, efficient legal contract management
Questions about the technology: 1. How does this system ensure the security of transactions without a blockchain ledger? 2. What are the potential drawbacks of using a decentralized distributed ledger system compared to a traditional blockchain ledger?
Frequently Updated Research: Stay updated on advancements in decentralized ledger technology and its applications in various industries.
Original Abstract Submitted
a method and system are provided to support a decentralized distributed ledger in which transactions are recorded by parties to the transactions without the use of a blockchain. a distributed ledger system provides a protocol framework that supports the development of protocol flows. a protocol flow is computer code that controls the performance of a transaction by the party or parties to the transaction. protocol flows can be developed for different types of transactions. the distributed ledger system allows transactions to be proposed, accepted, and notarized by a notary and stored without the use of a blockchain ledger. the distributed ledger system can avoid the expense of the computational and storage resources needed to redundantly verify a transaction and store evidence on the many nodes of a blockchain distributed ledger.
