Radian Group Inc. (20240320663). Blockchain Secured Transaction Workflows simplified abstract
Contents
Blockchain Secured Transaction Workflows
Organization Name
Inventor(s)
Mark Wai of Newton Square PA (US)
Alissa Ware of Philadelphia PA (US)
Shailesh Lahoti of Pittsburg PA (US)
Carlos Gerardo Hernandez Castrejon of Denver CO (US)
Sridhar Kotari of Toronto (CA)
Blockchain Secured Transaction Workflows - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320663 titled 'Blockchain Secured Transaction Workflows
Simplified Explanation:
The blockchain system described in the patent application secures transaction workflows between two parties by using nodes to verify and store transaction data in blocks.
- The first node associated with the first party receives transaction data and generates a block containing the data and a hash.
- This block is then sent to the second node associated with the second party for verification.
- Once verified, the block is stored in the node data store, allowing for the execution of the transaction.
Key Features and Innovation:
- Use of blockchain technology to secure transaction workflows.
- Nodes verify and store transaction data in blocks.
- Blocks contain transaction data, hashes, and references to prior blocks.
- Enables secure and transparent transactions between parties.
Potential Applications:
- Financial transactions
- Supply chain management
- Legal contracts
- Healthcare records
Problems Solved:
- Lack of transparency in transactions
- Security risks in data transfer
- Trust issues between parties
Benefits:
- Enhanced security
- Transparency in transactions
- Improved trust between parties
- Efficient workflow management
Commercial Applications:
Blockchain System for Securing Transaction Workflows
Prior Art:
Researchers can explore prior patents related to blockchain technology, secure transactions, and data verification methods.
Frequently Updated Research:
Stay informed about the latest advancements in blockchain technology, transaction security, and data verification methods.
Questions about Blockchain System for Securing Transaction Workflows:
1. How does the blockchain system ensure the security of transaction workflows? 2. What are the potential drawbacks of using blockchain technology for transaction verification?
Original Abstract Submitted
a blockchain system secures transaction workflows. the blockchain system includes a first node associated with a first party to a transaction and a second node associated with a second party to the transaction. the first node receives transaction data for the transaction. the first node generates a block for the transaction. the block includes the transaction data, a hash generated using the transaction data, and a hash of a prior block in a node data store of the first node. the first node sends the block to the second node and receives an indication that the second node has verified the block. the first node stores the verified block in the node data store. the first node may enable execution of the transaction after the block has been verified by all nodes involved in the transaction.
