Stripe Inc. (20240273524). BLOCKCHAIN-BASED SUBSCRIPTION MODEL simplified abstract
Contents
BLOCKCHAIN-BASED SUBSCRIPTION MODEL
Organization Name
Inventor(s)
Sen Forest Fang of South San Francisco CA (US)
Brendan Ryan of South San Francisco CA (US)
BLOCKCHAIN-BASED SUBSCRIPTION MODEL - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240273524 titled 'BLOCKCHAIN-BASED SUBSCRIPTION MODEL
Simplified Explanation: The patent application describes systems and methods for managing subscriptions using electronic transaction protocols in a blockchain-based system. It involves monitoring transaction protocols, detecting interactions, identifying subscription parameters, and creating or modifying subscriptions based on user inputs.
- Monitors electronic transaction protocols on a blockchain
- Detects interactions with user interface elements
- Identifies subscription parameters like time period and payment interval
- Causes service providers to create or modify subscriptions based on parameters
Key Features and Innovation: - Utilizes blockchain technology for subscription management - Allows for decentralized wallet interactions - Enables customization of subscription parameters - Automates subscription creation and modification processes
Potential Applications: - Subscription services in various industries - Financial services for recurring payments - Membership management for organizations - Software licensing and updates
Problems Solved: - Streamlines subscription management processes - Enhances security and transparency in transactions - Facilitates user control over subscription details - Reduces manual intervention in subscription handling
Benefits: - Improved efficiency in subscription management - Enhanced user experience with customizable options - Increased security and trust in transactions - Cost-effective and automated subscription processes
Commercial Applications: Title: Blockchain-Based Subscription Management System This technology can be applied in industries such as: - E-commerce platforms - Streaming services - Software as a Service (SaaS) providers - Subscription box services
Prior Art: Further research can be conducted in the field of blockchain-based subscription management systems to explore existing technologies and innovations in this area.
Frequently Updated Research: Stay updated on the latest developments in blockchain technology, electronic transaction protocols, and subscription management systems to enhance understanding and implementation of this innovation.
Questions about Blockchain-Based Subscription Management System: 1. How does this technology improve user control over subscription details? 2. What are the potential security implications of utilizing blockchain for subscription management?
Original Abstract Submitted
disclosed herein are systems and methods for generating and managing subscription using electronic transaction protocols in a blockchain-based system. in an embodiment, a system monitors one or more electronic transaction protocols deployed on a blockchain; detects an interaction by a decentralized wallet with a user interface element corresponding to a first electronic transaction protocol of the one or more electronic transaction protocols deployed on the blockchain; identifies one or more parameters of the subscription based on one or more inputs provided via the decentralized wallet, wherein the one or more parameters includes a time period of the subscription and a payment interval; and causes a first service provider to create or modify the subscription associated with a user of the decentralized wallet, wherein the causing further includes creating or modifying the subscription based on the one or more parameters.
