THE VANGUARD GROUP, INC. (20240296446). DEVICE, METHOD, AND COMPUTER READABLE MEDIUM FOR LARGE SCALE ELECTRONIC PROCESSING simplified abstract
Contents
DEVICE, METHOD, AND COMPUTER READABLE MEDIUM FOR LARGE SCALE ELECTRONIC PROCESSING
Organization Name
Inventor(s)
Warren Pennington of New Castle DE (US)
John Evans of Downingtown PA (US)
DEVICE, METHOD, AND COMPUTER READABLE MEDIUM FOR LARGE SCALE ELECTRONIC PROCESSING - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240296446 titled 'DEVICE, METHOD, AND COMPUTER READABLE MEDIUM FOR LARGE SCALE ELECTRONIC PROCESSING
The abstract describes a system, method, and computer-readable storage medium that adds transaction blocks to a blockchain network, including creating block headers, updating transaction data, and valuing and transmitting items tied to the transaction data.
- Receiving electronic transaction data and generating transaction blocks
- Broadcasting consensus request messages for block generation
- Creating block headers with hash pointers to previous blocks
- Comparing and performing actions based on the transaction data
- Valuing and transmitting items tied to the transaction data
- Establishing transmission links with external entities
- Determining values of items and moving them based on thresholds
Potential Applications: - Financial transactions - Supply chain management - Digital asset management
Problems Solved: - Ensuring secure and transparent transactions - Facilitating efficient data management - Enabling automated valuation and transmission processes
Benefits: - Increased security and trust in transactions - Improved data integrity and accuracy - Streamlined valuation and transmission of items
Commercial Applications: Title: Blockchain Transaction Block Management System Description: This technology can be used in financial institutions, logistics companies, and digital asset platforms to enhance transaction security, data management, and automated processes.
Prior Art: Readers can explore prior research on blockchain technology, transaction management systems, and valuation algorithms to understand the background of this innovation.
Frequently Updated Research: Stay updated on advancements in blockchain technology, consensus algorithms, and data valuation methods to enhance the efficiency and effectiveness of this system.
Questions about Blockchain Transaction Block Management System: 1. How does this technology improve transaction security and transparency? 2. What are the potential challenges in implementing this system in different industries?
Original Abstract Submitted
a system, method and computer-readable storage medium that add at least one transaction block to a chained sequence of one or more blocks, including receiving a request message having data of an electronic transaction, broadcasting, to nodes in a blockchain network, a consensus request message for generating at least one transaction block including creating a block header that contains a hash pointer to a previous block, and concurrently with updating transaction block data, comparing and performing an action based on the comparing, performing periodic valuation and transmission of an item having a value that is tied to the transaction data, including establishing transmission links with the external entities, determining a value of the item, and establishing movement of the item between the external entities based on the determined value of the item and predetermined thresholds.
