Telefónica Innovacion Digital S.L. (20240289769). METHOD AND A SYSTEM FOR PERFORMING TRANSACTIONS ON BLOCKCHAIN SERVICES simplified abstract

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METHOD AND A SYSTEM FOR PERFORMING TRANSACTIONS ON BLOCKCHAIN SERVICES

Organization Name

Telefónica Innovacion Digital S.L.

Inventor(s)

Yaiza Rubio Vinuela of Madrid (ES)

Javier Martinez Alvarez of Madrid (ES)

METHOD AND A SYSTEM FOR PERFORMING TRANSACTIONS ON BLOCKCHAIN SERVICES - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240289769 titled 'METHOD AND A SYSTEM FOR PERFORMING TRANSACTIONS ON BLOCKCHAIN SERVICES

The abstract describes a method and system for conducting transactions on blockchain services using a user's phone number as a reference identifier.

  • Simplified Explanation:

This patent application introduces a method for users to perform transactions on blockchain services using their phone numbers as reference identifiers.

  • Key Features and Innovation:

- Users can conduct transactions on a blockchain service using their phone numbers as reference identifiers. - The phone number is linked to at least one public address of the user's wallet account. - The method enhances security and convenience in blockchain transactions.

  • Potential Applications:

- Secure and convenient transactions on blockchain services. - Improved user verification processes. - Enhanced privacy protection for users.

  • Problems Solved:

- Simplifies the transaction process on blockchain services. - Provides an additional layer of security using phone numbers. - Streamlines user verification procedures.

  • Benefits:

- Increased security in blockchain transactions. - Simplified user experience. - Enhanced privacy protection.

  • Commercial Applications:

Title: "Enhanced Security Blockchain Transaction System" This technology can be utilized in various industries such as finance, e-commerce, and healthcare to facilitate secure and efficient transactions. It can also be integrated into existing blockchain platforms to enhance user authentication processes.

  • Prior Art:

Readers can explore prior art related to blockchain transactions, user authentication methods, and secure payment systems to gain a deeper understanding of the innovation presented in this patent application.

  • Frequently Updated Research:

Stay informed about the latest developments in blockchain technology, user authentication methods, and secure transaction systems to enhance your knowledge of this innovative solution.

Questions about Blockchain Transactions using Phone Numbers: 1. How does using phone numbers as reference identifiers improve security in blockchain transactions? 2. What are the potential drawbacks of using phone numbers as reference identifiers in blockchain transactions?

By addressing these questions, readers can gain a comprehensive understanding of the innovative method proposed in this patent application.


Original Abstract Submitted

a method and a system for performing transactions on blockchain services. the method comprises performing, by a user using a computing device, a transaction on a blockchain service of a given blockchain, the blockchain service being offered by a service provider. the given transaction is performed by using a phone number of the user as a reference identifier on the blockchain service, the phone number being associated with at least one public address of a wallet account of the user.

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