The Bank of New York Mellon (20240265000). ENSURING DATA INTEGRITY OF EXECUTED TRANSACTIONS simplified abstract
Contents
- 1 ENSURING DATA INTEGRITY OF EXECUTED TRANSACTIONS
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 ENSURING DATA INTEGRITY OF EXECUTED TRANSACTIONS - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Prior Art
- 1.11 Frequently Updated Research
- 1.12 Questions about Blockchain Transaction Verification
- 1.13 Original Abstract Submitted
ENSURING DATA INTEGRITY OF EXECUTED TRANSACTIONS
Organization Name
Inventor(s)
Sarthak Pattanaik of Bernardsville NJ (US)
Vadim Pertsovskiy of Chicago IL (US)
ENSURING DATA INTEGRITY OF EXECUTED TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265000 titled 'ENSURING DATA INTEGRITY OF EXECUTED TRANSACTIONS
Simplified Explanation
A central service provider manages a blockchain network that records transaction details in blocks. The provider generates transaction receipts for parties to verify transactions and reconcile any discrepancies.
Key Features and Innovation
- Central service provider manages blockchain network
- Cryptographic hash of each transaction recorded in blocks
- Transaction receipts generated for verification
- Reconciliation of discrepancies in transactions
Potential Applications
This technology can be applied in various industries such as finance, supply chain management, healthcare, and legal sectors for secure and transparent transaction recording and verification.
Problems Solved
This technology addresses the issues of transaction verification, record accuracy, and discrepancy reconciliation in a secure and efficient manner.
Benefits
- Enhanced transaction security
- Transparent record-keeping
- Efficient discrepancy reconciliation
- Improved trust and accountability in transactions
Commercial Applications
- Financial institutions for secure transaction recording
- Supply chain companies for transparent tracking of goods
- Healthcare organizations for accurate patient record-keeping
- Legal firms for secure document verification
Prior Art
Readers can explore prior art related to blockchain technology, transaction verification, and record-keeping systems to understand the evolution of this innovative solution.
Frequently Updated Research
Stay updated on the latest advancements in blockchain technology, transaction verification methods, and record reconciliation processes to enhance the efficiency and security of transactions.
Questions about Blockchain Transaction Verification
How does blockchain technology ensure the security of transactions?
Blockchain technology uses cryptographic hashing and decentralized consensus mechanisms to secure transactions and prevent tampering.
What are the potential challenges in implementing blockchain-based transaction verification systems?
Implementing blockchain-based transaction verification systems may face challenges related to scalability, regulatory compliance, and interoperability with existing systems.
Original Abstract Submitted
a central service provider manages a blockchain network that writes the cryptographic hash of each executed transaction in a block to the blockchain network. for each executed transaction, the central service provider generates and transmits a transaction receipt such that a party can verify that the transaction was appropriately executed. additionally, a party can check that the party's records are correct by providing transaction data describing details of transactions recorded in the party's records to the central service provider. the central service provider verifies the party's records by comparing the transaction data in the party's records to the blocks of transaction records in the blockchain network. in some scenarios, the central service provider may identify or receive an identification of a discrepancy arising from one or more transactions. the central service provider can reconcile the identified discrepancy.
