Description:TECHNICAL FIELD
[001] The present invention relates generally to a system and method for providing blockchain based transaction.
BACKGROUND
[002] Today, virtual and crypto-currencies, such as Bitcoin™, are gaining acceptance as viable mechanisms for performing purchase transactions and other financial services transactions. The transfer of units of these virtual and crypto-currencies between owners, which is essential to the ultimate success of these virtual and crypto-currencies, relies on a robust blockchain ledger structure that, due to its public nature, redundant verification, and resistance to fraudulent activity, offers advantages over existing centralized server systems. Despite its many advantages, these conventional systems exhibit significant flaws, especially when used to track assets in secure, high-risk, and/or sensitive applications.
[003] The payment processes have been fractured and often difficult which leads to reduced conversions. This is particularly true in the context of bitcoin and cryptocurrency payments which are complicated to achieve. Cross-border money transactions are also complicated and expensive, particularly for individuals who are not banked in many parts of the world.
[004] Therefore, there is a need of a system which overcomes the aforementioned problems.
SUMMARY
[005] Embodiments of the present disclosure present technological improvements as solutions to one or more of the above-mentioned technical problems.
[006] Before the present subject matter relating to a system and method for providing blockchain based transaction, it is to be understood that this application is not limited to the particular system described, as there can be multiple possible embodiments which are not expressly illustrated in the present disclosure. It is also to be understood that the terminology used in the description is for the purpose of describing the implementations or versions or embodiments only and is not intended to limit the scope of the present subject matter.
[007] This summary is provided to introduce aspects related to a system and method for providing blockchain based transaction. This summary is not intended to identify essential features of the claimed subject matter nor is it intended for use in determining or limiting the scope of the present subject matter.
[008] In an embodiment, a system for providing blockchain based transaction is disclosed. The system includes a transaction input module, a verification unit, a data accessing unit, a network server, a blockchain-based cryptocurrency mechanism, a processor and a memory. The transaction input module is configured to receive transactions with unique identifiers. The verification unit is configured to verify the authenticity and integrity of received transactions. The data accessing unit is configured to access relevant data for processing transactions. The network server facilitating communication between users involved in transactions. The blockchain-based cryptocurrency mechanism enables transfers between first and second users. The processor executes instructions for processing transactions. The memory includes executable instructions for facilitating blockchain-based transactions.
[009] In another embodiment, a method for providing blockchain based transaction is disclosed. The method includes the step of receiving transactions with unique identifiers. The method includes the step of verifying the authenticity and integrity of received transactions. The method includes the step of accessing relevant data for processing transactions. The method includes the step of facilitating communication between users involved in transactions. The method includes the step of enabling blockchain-based cryptocurrency transactions between first and second users. The method includes the step of executing instructions for processing transactions using a processor. The method includes the step of storing executable instructions in memory for facilitating blockchain-based transactions.
BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWINGS
[0010] The foregoing detailed description of embodiments is better understood when read in conjunction with the appended drawings. For the purpose of illustrating the disclosure, there is shown in the present document example constructions of the disclosure; however, the disclosure is not limited to the specific system or method disclosed in the document and the drawings.
[0011] The present disclosure is described in detail with reference to the accompanying figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to refer various features of the present subject matter.
[0012] Figure 1 illustrates an exemplary computing environment, consistent with disclosed embodiments.
[0013] Figure 2 illustrates a diagram wherein a client supplies the verification key to be used in validation of a proof.
[0014] Figure 3 illustrates a system for blockchain based transactions.
[0015] In the above accompanying drawings, a non-underlined number relates to an item identified by a line linking the non-underlined number to the item. When a number is non-underlined and accompanied by an associated arrow, the non-underlined number is used to identify a general item at which the arrow is pointing.
[0016] Further, the figures depict various embodiments of the present subject matter for purposes of illustration only. One skilled in the art will readily recognize from the following discussion that alternative embodiments of the structures and methods illustrated herein may be employed without departing from the principles of the present subject matter described herein.
DETAILED DESCRIPTION
[0017] Some embodiments of this disclosure, illustrating all its features, will now be discussed in detail. The words "comprising," "having," "containing," and "including," and other forms thereof, are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items. It must also be noted that as used herein and in the appended claims, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. Although a system and method for providing blockchain based transaction, similar or equivalent to those described herein can be used in the practice or testing of embodiments of the present disclosure, the exemplary, a system and method for providing blockchain based transaction is now described.
[0018] Various modifications to the embodiment will be readily apparent to those skilled in the art and the generic principles herein may be applied to other embodiments. For example, although the present disclosure will be described in the context of a system and method for providing blockchain based transaction, one of ordinary skill in the art will readily recognize a system and method for providing blockchain based transaction can be utilized in any situation. Thus, the present disclosure is not intended to be limited to the embodiments illustrated but is to be accorded the widest scope consistent with the principles and features described herein.
[0019] In an embodiment, a system for providing blockchain based transaction is disclosed. The system includes a transaction input module, a verification unit, a data accessing unit, a network server, a blockchain-based cryptocurrency mechanism, a processor and a memory. The transaction input module is configured to receive transactions with unique identifiers. The verification unit is configured to verify the authenticity and integrity of received transactions. The data accessing unit is configured to access relevant data for processing transactions. The network server facilitating communication between users involved in transactions. The blockchain-based cryptocurrency mechanism enables transfers between first and second users. The processor executes instructions for processing transactions. The memory includes executable instructions for facilitating blockchain-based transactions.
[0020] In another implementation, the transaction input module further comprises means for generating and assigning unique identifiers to transactions.
[0021] In another implementation, the verification unit employs cryptographic techniques to ensure the security and validity of transactions.
[0022] In another implementation, the data accessing unit retrieves transaction-related data from external sources to facilitate transaction processing.
[0023] In another implementation, the blockchain-based cryptocurrency transaction mechanism employs distributed ledger technology to record and validate transactions.
[0024] In another embodiment, a method for providing blockchain based transaction is disclosed. The method includes the step of receiving transactions with unique identifiers. The method includes the step of verifying the authenticity and integrity of received transactions. The method includes the step of accessing relevant data for processing transactions. The method includes the step of facilitating communication between users involved in transactions. The method includes the step of enabling blockchain-based cryptocurrency transactions between first and second users. The method includes the step of executing instructions for processing transactions using a processor. The method includes the step of storing executable instructions in memory for facilitating blockchain-based transactions.
[0025] In another implementation, the method includes the step of generating and assigning unique identifiers to transactions.
[0026] In another implementation, the method includes the step of employing cryptographic techniques to ensure the security and validity of transactions.
[0027] In another implementation, the method includes the step of retrieving transaction-related data from external sources to facilitate transaction processing.
[0028] In another implementation, the method includes the step of verifying user identities and transaction permissions before processing transactions.
[0029] Figure 1 illustrates an exemplary computing environment, consistent with disclosed embodiments.
[0030] In an embodiment, the system includes client devices 102, 104, and 106, system 140, peer systems 160, and a communications network 120 connecting one or more of the components of environment 100. The client devices 102, 104, and/or 106 may include a computing device, such as, but not limited to, a hashing computer, a personal computer, a laptop computer, a tablet computer, a notebook computer, a hand-held computer, a personal digital assistant, a portable navigation device, a mobile phone, a smart phone, a wearable computing device (e.g., a smart watch, a wearable activity monitor, wearable smart jewelry, and glasses and other optical devices that include optical head-mounted displays (OHMDs), an embedded computing device (e.g., in communication with a smart textile or electronic fabric), and any other type of computing device that may be configured to store data and software instructions, execute software instructions to perform operations, and/or display information on a display device(s), consistent with disclosed embodiments. Client devices 102, 104, and/or 106 may include one or more tangible, non-transitory memories that store data and/or software instructions, and one or more processors configured to execute software instructions. Client devices 102, 104, and/or 106 may include one or more display devices that display information to a user and one or more input device(s) to allow the user to input information to client device 102, 104, and/or 106 (e.g., keypad, keyboard, touchscreen, voice activated control technologies, or any other type of known input device).
[0031] The System 140 may be a computing system configured to execute software instructions to perform one or more operations consistent with disclosed embodiments. In one aspect, system 140 may be associated with a business entity 150 (e.g., a financial institution) that provides financial accounts, financial services transactions, and investment services one or more users (e.g., customers of the business entity 150). In one aspect, system. 140 may include computing components configured to store, maintain, and generate data and software instructions. For example, system 140 may include one or more servers (e.g., server 142) and tangible, non-transitory memory devices (e.g., data repository 144). Server 142 may include one or more computing devices that may be configured to execute software instructions to perform one or more processes consistent with the disclosed embodiments.
[0032] The server 142 (or other computing components of system 140) may be configured to provide to client devices 102, 104, and/or 106 (and/or receive from client device 104) information associated with services provided by business entity 150. For example, client device 104 may receive the transmitted information, and store portions of the information in locally accessible storage device and/or network-accessible storage devices and data repositories (e.g., cloud-based storage). In one instance, client device 104 may execute stored instructions (e.g., an application program, a web browser, a mobile banking application, and/or a mobile wallet application) to process portions of the stored data and render portions of the stored data for presentation to user 110.
[0033] The business entity 150 may represent a “controlling entity” capable of regulating transactions assets (e.g., units of virtual currency, units of various financial instruments, physical assets, etc.) tracked within hybrid public-private ledgers consistent with the disclosed embodiments. By way of example, one or more computing components of system 140 (e.g., server 142) may be configured (e.g., by executed software instructions) to establish one or more rules that regulate a distributions of and/or transactions associated with the tracked assets, an initiation of transfers of the tracked assets (e.g., a sale, a use of the tracked assets as collateral in a secured transaction etc.), and further, any additional or alternate action involving the tracked assets and/or the hybrid public-private ledger (e.g., processes that generate additional cryptographic key sets for user 110, processes that recover assets tracked in the hybrid public-private ledger, etc.).
[0034] In the present embodiment, a connection with network 120, peer systems 160 may be interconnected across a peer-to-peer network (not depicted in FIG. 1) using any of the wired or wireless communications protocols outlined above. Further, in some instances, one or more of peer systems 160 may function as a “miner,” where any miner may be compensated in units of a virtual currency (e.g., Bitcoin™) for validating the received data and for generating updated versions of the hybrid blockchain ledger.
[0035] The data repository 144 may store customer data that uniquely identifies customers of a financial institution associated with system 140. By way of example, a customer of the financial institution (e.g., users 108, 110, and/or 112) may access a web page associated with system 140 (e.g., through a web server executed by a corresponding front end), and may register for digital banking services and provide data, which may be linked to corresponding ones of users 108, 110, and/or 112, and stored as customer data within data repository 144. The stored customer data may, for example, include personal information, government-issued identifiers, employment information, and contact information. The stored customer data may also include authentication credentials associated with registered users of the financial institution (e.g., a user name, a user-specified password, a system-generated password, an alphanumeric identification number (e.g., a PIN number) specified by the users or assigned by financial system 140, biometric information, and information facilitating enhanced authentication techniques).
[0036] In some embodiments, client devices 102, 104, and/or 106 may execute one or more stored applications that enable corresponding users to track, in conjunction with peer systems 150 and other components of computing environment 100, a disposition and distribution of one or more assets using conventional, publicly available and transparent blockchain ledgers. In some aspects, the use of public blockchain ledgers to track ownership, disposition, and distribution of actual and/or virtual assets (e.g., unit of virtual currencies, such as Bitcoin™, unit of other financial instruments and securities, physical assets, etc.) may present advantages over existing centralized server systems, such as those provided by financial institutions that leverage private ledgers.
[0037] Figure 2 illustrates a diagram wherein a client supplies the verification key to be used in validation of a proof.
[0038] In an embodiment, a client 510 supplies the verification key VK to be used in validation of a proof p. In an embodiment, a client creates a transaction output 502, wherein the transaction comprises or is otherwise associated with an output value 504 (e.g., payment of digital assets to a worker for contract execution) and a locking script 508 that performs a verification check comprising a bilinear mapping that satisfies a set of constraints. In an embodiment, the locking script verifies the integrity of the verification key VK based at least in part on a digital signature of the client. In some blockchain systems, the transaction encodes, in association with the locking script, a parameter indicating the size (e.g., in bytes) of the locking script, which may be referred to as the locking script size 506. The client 510, which may be a client such as those described elsewhere in this disclosure, may create a transaction input 512 that references the transaction 502 described above and transmits it to a counterparty (e.g., a worker that will purported compute a valid proof p). In an embodiment, the transaction input 512 may encode an identifier 514 associated with the transaction output 502, a transaction output index 516 associated with the transaction output 502 (e.g., in some cases, the index is zero-based), an unlocking script 520, a parameter indicating the size (e.g., in bytes) of the unlocking script, which may be referred to as the unlocking script size 518, a sequence number 522, and any suitable combination thereof. For example, in some embodiments, the unlocking script size is not explicitly encoded in transaction input 512 and is otherwise derivable (e.g., through the detection of a specific terminating sequence that indicates the end of the unlocking script. In an embodiment, the unlocking script 518 comprises the verification key V K 524 and a digital signature 526 associated with the client.
[0039] In an embodiment, the worker 528 computes a proof p 530 and appends it with a digital signature 532 associated with the worker to the unlocking script 518 and broadcasts the transaction (e.g., to the client and/or one or more nodes of a blockchain network).
[0040] Figure 3 illustrates a system for blockchain based transactions.
[0041] In an embodiment, each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures that verify the chain of ownership. Owner 1 verifies their public key and signs the transaction with owner 1's private key which becomes owner 1's signature as part of transaction 774. Owner 2's public-key 784 is hashed 786 with data from the first transaction 772 and with the owner 1 signature 788. The same process can be repeated again in transaction 776, such that owner 2 can verify the transaction with their public key 784 and sign the transaction using their private key 798, yielding owner 2 signature 794. Thus, utilizing owner 3's public-key 390, the hash 792, and owner 2's signature 794, owner 3 can receive the electronic coin as part of transaction 376. However, if a network-based database is incomplete or does not exist, the server can, via the API, request data from a database of payment and delivery data local to the browser or to the computing device. The payment data can be any payment data stored on the local device (or at a network-based service), even if for other purposes such as a YouTube account, or associated with an email account, or an iTunes account. If a user is logged into their browser, or their email account or any other type of account, and there is payment data stored, the system can utilize or access that payment data to initiate a commerce purchase. When the user is making a purchase, the system can present the various payment accounts stored, such as a credit card in Google Wallet, plus a Play Store account, and let the user choose amongst the available payment options including cryptocurrencies.
[0042] Although the description provides implementations of a system and method for providing blockchain based transaction, it is to be understood that the above descriptions are not necessarily limited to the specific features or methods or systems. Rather, the specific features and methods are disclosed as examples of implementations for a system and method for providing blockchain based transaction.
, Claims:We claim:
1. A system for providing blockchain based transaction, comprising:
a transaction input module configured to receive transactions with unique identifiers;
a verification unit configured to verify the authenticity and integrity of received transactions;
a data accessing unit configured to access relevant data for processing transactions;
a network server facilitating communication between users involved in transactions;
a blockchain-based cryptocurrency mechanism enabling transfers between first and second users;
a processor executing instructions for processing transactions;
a memory including executable instructions for facilitating blockchain-based transactions.
2. The system as claimed in claim 1, wherein the transaction input module further comprises means for generating and assigning unique identifiers to transactions.
3. The system as claimed in claim 1, wherein the verification unit employs cryptographic techniques to ensure the security and validity of transactions.
4. The system as claimed in claim 1, wherein the data accessing unit retrieves transaction-related data from external sources to facilitate transaction processing.
5. The system as claimed in claim 1, wherein the blockchain-based cryptocurrency transaction mechanism employs distributed ledger technology to record and validate transactions.
6. A method for providing blockchain based transaction, comprising:
receiving transactions with unique identifiers;
verifying the authenticity and integrity of received transactions;
accessing relevant data for processing transactions;
facilitating communication between users involved in transactions;
enabling blockchain-based cryptocurrency transactions between first and second users;
executing instructions for processing transactions using a processor;
storing executable instructions in memory for facilitating blockchain-based transactions.
7. The method as claimed in claim 6, further comprising generating and assigning unique identifiers to transactions.
8. The method as claimed in claim 6, further comprising employing cryptographic techniques to ensure the security and validity of transactions.
9. The method as claimed in claim 6, further comprising retrieving transaction-related data from external sources to facilitate transaction processing.
10. The method as claimed in claim 6, further comprising verifying user identities and transaction permissions before processing transactions.