Bitcoin Global News (BGN)
August 16, 2018 -- ADVFN Crypto NewsWire -- Patents that relate to
blockchain technology and cryptocurrencies are filed frequently by
major tech companies like these, financial institutions like
JPMorgan, and others like Walmart. Many of the filings are for the
more basic uses of blockchain technology for data organization and
storage within a company. However, two patents filed by Microsoft
recently, and another from Intuit offer a fresh take on what
blockchain technology has to offer established
organizations.
Microsoft
The two proposals from Microsoft go
hand in hand, where the first is a method for establishing a
“consortium blockchain network,” and the other is the process for
creating transactions across that network of
blockchains.
A Network of
Networks
The Establishment of Consortium
Blockchain Network makes use of trusted execution
environments. These are the primary nodes that connect to unique
blockchain networks. The “consortium” is essentially a network of
other blockchains connected as one. The proposal highlights the
security issues at hand when connecting the different technologies
behind various blockchains. However, the trusted execution
environment method produces a consistent relationship to the the
first node where the proper security protocol code is authorized a
pre-determined membership list is saved within it.
Facilitating Transactions
Between Members
Transaction Processing for
Consortium Blockchain Network applies the concepts of a
blockchain network to their described “consortium blockchain
network.” In this case, the standard process where transactions are
broadcast to the various nodes on the network, gains an extra step
where the source of the transaction must come from a trusted
execution environment. Following successful validation, the
transaction is recorded to the overall consortium blockchain
network, as well as the original blockchain network that the
trusted node represents.
Intuit
Founded in 1983, Intuit’s founding
products are Quicken, Quickbooks and TurboTax. They focus on
financial, accounting, and tax preparation software and similar
services for small businesses, accountants, and individuals. Their
patent proposal seems almost too simple, and has applications
wherever a transfer of money is applicable.
Sending BTC Through
Text
The patent is a “method for
processing payment.” The idea is simple, but the benefits come
where the Bitcoin or other cryptocurrency would be stored before
and after the transaction. The patent includes specifications that
the facilitator of the transaction will also be the provider of the
cryptocurrency wallets used to fund and received the
transaction. Bitcoin Transaction Using Text
Message, the process is as follows:
-
User receives payment text message
containing the amount and an identifier of the sender by a
payment service”.
-
Sender’s account (“maintained by
the payment service”) balance is checked to validate the payment
text message.
-
Recipient account is created (“by
the payment service”) based on their unique mobile
device.
-
Transfer is made between original
account and recipient’s account.
-
Notification text is sent to the
recipient (“by the payment service’) of the new account balance
when the transaction has been completed.
By: BGN Editorial Staff
News:
Blockchain
Microsoft
Intuit