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US Patent 11972422 Registry and automated management method for blockchain-enforced smart contracts

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Is a
Patent
Patent
0

Patent attributes

Patent Jurisdiction
United States Patent and Trademark Office
United States Patent and Trademark Office
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Patent Number
119724220
Patent Inventor Names
Stephane Savanah0
Craig Steven Wright0
Date of Patent
April 30, 2024
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Patent Application Number
171140530
Date Filed
December 7, 2020
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Patent Citations
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US Patent 8166481 Transaction processing in transactional memory
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US Patent 8401185 Systems and methods for securely deduplicating data owned by multiple entities
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US Patent 8520855 Encapsulation and decapsulation for data disintegration
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US Patent 8522011 Computer implemented method for authenticating a user
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US Patent 8855318 Master key generation and distribution for storage area network devices
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US Patent 9209980 Provisioning a shared secret to a portable electronic device and to a service entity
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US Patent 9251531 File format and platform for storage and verification of credentials
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US Patent 9258130 Apparatus and method for anonymity-based authentication and key agreement capable of providing communication message binding property
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Patent Primary Examiner
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Neha Patel
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CPC Code
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H04L 2209/56
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G06Q 20/389
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G06Q 2220/00
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G06Q 20/3829
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G06Q 20/02
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G06Q 20/3827
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G06Q 30/018
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G06Q 20/367
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Patent abstract

The invention relates to the fields of tokenisation, blockchain and smart contract technologies. It provides a technical arrangement which simplifies the automated management of contracts. The invention comprises a method and system which use a computer-based repository for storage of the contract. The contract is then represented by a transaction on the blockchain. Metadata within the transaction's script includes a hash of the contract and a means of identifying its location within the repository. The transaction also includes an unspent output (UTXO) which indicates its status as an open (ie not terminated) contract. The contract is terminated by spending the output at a later point in time, for example, using nLockTime+CheckLockTimeVerify (CLTV). By combining this concept with other techniques and computing components, the invention can provide a powerful mechanism for implementing various tasks such as renewing or rolling over the contract, or dividing it into sub-contracts or conditions. Furthermore, as the status and existence of the contract is evidence via the blockchain, this provides a permanent, publicly visible and non-alterable record of the contract.

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