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.
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.
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