Blockchain (ml) Technology

  • Published: Mar 29, 2017
  • Earliest Priority: Feb 09 2017
  • Family: 2
  • Cited Works: 0
  • Cited by: 0
  • Cites: 0
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Abstract

Blockchain is a distributed financial data structure ledger engine. It allows peer-to-peer electronic currency transactions and data mining as sets of codes that represent e-currency. The system creates a hash value for a prior transaction, and combines the hash value, transaction data and the public key of a transaction. It mines data and formats it with a hash-based proof-of-work mechanism with an algorithm that makes combinations of digits to form a digital code that represents e-currency. It broadcasts the data or transaction codes to peers with a time-stamp, assists a subset of peers to collect electronic codes to form a transaction block, and helps each participant in the subset to create a solution to a proof-of-work problem for its transaction block. It manages all participants in the subset, broadcasting their transaction blocks and the solution to all participants. It obtains a valid consensus that a transaction block is valid, and accepts and adds that transaction block to the existing chain of blocks. It manages the digital wallet and helps peers to make transactions over the Internet or telecommunication channels. It keeps the data in its ledger permanently for verification.


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Document History
  • Publication: Mar 29, 2017
  • Application: Feb 9, 2017
    GB GB 201702233 A
  • Priority: Feb 9, 2017
    GB GB 201702233 A

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