System and method for authorizing blockchain network transactions
US11922402B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 11, 2022 |
| Grant date | Mar 5, 2024 |
| Priority date | — |
| Expiry date | Sep 4, 2042 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04L2209/56
- WIPO fieldDigital communication
- WIPO sectorElectrical engineering
Abstract
Systems and methods are provided that authorize blockchain network transactions based on a work requirement. A blockchain network has a plurality of nodes. At least one node of the plurality of nodes is configured to determine whether a token has satisfied a work requirement. The work requirement represents participation of performing work within the blockchain network. The at least one node is further configured to approve a transaction as a function of determining that the work requirement has been satisfied and, to disapprove the transaction as a function of determining that the work requirement has not been satisfied. By enabling the transaction to be approved based on a work requirement, the token, for example, can be authenticated as having an inherent functional value. In this way, the blockchain network or token exchange can attest to the token not being a security, which would be subject to federal securities and regulations.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.