SYSTEMS AND METHODS FOR PERFORMING WIRELESS FINANCIAL TRANSACTIONS ACROSS ALL INDUSTRIES AND SECTORS.
IDAHO NATIONAL LABORATORY is the nation’s center for nuclear energy research and development and performs research in each of the DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov.
Blockchain based digital identity and permission controls, wherein one or more smart contracts automatically and intelligently maintain and update immutable records of digital identity and permission control for the platform’s participants.
Innovation for intelligent digital task management that integrates interactions between digital identities within the blockchain, authentication and recording processes using biometric information, document storage in a repository, and one or more smart contracts managing meeting activities in real-time.
Technology innovation to generate smart contracts from text documents and deploy the generated contracts to the blockchain on behalf the digital platform’s ecosystem participants.
Due to the increased capabilities of cell phones, many individuals are using their devices to store or access sensitive information (e.g., financial account information) or to access private networks (e.g., corporate networks).
Financial transactions can include any type of goods and services, cash, and currencies exchanges or transfers, financially regulated securities products (e.g., stock, bonds, mutual funds, exchange traded funds/ETFs, IRAs, 401Ks retirement plans, insurance, etc.) and all new classes of digital assets (e.g., crypto currencies, stable value coins, non-fungible tokens, carbon credits, etc.).
The wide-ranging use of these financial transactions can vary from the use of cell phone apps to the use of more conventional online-client server methods and topologies. In some instances, buyers and sellers may conduct financial transactions via intermediary communication network, such as the Internet, rather than cellular communication or they may connect to a website using enterprise software. Financial transactions can include the buying, selling, trading, as well as all other functions and processes of the products/services involved (e.g., the administration, accounting, custody, etc.)
The internet is driving a shift towards networks and platform-based social and economic models. Assets can be shared, creating not just new efficiencies but also whole new business models and opportunities for social self-organization. The blockchain, replaces the need for third-party institutions to provide trust for financial, contract and voting activities.
Blockchain is arguably the most significant innovation since the internet with individuals, companies and even governments embracing this advanced technology. Blockchain is database technology that works on a network such as the Interne. Users install the application locally and the "nodes" all hold a copy of the database. No central server holds control over the database. The database is structured as a ledger or a registry of entries into the blockchain. These entries are aggregated into data structure blocks. The blockchain consists of blocks that hold "time-stamped" batches of valid entries. Each block includes the "hash" of the prior block, linking the blocks together. The linked blocks form a chain, with each additional block re-enforcing those before it. From this process comes the name blockchain.
Entries - or transactions - are passed from user to user, or node to node, on a best-effort basis. The specific blockchain application defines a valid transaction. In cryptocurrency applications such as Bitcoin, a valid transaction must be digitally signed, spend one or more unspent outputs of previous transactions, and the sum of transaction outputs must not exceed the sum of inputs. Other applications may use a different method of validation, such as third party certification, or none at all.
The term blockchain 2.0 serves to distinguish between cryptocurrencies (such as Bitcoin) as an asset and the "blockchain as a programmable distributed trust infrastructure" more generally, with additions of new scalable features of on-chain utility and extensibility. Instead of viewing the blockchain as part of the decentralization of money and payments, blockchain 2.0 expands the scope of the technology to enable the decentralization of markets more generally, and the transaction will involve other types of assets by providing registers for certificates and rights and obligations.
Smart contracts are a foundational technology in blockchain. Smart contracts can bring radical transformation across industries by changing the way business and trade is executed. They improve the efficiency and speed with which commercial arrangements are carried out and facilitate complete transactional transparency.
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met. Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees. Moreover, because there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.
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