Method and system for efficient transfer of cryptocurrency associated with a payroll on a blockchain that leads to an automated payroll method and system based on smart contracts

Number of patents in Portfolio can not be more than 2000

United States of America

PATENT NO 12254452
APP PUB NO 20220114564A1
SERIAL NO

17405778

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ATTORNEY / AGENT: (SPONSORED)

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Abstract

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The invention relates to blockchain technologies such as the Bitcoin blockchain, and the tokenisation of assets or entities. It is particularly suited for implementing a payroll on a blockchain platform and comprises a method (100) and system (1) of transferring cryptocurrency from a first node (3) to a second node (7). Both nodes (3, 7) are associated with a payroll and have a respective asymmetric cryptography pair, each pair including a master private key and a master public key. Respective additional private and public keys may be determined based on the master private key, master public key and a generator value at each node. The additional private and public keys may form a hierarchical structure. A common secret may be determined at each of the nodes (3, 7) based on the additional private and public keys. The common secret may be used to securely transmit confidential information across a communications network (5).

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Patent Owner(s)

  • NCHAIN LICENSING AG

International Classification(s)

Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Savanah, Stephane London, GB 78 1492
Wright, Craig Steven London, GB 289 1894

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