Blockchain Transaction Account Data Maintenance

Blockchain Transaction Account Data Maintenance

Glossary

Term DefinitionsBlockchainA distributed database that records transaction information in a secure and transparent manner.Smart ContractA piece of code stored on the blockchain that is automatically executed when pre-set conditions are met.HashAn algorithm that converts data of any length into a fixed-length string.Primary KeyA field used to uniquely identify each record in a database table.Distributed LedgerA database that is shared, replicated, and synchronized among multiple participants.Consensus MechanismA mechanism by which all participants in a blockchain network reach a consensus on the validity of transaction information.Proof of WorkA consensus mechanism that requires a lot of computing power to solve mathematical problems, such as the mechanism used by Bitcoin.Proof of StakeA consensus mechanism that selects block producers based on the proportion of equity held by participants in the network.Byzantine Fault ToleranceA feature that ensures the normal operation of a system even if some nodes fail. Software Development Kit (SDK) A collection of tools and documentation used to help developers create specific software applications. Application Programming Interface (API) A set of definitions and protocols that allow different software applications to interact with each other. Zero-Knowledge Proof A method by which a prover can prove to a verifier that he possesses certain information without revealing any additional information. Encryption The process of converting information into an unreadable format to protect its confidentiality. Short Answer Questions

What is the core goal of this patent application? This patent application aims to use blockchain technology to provide a system and method for maintaining transaction account data to solve the security and efficiency problems existing in traditional transaction account data maintenance.

What are the problems with traditional transaction account data maintenance methods? Traditional methods have security risks, such as account information leakage and tampering, and are inefficient. It takes a lot of time and cost to update and verify account information.

How does the system proposed in this patent application use blockchain technology? This patent application uses blockchain to record transaction account data, uses smart contracts to automatically perform data update and verification operations, and ensures data security and consistency through distributed storage and consensus mechanisms.

What is "hash" and what role does it play in this system? A hash is an algorithm that converts data of any length into a fixed-length string. In this system, transaction account data is hashed to generate a unique hash value, which is used to verify data integrity and prevent tampering.

What role does a "smart contract" play in this system? Smart contracts are stored on the blockchain and are used to automatically execute predefined rules and operations. In this system, smart contracts are responsible for verifying transaction information, updating account data, and processing account maintenance requests.

What do "master key" and "past key" refer to in this patent application? "Master key" refers to the currently valid transaction account key, while "past key" refers to the previously used and expired transaction account key.

How does the system proposed in this patent application handle account update requests? When a user initiates an account update request, the system generates a transaction containing the update information and broadcasts it to the blockchain network. The smart contract verifies the transaction and updates the relevant account data.

How does the system proposed in this patent application ensure data security? The system ensures data security in a variety of ways, such as using hash algorithms to verify data integrity, using encryption technology to protect sensitive information, and using the distributed storage and consensus mechanism of blockchain to prevent data tampering and single point failures.

What are the advantages of the system proposed in this patent application over traditional methods? Compared with traditional methods, this system has the advantages of higher security, stronger transparency, higher efficiency, and lower cost.

What application scenarios are suitable for the system proposed in this patent application? This system is suitable for various scenarios that require transaction account data maintenance, such as e-commerce, financial services, supply chain management, and identity authentication.