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Method and System for Validating a Transaction in Blockchain Network by Maintaining a Private Chain Network

IP.com Disclosure Number: IPCOM000255724D
Publication Date: 2018-Oct-11
Document File: 2 page(s) / 21K

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The IP.com Prior Art Database

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Method and System for Validating a Transaction in Blockchain Network by Maintaining a Private Chain Network

At present, if a user needs to perform a transaction in blockchain network, user needs to wait for miners to verify the transaction. Miners verify the transaction using public encryption key of the user to resolve the encrypted transaction message and the verification is successful only if miners succeed resolving the encrypted message. The verification only proves that the transaction message is really from the originated user, but cannot validate the message. Further, the time taken for syncing whole network is longer and miner needs to do a fully sync before starting any operation, which makes the transaction more time consuming to complete. There exists a need for new method of validating transaction message. Disclosed is a method and system for validating a transaction in blockchain network by maintaining a private chain network. The method and system initially generates transaction auxiliary chains, and then construct a unique transaction main chain according to block information of auxiliary chains. For a blockchain verification and validation, the auxiliary chains and main chains are used independently. Subsequently, a slidechain is created that allows for multiple valid branches or forks to propagate simultaneously with a customized set of protocol rules embedded in and applied to each fork chain that branches from another chain. Thereafter, historical block chain branches are periodically queried and backed-up based on multi-factor cross-validation of virtual currency transaction verification technique, and a confirmed transaction is organized into easily accessible array of hash chain. In accordance with the method and system, extra messages are embedded into transaction block and each message consists of a category and a link to a private chain of the category. The private chain is maintained by related groups and persons outside the transaction block chain netw...