New York Patent of the Month – May 2023
Inveniam Capital Partners, a blockchain technology company, has recently patented a new method for outsourcing digital contract execution. The method involves the use of a server that cryptographically proves successful outsource execution of digital contracts. This patent represents a significant step forward in the development of digital contract outsourcing, as it provides a secure and reliable way to verify the successful execution of contracts without requiring direct control over the virtual machine on which the contract is executed.
Inveniam’s patent outlines a number of steps involved in the process. First, the server requests access to a blockchain distribution network to obtain a read access request. After conducting a cryptocurrency transaction, the server reads a contract identifier specified by the first blockchain and then determines, based on this identifier, that outsource execution of the contract is required. The server then identifies a virtual machine assigned to the contract by mapping the contract identifier to the virtual machine via a database entry.
Next, the server determines the network address associated with the virtual machine and sends a service request to that address to request outsource execution of the contract. Once the virtual machine has executed the contract, it sends a response confirming the successful execution of the contract back to the server. The server then generates a cryptographic proof of successful execution of the contract by hashing a cryptographic address associated with the virtual machine using a hashing algorithm. Finally, the server publishes the cryptographic proof of successful execution of the contract and conducts a second cryptocurrency transaction in exchange for the publishing of the cryptographic proof.
Inveniam Capital Partners’ patent is a significant advancement in the field of blockchain technology, as it provides a secure and reliable way to verify the successful execution of digital contracts without requiring direct control over the virtual machine on which the contract is executed. With this method, outsourcing digital contract execution becomes more accessible and reliable, making it easier for businesses to streamline their operations and cut costs.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
Who We Are:
Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.