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A New Patent – System for Autonomous Device Transacting Using Cryptocurrency

Across a great proportion of centralized systems, many transacting devices, whether separated by short or long distances, can achieve high levels of interaction and connectivity without having to be connected physically with each other and as such, are able to communicate wirelessly with one another. Nevertheless, such centralized systems that connect these devices are associated with multiple disadvantages that limit connectivity and functionality in remote locations, reduce the autonomy of devices that operate in centralized systems and thus, do not promote optimal connectivity, autonomous communications and transactions among various transacting devices.

Moreover, due to the innate lure of exploitation and abuse of centralized systems, all of these economic physical and digital elements, when considered with existing or newly designed products, have to be essentially autonomous and decentralized in nature to boost their potential. It is only in decentralized and autonomous environments that new markets can emerge naturally, maximizing the potential benefits for all those involved in them.

A group of researchers have just published a patent that presented a novel invention that facilitates transactions involving a unique autonomous device. The patent presented a method and a system for facilitating autonomous transactions via receiving a predefined transaction request from an initiating user. Then, an addendum is generated on the basis of the transaction request and one or more of the addendum requests are validated through referencing at least one of the exhibit’s claims. Afterwards, the addendum is digitally signed, by the autonomous transacting device, via means of a cryptographic key through the transacting device of the initiating user with a cryptocurrency key. After the value of the cryptocurrency key is verified, at least one of the transaction requests is performed, based on the digitally signed addendum, right after verification of the cryptocurrency key is verified successfully.

Structure of the autonomous transacting device:

The invention is composed of the following:

1. A system which designed to facilitate a transaction that involves an autonomous transacting device, in addition to another entity. The system is comprised of:

a. An initiating transacting user

b. An autonomous transacting device which is composed of:

i. a memory unit that is stored using a smart contract, which is comprised of a JSON Web Token (JWT) that is defined by an exhibit which defines at least one claim in conjunction with one or more JSON Web Keys;

ii. a cryptographic processor.

iii. An encrypted storage medium that has an encrypted code stored on it, which when executed the cryptographic processor will perform the following:

  • Receiving the request of a transaction from the initiating user.
  • Generating an addendum which is based on the transaction’s request.
  • Verifying at least one of the addendum requests via referencing at least one of the exhibit’s claims.
  • Signing the addendum digitally by the autonomous transacting device using a cryptographic key and through initiating a transaction device and a cryptocurrency key.
  • Verifying the cryptocurrency key’s value.
  • Performing at least one transaction request as based on the digitally signed addendum after verifying the value of the cryptocurrency key.

2. A non-transitory computer readable medium that is stored on computer executable code and once executed by the processor, it will perform the following:

  • Receiving the transaction’s request from the initiating user.
  • Generating an addendum on the basis of the transaction’s request.
  • Verifying at least one of the addendum requests through referencing at least one of the exhibit’s claims.
  • Signing the addendum digitally by the autonomous transacting device via means of a cryptographic key and through the initiating transacting device, in addition to a cryptocurrency key.
  • Verifying the cryptocurrency key’s value.
  • Performing at least one transaction request as based on the digitally signed addendum after verifying the value of the cryptocurrency key.

The invention utilizes Blockname to ensure the identity and discoverability of parties engaging in transactions. Blockname mainly acts to solve the discoverability problem, yet it also works with Telehash, the device’s secure communication protocol, to solve the problem of identity verifiability. Telehash enables devices to communicate securely with each other. It is a simple network protocol that utilizes strong encryption algorithms to facilitate communication across various platforms.

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