Citigroup has patented a system for secure actions on public blockchains using bifurcated self-executing programs. The system combines two programs on a blockchain node to enforce security credentials. This innovative solution enhances security for blockchain transactions. GlobalData’s report on Citigroup gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Citigroup, was a key innovation area identified from patents. Citigroup's grant share as of April 2024 was 89%. Grant share is based on the ratio of number of grants to total number of patents.
Blockchain system for secure actions using bifurcated self-executing programs
A recently granted patent (Publication Number: US11956377B1) discloses a system and method for conducting cryptographically secure actions in public, non-permissioned blockchains using a layer one blockchain solution. The system includes a blockchain node with processors and a computer-readable medium containing instructions for receiving and processing requests for blockchain actions. The method involves processing requests with bifurcated self-executing programs, where a first program digitally wraps a second program, obfuscating certain details. The system determines if the request meets predetermined processing characteristics before executing the blockchain action with the second program.
Furthermore, the patent details various aspects of determining processing characteristics, such as digital signing procedures, request origination, algorithm types, request validation procedures, request testing protocols, supported protocols, digital asset types, and digital signatures. The bifurcated self-executing program is generated by compiling uncompiled versions of the first and second programs. Additionally, a non-transitory, computer-readable medium is described, containing instructions for processing requests, determining processing characteristics, and executing blockchain actions. Overall, the patent aims to enhance security and efficiency in conducting cryptographically secure actions on public blockchains using bifurcated self-executing programs.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
