Xinchen Technology Secures Patent for Blockchain Signature Compression, Boosting Transaction Efficiency

Xinchen Technology Secures Patent for Blockchain Signature Compression, Boosting Transaction EfficiencyFinancial World, August 20, 2024 Tianyancha Intellectual Property Information reveals that Xinchen Technology Co., Ltd

Xinchen Technology Secures Patent for Blockchain Signature Compression, Boosting Transaction Efficiency

Financial World, August 20, 2024 Tianyancha Intellectual Property Information reveals that Xinchen Technology Co., Ltd. has obtained a patent for "A Method for Compressing Endorsement Signatures on Blockchains, Electronic Devices and Storage Media." The patent, with authorization announcement number CN112686672B, was filed in January 2021.

This patent addresses the challenges of large endorsement signature sets and low verification efficiency in blockchain technology by proposing an efficient endorsement signature compression method. This method leverages smart contracts to extract transaction and endorsement policies, and employs a secret sharing module to compress endorsement results, ultimately generating a constant value representing the entire endorsement signature set.

Specifically, the method involves the following steps:

1. Extracting Transaction and Endorsement Policies: Obtaining n output messages corresponding to all endorsing nodes and the endorsement node number threshold t through a smart contract.

2. Sending Output Messages: Sending the n output messages to all endorsing nodes.

3. Endorsing Transactions: Endorsing nodes agreeing to initiate the transaction perform endorsement transactions and obtain endorsement results from agreeing nodes.

4. Verifying the Number of Endorsement Results: Determining whether the number of endorsement results collected within a preset timeframe reaches the threshold t.

5. Data Recovery: Using the secret sharing module to obtain the recovery data k' based on t endorsement results.

6. Verifying Recovery Data: Validating the recovery data k'.

7. Generating the Final Transaction: Creating the final transaction that can be uploaded to the blockchain.

This method not only compresses the endorsement signature set into a constant value but also enables direct verification of the endorsement signature set's correctness through this constant, leading to efficient verification. Additionally, the size of the compressed endorsement signature set and the efficiency of verifying endorsement signatures remain unaffected by the number of nodes.

Xinchen Technology's patent provides a novel solution for blockchain technology applications, effectively enhancing transaction efficiency, reducing storage costs, and subsequently promoting broader blockchain adoption.

This patented technology holds significant application potential across various domains:

• Supply Chain Finance: Compressing endorsement signatures enhances transaction efficiency and reduces transaction costs in supply chain finance.

• Digital Asset Trading: Boosts digital asset trading speed, reduces transaction fees, and improves transaction security.

• Internet of Things (IoT): Enhances interoperability between IoT devices, lowering data storage and transmission costs.

• Government Data Sharing: Strengthens government data sharing security and improves data verification efficiency.

As blockchain technology evolves, Xinchen Technology's patented technology will play an increasingly vital role, making significant contributions to the advancement of blockchain technology applications.