MUMBAI, India, April 20 -- Intellectual Property India has published a patent application (202411076441 A) filed by Lovely Professional University, Phagwara, Punjab, on Oct. 9, 2024, for 'method for facilitating secure, efficient cross-border financial transactions on a permissioned blockchain network.'
Inventor(s) include Dr. Gagandeep Singh Cheema; Dr. Pritpal Singh; Dr. Jaspreet Singh; and Prof. Pooja Kansra.
The application for the patent was published on April 17, under issue no. 16/2026.
According to the abstract released by the Intellectual Property India: "The present invention disclosesa method for facilitating secure, efficient cross-border financial transactions infrastructure on a permissioned blockchain network, the method including restricting access to the blockchain network to authorized participants with specific roles and permissions (110). Embodiments may also include implementing a Practical Byzantine Fault Tolerance (PBFT)consensus algorithm to achieve distributed consensus across the network, the PBFT algorithm configured to handle up to one-third of compromised or faulty nodes without compromising transaction integrity (120). Embodiments may also include initiating a financial transaction by a user (130). In some embodiments, the transaction includes details such as a transaction amount, sender and recipient identification, currency information, and transaction conditions. Embodiments may also include automatically generating a smart contract associated with the transaction (140). In some embodiments, the smart contract may be configured to enforce the predefined transaction conditions, including payment release, delivery confirmation, and identity verification."
Disclaimer: Curated by HT Syndication.
