A method for secure peer-to-peer communication on a blockchain

Abstract

The invention comprise s a computer implemented method and system for control ling an exchange process, such as a loan, conducted between at least two parties via a blockchain such as the Bitcoi n blockchain. A method according to the invention may comprise the step of generating a first blockchain transaction which includes a redeem script. The redeem script comprises a cryptographic public key associated with an initiating party and metadata w hich includes a hash of an exchange - related document; a redeem address; and an amount of digital currency. A second blockchain transaction is generated and published to the blockchain so as to spend the digital currency to the redeem address. This provides the advantage that the further transaction will be publically available and thus detectableby other parties once it has been published. The further transaction can provide the information necessary to trigger a response e.g. an offer from another (res ponding) party who publishes their response on the blockchain. Thus, the exchange process can be implemented via a multi-transaction mechanism on the blockchain rather than an alternative medium. The exchange related document may be an invitation (offer / request) which is stored off-block in a repository such as a Distributed Hash Table (DHT). The invitation may be an invitation to engage in a contract. A smart contract (and associated blockchain transaction) may be formed upon condition that a plurality of participants (e.g. lenders / borrowers) are matched with each other via one or more responses effected via transactions on theblockchain.

Description

technical field [0001] The present invention generally relates to tokenisation methods and tokenisation systems. In particular, the invention relates to the assignment of contracts. The present invention can be applied to P2P lending process. The present invention can be used in conjunction with any peer-to-peer distributed network. The present invention may be blockchain-related technologies including, but not limited to, the Bitcoin blockchain. Background technique [0002] In this document, we use the term "blockchain" to include all forms of electronic, computer-based distributed ledgers. These distributed ledgers include consensus-based blockchain and transaction chain technologies, permissioned and permissionless ledgers, shared ledgers and variations thereof. Although other blockchain implementations have been proposed and developed, the most widely known application of blockchain technology is the Bitcoin ledger. While reference may be made to Bitcoin herein for...

AI Technical Summary

Problems solved by technology

As such, the current system for P2P lending is inherently restrictive and complex

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