Methods of entrusting digital assets

Abstract

A method for entrusting digital assets involves executing the following steps via a smart contract deployed on a blockchain network: (a) sending a request for restoration to blockchain nodes corresponding to a third-party group; (b) receiving t private key fragments from the corresponding third-party group's blockchain nodes, each fragment related to the private key, wherein the t private key fragments are configured as part or all of n private key fragments, and 1 < t ≦ n; (c) generating a restoration private key based on the t private key fragments; and (d) initiating a transfer transaction using the restoration private key to transfer the digital asset to a preset blockchain node. This mechanism, which allows the restoration of the private key through the fragments, enables the successful transfer of the digital asset should the private key be lost.

Description

Technical Field

[0001] This invention relates to a digital asset, and more particularly to a method for the execution of a bequest of a digital asset. Prior Technology

[0002] When user A initiates a transaction request signed with a private key through their wallet, the request is broadcast to various nodes in a blockchain network. Once the blockchain nodes verify the transaction signature, the digital assets are transferred from user A's wallet to user B's wallet. In this way, using blockchain technology to transfer digital assets achieves decentralization, eliminates intermediaries, and reduces transaction costs and time. Its immutable nature ensures that transaction records are transparent and secure.

[0003] However, when digital assets become user A's estate, the private key will be lost upon user A's death. At this point, even if user B is user A's legal heir, they cannot acquire user A's digital assets by legal means or any other means, thus preventing user A's digital assets from being bequeathed. Summary of the Invention

[0004] Therefore, the purpose of this invention is to provide a bequest execution method that enables the smooth transfer of digital assets when the private key is lost.

[0005] Therefore, the present invention provides a method for entrusting digital assets, used to transfer digital assets corresponding to a single private key, and implemented via a blockchain network. This blockchain network includes several blockchain nodes interconnected via the communication network. The method for entrusting digital assets executes the following steps through a smart contract deployed on the blockchain network:

[0006] (a) When a triggering condition is met, a request for restoration is sent to the blockchain node of the corresponding third-party group.

[0007] (b) Receive t private key fragments from blockchain nodes corresponding to the third-party group and related to the private key, wherein t such private key fragments are configured as part or all of n private key fragments, and 1 <t≦n。

[0008] (c) Generate a restored private key from t such private key fragments.

[0009] (d) Use the restored private key to initiate a transfer transaction to transfer the digital asset to a preset blockchain node.

[0010] The advantage of this invention is that it enables the recovery of the private key through the private key fragments, and allows for the smooth transfer of digital assets when the private key is lost. Simple Explanation of the Diagram

[0011] Other features and effects of the present invention will be clearly presented in the embodiments with reference to the drawings, wherein: Figure 1 is a block diagram illustrating an embodiment of the bequest execution method for digital assets according to the present invention; Figure 2 is a flowchart of a pre-process of this embodiment; and Figure 3 is a flowchart of a transfer procedure in this embodiment. Implementation

[0012] Referring to Figure 1, an embodiment of the bequest execution method for digital asset C of the present invention is used to transfer a digital asset C corresponding to a private key S, and is implemented by a blockchain network 1 connected to a communication network (not shown).

[0013] In this embodiment, the communication network is configured as a wireless network using Wireless Local Area Network (WLAN) technology.

[0014] The blockchain network 1 includes several blockchain nodes 11 interconnected via the communication network. In this embodiment, each blockchain node 11 is configured as a computer, smartphone, laptop, desktop computer, or other device capable of inputting or outputting data and information.

[0015] In this embodiment, the blockchain nodes 11 belong to several users. These users are configured as: a testator who owns the digital asset C and the private key S; a deployer of a smart contract on the blockchain network 1; a beneficiary who inherits the digital asset C; and a third-party group. This third-party group includes triggerers and sharers. Each user's identity is not limited to one; for example, a deployer can also be a testator, and a triggerer can also be a sharer. However, a testator cannot be a beneficiary.

[0016] It is worth noting that the main technical feature of this invention lies in the method of bequeathing digital assets C; blockchain technology is not the focus of this invention. Since those skilled in the art can deduce further details from the above description, they will not be elaborated upon further.

[0017] An embodiment of the bequest execution method for digital assets of the present invention executes a pre-process and a transfer process through the smart contract.

[0018] It is worth noting that this smart contract is a type of computer code that can automatically execute contract terms according to preset rules and conditions. In this embodiment, in addition to writing the code to execute the pre-process and the transfer process, the smart contract further includes the following information: the wallet address of the corresponding beneficiary, the wallet address of the corresponding beneficiary, the asset share of the corresponding beneficiary, the wallet address of the corresponding triggerer, and the wallet address of the corresponding sharer.

[0019] Referring to Figures 1 and 2, the pre-procedure includes the following steps:

[0020] Step S01: Send a request for private key information M1 to the blockchain node 11 of the corresponding bequest.

[0021] Step S02: Receive the private key S returned by the blockchain node 11 of the corresponding bequeather.

[0022] Step S03: Decompose the private key S using an algorithm to obtain n private key fragments S'.

[0023] In this embodiment, the algorithm is configured to compute the constant term in a polynomial of power (t-1) using t ordered pairs. The polynomial of power (t-1) is, for example: y = a1xt-1 + a2xt-2 + ... + at-1x + constant. The private key S is configured as the constant term of the polynomial. The private key fragments S' are configured as ordered pairs of the polynomial. Thus, a restored private key K identical to the private key S can be generated based on t of these private key fragments S' using the Lagrange interpolation formula. It is worth noting that each private key fragment S' can be signed using the private key S to verify the legitimacy of the source of the private key fragment S'. This algorithm can utilize secret sharing cryptographic techniques such as Shamir, Mignotte, and Asmuth-Bloom to divide the private key S into multiple private key fragments S'. Only when a certain number of private key fragments S' are reached can the private key S be reconstructed.

[0024] Step S04: Transmit n private key fragments S' to the corresponding blockchain node 11 of the sharer. Each private key fragment S' corresponds to its respective sharer and is stored in its respective blockchain node 11.

[0025] For example, if n=5, the number of sharers is also 5.

[0026] Referring to Figures 1 and 3, the transfer procedure includes the following steps:

[0027] Step S05: Determine whether a trigger condition is met. If yes, proceed to the next step; otherwise, continue to determine the condition.

[0028] In this embodiment, the triggering condition is configured to receive a triggering message M2. The triggering message M2 comes from the blockchain node 11 of the corresponding triggerer. For example, the triggerer can reach an agreement with the testator to send the triggering message M2 to the blockchain network 1 through the corresponding blockchain node 11 when the testator passes away.

[0029] In other variations of this embodiment, it can also be configured to meet a predetermined date, or to have elapsed a preset number of days from the date the smart contract is deployed.

[0030] Step S06: Send a request for restoration information M3 to the blockchain node 11 of the corresponding sharer.

[0031] Thereby, taking the trigger condition that the trigger information M2 is received as an example, after receiving the trigger information M2, the smart contract will send the recovery request information M3 to the blockchain node 11 of the corresponding sharer. Taking the preset date configured as January 1, 2060 as an example, on January 1, 2060, the smart contract will actively send the recovery request information M3 to the blockchain node 11 of the corresponding sharer. Taking the preset number of days being 3650 days and the deployment date of the smart contract being January 1, 2020 as an example, on January 1, 2030, the smart contract will actively send the recovery request information M3 to the blockchain node 11 of the corresponding sharer.

[0032] Step S07: receiving t private key fragments S' related to the private key S from the blockchain nodes 11 of corresponding sharers.

[0033] In this embodiment, the t private key fragments S' are configured as part or all of the n private key fragments S', and 1<t≤n. When n=5, t is configured as 5, 4, 3, or 2.

[0034] Step S08: generating a recovered private key K according to the t private key fragments S'.

[0035] The recovered private key K is also calculated by the algorithm. In this embodiment, the recovered private key K is configured as the constant term of a (t-1)-th degree polynomial. Thereby, when the number of the private key fragments S' is greater than or equal to t, the recovered private key K can be solved by Lagrange interpolation.

[0036] Step S09: initiating a transfer transaction using the recovered private key K, for transferring the digital asset C to the blockchain node 11 of the corresponding beneficiary.

[0037] Thereby, when the transfer transaction is broadcast to the blockchain network 1, it will be verified and confirmed by miners or validators. When the transfer transaction is confirmed, the blockchain node 11 of the corresponding beneficiary will receive the digital asset C.

[0038] It is worth noting that this pre-processing is not limited to being executed by the smart contract. In other variations of this embodiment, n private key fragments S' can be calculated in advance by other devices capable of inputting or outputting data and information, and then transmitted to all sharing participants' computers, smartphones, laptops, desktop computers, or other devices capable of inputting or outputting data and information. In this way, the smart contract only needs to execute the transfer procedure. Similarly, each private key fragment S' can be signed using the private key S to verify the legitimacy of the source of the private key fragment S'.

[0039] Based on the above explanation, the advantages of the aforementioned embodiments can be summarized as follows:

[0040] 1. The present invention enables the smooth transfer of digital asset C to the beneficiary when the digital asset C becomes an estate and the private key S is lost, through the mechanism that the private key fragment S' can restore the private key S, while maintaining the immutability and ensuring that the transaction records are transparent and secure.

[0041] 2. Furthermore, since the triggerer or sharer does not know each other's identities and cannot confirm the number of sharers, they cannot generate the recovery private key K on their own to ensure the security and correctness of the transfer of the digital asset C.

[0042] 3. Importantly, this invention can still generate the restored private key K even when t is less than n. Therefore, even when not every sharer can send back their private key fragment S', for example, when one sharer passes away, the digital asset C can still be successfully transferred to the beneficiary, effectively solving the technical problem that the digital asset C cannot be bequeathed.

[0043] However, the above description is merely an embodiment of the present invention and should not be construed as limiting the scope of the present invention. Any simple equivalent changes and modifications made in accordance with the scope of the patent application and the contents of the patent specification shall still fall within the scope of the patent of the present invention.

[0044] 1: Blockchain Network 11: Blockchain Node M1: Request private key information M2: Trigger Information M3: Request for recovery information C: Digital Assets S: Private Key S': Private key fragment K: Restore Private Key S01~S09: Steps

Claims

1. A method for entrusting and executing a digital asset, for transferring a digital asset corresponding to a private key, and implemented via a blockchain network comprising a plurality of blockchain nodes interconnected via a communication network, the method for entrusting and executing the digital asset through a smart contract deployed on the blockchain network executing the following steps: (a) upon fulfillment of a triggering condition, sending a request for restoration information to the blockchain nodes corresponding to a third-party group; (b) receiving t private key fragments from the blockchain nodes corresponding to the third-party group and related to the private key, wherein the t private key fragments are part or all of n private key fragments, and 1 < t ≦ n; (c) A restored private key is generated from t such private key fragments, the restored private key being configured to be computed by an algorithm, the algorithm being configured to compute a polynomial of power (t-1) using t ordered pairs, the such private key fragments being configured as the such ordered pairs of the polynomial, and the restored private key being configured as the constant term of the polynomial; and (d) a transfer transaction is initiated using the restored private key to transfer the digital asset to the preset blockchain node.

2. The method for enacting a bequest of digital assets as described in claim 1, wherein, The trigger condition is configured to be met on a predetermined date, or after a preset number of days since the smart contract was deployed.

3. The method for enacting a bequest of digital assets as described in claim 1, wherein, The trigger condition is configured to receive a trigger message from the blockchain nodes corresponding to the third-party group.

4. The method for enacting a bequest of digital assets as described in claim 1, wherein, In step (b), each of the blockchain nodes corresponding to the third-party group is used to share its own private key fragment.

5. The bequest execution method for digital assets as described in claim 1 further includes the following steps prior to step (a): (e) receiving the private key; (f) disassembling the private key using an algorithm to obtain n private key fragments, wherein t of the n private key fragments are used to generate the restored private key; and (g) transmitting the n private key fragments to the third-party group.

6. The method for enacting a bequest of digital assets as described in claim 5, wherein, Each of the private key fragments in step (f) is signed using the private key.

7. The method for enacting a bequest of digital assets as described in claim 1, wherein, The private key fragments in step (b) are configured to be pre-decomposed from the private key using an algorithm before the smart contract is executed.

8. A method for enacting a bequest of digital assets as described in claim 1, wherein, t < n.

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