Anonymous Blockchain Transaction System Using Hash Mediation
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Solution Overview
Problem
Existing methods for enabling anonymous transactions require a third party, which compromises privacy and trust, as the entity must reveal their identity and transaction details to the third party.
Innovation Solution
A system using a processing server as a go-between, where entities involved in a transaction provide hash values that are publicly posted, ensuring anonymity by changing with each transaction, thus preventing identification of transaction volume or party involvement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a third party is used to enable anonymous transactions, then transaction anonymity is achieved, but privacy and trust are compromised as the entity must reveal their identity and transaction details to the third party
Solution Approach 1:
The patent uses a third party processing server as an intermediary that facilitates anonymous transactions without requiring entities to reveal their identities. The server receives transaction requests, generates hash values, and posts them to a blockchain, acting as a mediator that enables anonymity while maintaining system reliability through public verification.
Solution Approach 2:
The patent transforms transaction data into hash values that change with each transaction. By applying hashing algorithms to transaction data and combining them with entity-specific secret values, the system creates dynamically changing identifiers that prevent identification of transaction volume or party involvement, thus resolving the contradiction between anonymity and trust.
2Reliability
If transaction details are posted publicly to ensure accountability, then trust and accountability are improved, but anonymity is compromised as transaction volume and party involvement become identifiable
Solution Approach 1:
The patent creates a copy of transaction data in the form of hash values that can be publicly verified without revealing actual transaction details. The hash values serve as a public record that ensures accountability while the underlying transaction data remains anonymous, as only the entities involved can identify their transactions through the hash values.
Solution Approach 2:
The system transforms public transaction details into hashed parameters that maintain accountability through verification while preventing identification of transaction volume or party involvement. The hash values change with each transaction and cannot be reversed to reveal original data, thus maintaining both accountability and anonymity.
3Reliability
If entity identifiers are made viewable on blockchain to ensure transparency, then accountability is improved, but the ability to track individual transactions and volume information is enhanced
Solution Approach 1:
The processing server acts as an intermediary that replaces direct entity identifiers with hash values on the blockchain. This mediator function allows transparency through public verification of transactions while preventing the ability to track individual transactions or volume information by entity identity, as the hash values do not directly reveal party involvement.
Data Source
AI summary
A method for posting of anonymous directed transaction includes: storing a plurality of entity profiles, each including an entity identifier and a secret value; receiving a transaction request from a first entity, the request including transaction data and a specific entity identifier associated with a second entity; identifying a specific entity profile that includes the specific entity identifier; generating a first hash value via application of one or more hashing algorithms to the transaction data; generating a second hash value via application of one of more hashing algorithms to a combination of the first hash value and the secret value included in the identified specific entity profile; and posting the first hash value and second hash value to a publicly accessible data source.