Autonomous Device Transaction Security via Hash Chains
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Solution Overview
Problem
There is a growing need for technologies that enable autonomous devices to engage in secure transactions, including verifying identities and preventing fraudulent activities, especially in the context of the Internet of Things (IoT).
Innovation Solution
The implementation of a digital asset transaction system that utilizes hash chains and asymmetric key pairs for authentication. Autonomous devices generate and transmit hash values and signed electronic transaction requests, which are verified by a digital asset transaction computer system to ensure authenticity and authorization.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If autonomous devices engage in transactions using traditional authentication methods, then transaction speed is improved, but security against fraudulent activities deteriorates
Solution Approach 1:
The authentication process is segmented into multiple independent components: device identity verification, owner authorization verification, and transaction validation. Each component operates independently and contributes to the overall security, allowing parallel processing that maintains speed while enhancing security through multiple verification layers
Solution Approach 2:
A digital asset transaction computer system acts as an intermediary between autonomous devices and transaction counterparts. This mediator verifies device identities, validates authorization, and confirms transactions, providing security without requiring direct complex interactions between devices, thus maintaining transaction speed
2Reliability
If identity verification processes are implemented for autonomous devices, then security against unauthorized transactions is improved, but system complexity deteriorates
Solution Approach 1:
Device identities and owner authorizations are verified in advance before transactions occur. The system pre-establishes trusted device identities and authorization relationships, so that during actual transactions, verification is streamlined and does not add significant complexity to the transaction process
Solution Approach 2:
The system uses digital copies of identity information and authorization data stored in the digital asset transaction computer system. Instead of requiring physical verification or complex real-time authentication protocols, the system verifies transactions by comparing digital copies of pre-verified identity and authorization data
Data Source
AI summary
Autonomous devices and systems, methods, and program products for authorizing and performing autonomous devices transactions are disclosed. An autonomous device can be configured to generate a first hash value of a chain of hash values by applying a hash algorithm to first data including first new data and a first previous hash value of the chain of hash values, the first previous hash value computed by applying the hash algorithm to first previous data. The device can transmit to a transaction computer system the first hash value and the first new data. The device can generate and transmit to the transaction computer system a first signed electronic transaction request comprising first transaction data comprising a sending account identifier associated with the autonomous device, a destination account identifier, a transaction amount, and a timestamp. The device can digitally sign the transaction request using a private key of an asymmetric key pair.