Blockchain Transaction Security via Multi-Signature Interim Blocks
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Solution Overview
Problem
In blockchain networks with a small number of ledger servers, the risk of hostile takeover, or '51% attack,' is significantly higher due to the increased vulnerability of security compared to larger networks.
Innovation Solution
A method and system for securing transactions in a blockchain network by digitally signing interim blocks with multiple information handling devices using private keys and verifying these signatures across a predetermined number of nodes before adding new transaction blocks to the ledger, utilizing algorithms like Digital Signature Algorithm (DSA) or Elliptic Curve DSA (ECDSA), to enhance security and prevent hostile takeovers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multiple digital signatures are required for transaction validation, then security against hostile takeover is improved, but transaction processing complexity increases
Solution Approach 1:
The validation process is segmented into distinct phases: transaction proposal, interim block generation with first digital signature, consensus voting with second digital signature, and final block creation. This segmentation allows multiple security checks to be performed while maintaining clear procedural boundaries and reducing overall system complexity.
Solution Approach 2:
The first digital signature on the interim block is obtained before the formal consensus voting process. This preliminary security measure ensures that only transactions with initial validation proceed to the more complex consensus phase, reducing the burden on subsequent validation steps.
2Reliability
If multiple information handling devices perform digital signing, then difficulty of tampering increases, but validation time increases
Solution Approach 1:
The validation process uses periodic action by implementing time-based mechanisms in the consensus voting phase. Nodes vote within specified time windows, and the process moves forward in discrete temporal stages, balancing thorough validation with timely transaction confirmation.
Solution Approach 2:
By obtaining the first digital signature beforehand on the interim block, the system performs preliminary validation work that reduces the time burden on subsequent consensus nodes. This preliminary action ensures basic transaction validity before committing resources to full consensus validation.
Data Source
AI summary
A method for securing transaction in a blockchain network and a related system with a blockchain network. The blockchain network has information handling devices operably connected with each other. The information handling devices collectively maintain a blockchain ledger containing one or more transaction blocks with transaction information. The method includes validating a new transaction request to be added to the blockchain ledger. The validation includes digitally signing, at two or more of the information handling devices in the blockchain network, respectively, an interim block associated with the new transaction request, using a HASH value of the interim block and respective private keys of the two or more of the information handling devices. The method also includes verifying the one or more signed interim blocks for determining whether to add to the blockchain ledger a new transaction block containing the validated new transaction request and the at least two digital signatures.