Blockchain Transaction Notification Addresses for Anonymous Asset Transfers
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Solution Overview
Problem
Current blockchain systems require a separate off-chain database to maintain public key information for asset ownership, leading to inefficiencies and the risk of databases becoming out of sync, and lack a mechanism for secure, automated transfer of assets and payments without revealing the identity of real-world parties.
Innovation Solution
A method and system that embeds notification addresses within blockchain transactions, allowing automated determination of asset ownership and secure, anonymous communication, eliminating the need for a separate database by using blockchain transactions to record and control asset transfers and payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a separate off-chain database is used to maintain public key information for asset ownership, then the blockchain system can store and process transaction data, but the database becomes inefficient and risks becoming out of sync with the blockchain
Solution Approach 1:
The patent merges the public key information storage directly into the blockchain transaction structure by embedding notification addresses within the transaction outputs. This eliminates the separate off-chain database and ensures that all ownership information is consistently stored and synchronized within the blockchain itself, resolving the synchronization issue while reducing system complexity.
2Quantity of substance
If public key information is stored in a separate database, then asset ownership can be tracked, but storage inefficiencies and privacy risks increase
Solution Approach 1:
By combining the notification address storage with the transaction output structure, the patent eliminates redundant storage of public key information in separate databases. This reduces overall storage requirements and prevents privacy leaks that could occur through database breaches, while maintaining the ability to track asset ownership through the blockchain transaction history.
Solution Approach 2:
The notification address embedded in the transaction output serves as an intermediary that enables communication with asset owners without exposing their actual identities. This intermediary mechanism allows the system to track ownership and send notifications while preserving the privacy of real-world parties, as the notification address does not directly reveal identity information.
3Extent of automation
If notification addresses are embedded within blockchain transactions, then automated asset transfers can be performed securely, but the transaction structure becomes more complex
Solution Approach 1:
The patent makes the transaction output structure multi-functional by embedding the notification address within the same structure that stores asset ownership information. This allows the transaction to simultaneously serve as both an asset transfer record and a communication address registry, enabling automated asset transfers without requiring separate notification mechanisms, thus reducing overall system complexity despite the enhanced functionality.
Data Source
AI summary
A method may comprise the sending of an electronic notification to a notification address which is provided as metadata within an unlocking script of an input of a transaction (Tx1) on a blockchain. The unlocking script is provided in order to spend an output from a further transaction (Tx2) on the blockchain. The input of the transaction (Tx1) and/or the output of the further transaction (Tx2) may be associated with a tokenised asset represented on, or referenced via, the blockchain. The notification address may be associated with an asset or resource represented on the blockchain, or a controller of an asset or resource represented on the blockchain. The notification address may be a network address, a cryptographic key, a uniform resource locator (URI), email address or another address or identifier which can be represented in the metadata of a transaction script and used as a destination for an electronic communication.