Blockchain Resource Transfer Privacy Protection via Encryption
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Blockchain technology poses a risk to privacy information during resource and capital transfers, as all transaction information must be recorded on a blockchain, potentially exposing sensitive information about both the transferor and transferee.
Innovation Solution
A method that determines a first amount of a resource, converts it into a second amount of a different resource type using encryption and one-way functions, and initiates a transaction request on a blockchain with encrypted information, ensuring privacy by hiding the actual transaction amount.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain technology is applied to record transaction information, then transparency and trustworthiness are improved, but privacy information of transferor and transferee is exposed
Solution Approach 1:
The patent segments transaction information into two parts: public verification data (transaction hash, block number, timestamp) that is recorded on the blockchain, and private sensitive data (transaction amount, account balances, identity information) that is encrypted and stored separately. This segmentation allows the system to maintain blockchain transparency for verification purposes while protecting privacy-sensitive information from public exposure.
Solution Approach 2:
The patent introduces encryption algorithms as an intermediary layer between the transaction data and the blockchain storage. Sensitive information is transformed through cryptographic functions (such as hash functions or symmetric encryption) before being stored on the blockchain, making it unreadable to unauthorized parties while still allowing verification through the encryption mechanism.
2Stability of the object's composition
If all transaction information is recorded on blockchain for verification, then data integrity is improved, but information security deteriorates
Solution Approach 1:
The patent divides transaction information into integrity-verification components (transaction hash, block reference, timestamp) that are stored on the immutable blockchain, and security-sensitive components (amount, balances, identities) that are encrypted and protected. This segmentation maintains data integrity through blockchain's immutable structure while protecting sensitive information through encryption.
Solution Approach 2:
The patent transforms sensitive information parameters (transaction amount, account balances) by applying cryptographic encryption functions, changing them from readable plaintext to encrypted ciphertext. This parameter transformation maintains the ability to verify transaction integrity while rendering the actual values inaccessible to unauthorized parties.
Data Source
AI summary
A blockchain-based resource transfer method, includes: when a resource transfer condition is satisfied, determining a first amount of a to-be-transferred first resource; determining a second amount of a to-be-transferred second resource according to the first amount of the first resource, wherein a type of the first resource is different from a type of the second resource; initiating, by a resource transferor, a transaction request to a blockchain, to transfer the to-be-transferred second resource to a resource transferee, wherein the transaction request comprises first encrypted amount information obtained by encrypting the second amount of the second resource based on a first encrypting function, wherein inputs of the first encrypting function include the second amount of the second resource and a public key of the resource transferee; and after the blockchain verifies the transaction request, executing the transaction request, transferring the to-be-transferred second resource to the resource transferee, and recording an execution result of the transfer on the blockchain. Therefore, privacy information of both a resource transferor and transferee can be protected during resource transfer.