Blockchain Transaction Time-Lock via Puzzle Encryption
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Solution Overview
Problem
Existing blockchain transaction systems lack the ability to create transactions that can only be spent after a specific amount of time while remaining hidden from users and being stored in an immutable way on the blockchain.
Innovation Solution
The method involves computing a solution to a time-lock puzzle using secret puzzle parameters, generating a transaction encryption key, encrypting the blockchain transaction with this key, and then encrypting the transaction encryption key using the solution to the time-lock puzzle, ensuring the transaction can only be decrypted after a specific time.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a transaction is made immutable and stored on the blockchain, then the transaction is publicly visible and cannot be hidden, but the ability to keep the transaction hidden until a specific time is lost
Solution Approach 1:
The patent extracts the transaction data from public view by encrypting it with a time-lock mechanism. The encrypted transaction is stored on the blockchain, but the actual plaintext content remains hidden until the time-lock is solved, at which point the transaction can be revealed and made immutable. This separates the storage function from the visibility function.
Solution Approach 2:
The patent applies preliminary encryption to the transaction before it is stored on the blockchain. The transaction is encrypted with a time-lock puzzle, and only after the puzzle is solved (which takes a predetermined amount of time) can the transaction be decrypted and made visible. This preliminary action ensures the transaction remains hidden during the locking period while still being stored immutably.
2Speed
If a transaction can be spent immediately, then transaction speed is high, but the ability to enforce a minimum time delay is lost
Solution Approach 1:
The patent changes the parameter of transaction accessibility by introducing a time-lock duration parameter. The transaction is encrypted with a puzzle that requires a predetermined amount of time to solve, effectively controlling the duration before the transaction can be spent. Once solved, the transaction can be spent at normal speed, thus allowing flexible control over the time delay while maintaining high spending speed after the lock period.
3Ease of operation
If transaction encryption keys are stored publicly on the blockchain, then verification is easy, but security is compromised as anyone can decrypt the transaction
Solution Approach 1:
The patent introduces a time-lock puzzle as an intermediary between the encrypted transaction and the decryption key. The puzzle parameters are stored publicly on the blockchain, allowing anyone to verify the encryption, but the actual decryption requires solving the puzzle which takes a predetermined amount of time. This intermediary mechanism maintains verification ease while ensuring security during the locking period.
Data Source
AI summary
A computer implemented method for time-locking a blockchain transaction. The method comprises computing a solution to a time-lock puzzle using a set of secret puzzle parameters. The time-lock puzzle is solvable using a set of puzzle parameter in a time equal to or greater than a minimum solving time. The set of puzzle parameters does not comprise the secret puzzle parameters. The method further comprises generating a transaction encryption key K, encrypting the blockchain transaction using the encryption key K, and encrypting the transaction encryption key K using the solution to the time-lock puzzle.