Blockchain Token Validation Using Authorization History Checks
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Solution Overview
Problem
Existing blockchain systems lack effective methods for validating tokens that have not been electronically countersigned by an authorized signatory, leading to potential security vulnerabilities and inefficiencies in token transfers.
Innovation Solution
A computer-implemented method and system that verifies the authenticity of blockchain transactions involving tokens by querying a peer-to-peer distributed ledger and a title registry database to trace the authorization history of the token, ensuring that it has been signed by an authorized signatory, and maintaining a title registry database for recording token transfers.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If blockchain validation only checks basic transaction scripts without authorized signatory verification, then transaction processing speed is improved, but security and reliability of token validation deteriorates
Solution Approach 1:
The system performs preliminary verification by checking whether a token has been previously authorized by an authorized signatory before processing the transaction. This is done by querying the blockchain for the existence of an authorized transaction record associated with the token. This preliminary action ensures that only authorized tokens are processed, maintaining security while allowing efficient validation through a straightforward existence check.
Solution Approach 2:
The patent introduces an intermediary verification mechanism where the blockchain itself serves as the mediator that stores and provides authorization records. Instead of requiring complex multi-party verification, the system uses the blockchain's inherent structure to mediate between the token holder and the validation process, simplifying the verification workflow while maintaining high security standards.
2Reliability
If the system queries blockchain for authorized transactions to validate tokens, then token authentication security is improved, but validation time and processing complexity increases
Solution Approach 1:
The system creates a conceptual copy of the authorization verification process by checking for the existence of an authorized transaction record rather than fully re-validating the entire token history. This copying approach allows the system to verify authentication security through a simplified existence check of the authorization record, reducing validation time while maintaining security.
Solution Approach 2:
The patent extracts the essential authorization verification function from the complex token validation process. By separating the authorization check (querying for authorized transaction existence) from the full transaction validation, the system can perform security verification independently and efficiently, reducing the time required for overall validation while maintaining high security standards.
3Reliability
If blockchain validates all transactions through full script execution, then transaction validity is ensured, but computational resources and processing time increase
Solution Approach 1:
The system extracts the authorization verification function from the full transaction validation process. Instead of executing all scripts for every transaction, the system first checks whether the token has been authorized by querying the blockchain for an authorized transaction record. This extraction allows the system to perform validity checks with reduced computational resources by focusing only on the essential authorization aspect.
Solution Approach 2:
The patent applies partial validation by checking only the necessary authorization condition (existence of authorized transaction record) rather than performing complete script execution for all transactions. This partial action approach ensures transaction validity for authorized tokens while significantly reducing the computational resources required compared to full validation of every transaction detail.
Data Source
AI summary
A first token associated with a first set of metadata and a first quantity of an asset is minted. A condition for triggering a process to duplicate the first token is determined to have been fulfilled. A second token that duplicates the first token is minted by at least causing a token minting transaction to be recorded to a peer-to-peer distributed ledger, wherein the token minting transaction associates a second set of metadata with the second token with the second set of metadata matching the first set of metadata, allocates the first quantity of the asset to the second token, and indicates that the first quantity of the asset has been transferred to the second token and that the first token is no longer valid. Aa identifier for the second token is provided, where the identifier is usable to determine that the second token is valid.