Blockchain Token Minting With Physical Device Key Segmentation
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Solution Overview
Problem
Existing blockchain-based systems for managing digital tokens lack robust security measures, allowing malicious users to access and replicate assets due to compromised encryption keys, thereby breaking the link between digital tokens and their underlying assets.
Innovation Solution
Generate and maintain digital tokens using multiple encryption keys, where metadata and asset location are encrypted with different keys, requiring multiple keys to decrypt the token, thereby increasing computational complexity and security.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a single encryption key is used to secure digital tokens, then the system is easier to operate and implement, but the security is compromised allowing malicious users to access and replicate assets
Solution Approach 1:
The patent segments the encryption key into multiple parts (first key component, second key component, third key component) that are distributed across different physical devices. Each device holds a portion of the key, and all portions are required to decrypt the digital token, thereby enhancing security without requiring a single complex key management system
Solution Approach 2:
The patent implements a nested structure where the digital token is encrypted with a composite key that itself is derived from multiple individual key components stored in nested hierarchical levels across different devices. The encryption layers are nested such that each layer requires a specific key component to access the next layer
2Reliability
If multiple encryption keys are used to secure digital tokens, then security is enhanced making it computationally impractical for malicious users to access tokens, but the system complexity increases
Solution Approach 1:
The system automatically manages the distribution and combination of multiple key components across different physical devices without requiring manual intervention. The decryption process is automated, where the system itself retrieves and combines the key components from the respective devices, making the operation as easy as accessing a single key while maintaining enhanced security
Solution Approach 2:
The patent introduces an intermediary mechanism (the distributed key management system) that mediates between the user and the multiple encryption keys. This intermediary automatically handles the coordination of key components from different devices, combining them seamlessly during decryption operations, thereby simplifying the user experience while maintaining the security benefits of multiple keys
Data Source
AI summary
Certain aspects of the present disclosure provide techniques for generating digital tokens associated with an asset on a blockchain. An example method generally includes receiving a request to create a digital token corresponding to an asset. A first private key is received. This first private key may be associated with a wallet in which the digital token is to be stored. A second private key is received from a physical device associated with an owner of the asset. An address of the asset is encrypted with a public key associated with the second private key. Metadata associated with the digital token is encrypted with a public key associated with the first private key. The digital token is minted on a blockchain based on the encrypted address of the asset and the encrypted metadata.