Blockchain Asset Transfer With Receiver Signature Verification
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Solution Overview
Problem
Current blockchain payment mechanisms lack receiver confirmation, leading to potential errors and losses due to 'fat finger' mistakes, which are not preventable by existing touch screen accuracy improvements or transaction review measures.
Innovation Solution
Incorporate receiver confirmation by redefining the HashType field in Bitcoin transactions to include an additional bit for recipient verification, ensuring that transactions are only confirmed if the receiver's signature is valid.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If receiver confirmation is added to blockchain transactions, then transaction reliability is improved, but transaction complexity increases
Solution Approach 1:
The transaction confirmation process is segmented into distinct phases: sender initiation phase (creating transaction with HashType field) and receiver confirmation phase (signing confirmation transaction). This segmentation allows each party to independently verify and approve the transaction, improving reliability while maintaining manageable complexity through clear separation of duties.
Solution Approach 2:
The receiver's public key and confirmation mechanism are prepared in advance and embedded in the transaction structure before the actual asset transfer occurs. The HashType field is pre-configured with the receiver's public key, so when the receiver signs the confirmation, it automatically validates against the predetermined criteria, reducing the complexity of real-time verification.
2Reliability
If HashType field is redefined to include recipient verification bit, then error prevention capability is improved, but transaction structure complexity increases
Solution Approach 1:
Only a single bit in the HashType field (the 31st bit) is modified to indicate recipient confirmation requirement. This localized modification approach allows the system to add error prevention capability without fundamentally changing the entire transaction structure. The rest of the transaction format remains compatible with existing Bitcoin protocols, minimizing the increase in structural complexity.
Solution Approach 2:
The HashType field's parameter space is extended by utilizing an previously unused bit position (31st bit). This parameter change allows the system to encode additional verification requirements without increasing the overall field size or requiring new data structures. The modification is minimal yet sufficient to enable the confirmation mechanism.
3Reliability
If additional signature verification is required, then fault tolerance is improved, but processing time increases
Solution Approach 1:
The receiver's public key is embedded in the transaction structure in advance, and the verification criteria are pre-established through the HashType field configuration. When the receiver signs the confirmation, nodes can quickly verify against the pre-stored public key without needing to perform complex real-time negotiations or lookups, minimizing the time penalty for added verification.
Solution Approach 2:
The confirmation mechanism reuses existing cryptographic primitives (digital signatures and public key verification) that are already widely implemented in Bitcoin infrastructure. By copying and adapting the existing signature verification process rather than inventing a new verification mechanism, the system achieves enhanced fault tolerance with minimal additional processing overhead, leveraging proven efficient algorithms.
Data Source
AI summary
A fault-tolerant asset transferring method is provided to prevent financial losses caused by human errors, specifically unintentional mistakes made by the payer. The system introduces a new definition for blockchain transaction parameters, allowing for multi-input transactions. Each payment transaction includes the payee's signature for confirmation and the payer's signature. In addition, a system is designed to handle multi-input asset transfer transactions which incorporate the payer's confirmation. Upon reaching an agreement on the transaction content, each participant generates an independent off-chain signature on the transaction's content. In the event that participants generate a signature on the erroneous content of a transaction, the transaction will be accepted in the blockchain with very low probability due to transaction validation.