Blockchain User Account Smart Contract Ownership Transfer
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Solution Overview
Problem
In blockchain-based operations, managing user accounts securely and efficiently becomes challenging when transferring private keys between organizations or users, leading to security risks and inefficiencies.
Innovation Solution
Implementing a user-account smart contract that stores an owner field referencing the public encryption key, allowing for secure change of ownership without transferring private keys, using digital signature verification to authorize transactions and manage cryptographic assets.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If private keys are transferred between organizations or users to enable transaction management, then operational flexibility is improved, but security risks increase
Solution Approach 1:
The patent introduces a smart contract as an intermediary between users and third-party organizations. The smart contract holds the private key and executes transactions on behalf of the user without requiring direct transfer of the private key. This mediator enables operational flexibility while maintaining security by keeping the private key isolated in the smart contract's controlled environment.
Solution Approach 2:
The patent creates a copy of the private key within the smart contract's controlled environment rather than transferring the actual private key between organizations. The smart contract contains a copy of the private key that can be used for transactions, allowing operational flexibility without exposing the original private key to multiple parties.
2Productivity
If private keys are transferred to enable third-party transaction management, then operational efficiency is improved, but security vulnerabilities increase
Solution Approach 1:
The smart contract acts as a secure intermediary that enables third-party organizations to manage transactions efficiently without receiving or storing the user's private key. The smart contract executes transactions on behalf of the user, providing operational efficiency while eliminating the security vulnerability of private key transfer.
Solution Approach 2:
The patent replaces the mechanical system of private key transfer with a cryptographic system based on public key infrastructure and smart contract execution. Instead of transferring private keys for operational efficiency, the system uses public key verification and smart contract logic to enable efficient third-party transaction management securely.
3Device complexity
If traditional address-based user accounts are used, then system simplicity is maintained, but user management capability is limited
Solution Approach 1:
The patent transforms the simple address-based account into a multi-functional smart contract that can perform various user management operations including ownership transfer, asset management, and third-party transaction authorization. The smart contract maintains the simplicity of being address-based while adding universal user management capabilities through its programmable functionality.
Data Source
AI summary
Systems and methods are provided for generating a blockchain smart contract for managing user accounts and electronic wallets storing cryptocurrency. The described system includes determining a public encryption key associated with a third-party organization configured to manage blockchain transactions on behalf of a first user account, generating a first transaction data structure having a destination address field that specifies a user-account smart contract module published to a distributed ledger, wherein the first transaction data structure is configured to invoke change ownership functionality of the user-account smart contract module using the determined public encryption key associated with the third-party organization, and publishing the first transaction data structure to the distributed ledger maintained by the blockchain network of nodes.