Blockchain Verifiable Credentials for Asset Claims
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Solution Overview
Problem
Current blockchain systems face performance loads and security risks when accessing ledger data for trusted asset claims, as they require frequent querying of peers, which can lead to increased computational strain and expose the ledger to more potential security threats.
Innovation Solution
Implementing a method for blockchain-issued verifiable credentials that allows for portable trusted asset claims by registering verifiable asset credential schemas, issuing commit notifications, and validating credentials, thereby reducing the need for constant ledger access and minimizing security risks through decentralized consensus mechanisms.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If frequent querying of peers is performed to access ledger data for trusted asset claims, then the reliability of asset data verification is improved, but the performance load on blockchain peers and security risks increase
Solution Approach 1:
The system performs preliminary actions by issuing verifiable credentials in advance that contain asset data claims. These credentials are generated offline or beforehand and can be verified without querying the blockchain ledger at the time of verification, thus reducing the performance load on peers while maintaining verification reliability
Solution Approach 2:
The invention creates copies of asset data in the form of verifiable credentials that are distributed to relevant parties. Instead of requiring access to the original ledger data, verification can be performed on these credential copies, which contain the necessary asset claims and can be independently validated
2Measurement precision
If frequent querying of peers is performed to access ledger data, then the accuracy of asset data verification is improved, but the security exposure of the ledger increases
Solution Approach 1:
The system extracts the essential asset data claims from the blockchain ledger and embeds them in verifiable credentials. This extraction allows verification to occur outside the ledger context, reducing security exposure while maintaining verification accuracy through cryptographic proof mechanisms
Solution Approach 2:
Verifiable credentials act as intermediaries between the blockchain ledger and verification systems. Instead of direct queries to the ledger, verification is performed on credentials that mediate the trust relationship, reducing security exposure while maintaining verification accuracy through cryptographic signatures and schema validation
Data Source
AI summary
A processor may register one or more verifiable asset credential schemas. A verifiable asset credential schema may prescribe the format and content of asserting blockchain-backed asset state. The processor may register an issuer policy for the verifiable asset credentials. The issuer policy may be associated with a schema and intended credential holder(s). The processor may subscribe the asset credential issuer to one or more peers on the blockchain. The processor may issue commit notifications to a subscribing asset credential issuer in the form of schema-compliant committing-peer verifiable credentials. The processor may collect the committing-peer verifiable credentials from one or more peers. The processor may validate the committing-peer verifiable credentials satisfy the security policy and schema for a designated intended credential holder. The processor may issue a schema-compliant verifiable asset credential to the policy-designated credential holder(s).