Blockchain Transaction Privacy via Virtual Wallet Segmentation
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Solution Overview
Problem
Existing blockchain technologies lack effective privacy protection for transaction data, as current encryption algorithms are vulnerable and do not adequately safeguard transaction information, allowing unauthorized access to transaction details and account addresses.
Innovation Solution
The method employs a blockchain management node device to split a total transaction amount into multiple virtual wallets, using smart contract virtual wallet generators to create transaction sequence numbers and virtual wallet addresses, ensuring that only the virtual wallet addresses are exposed, thereby protecting the privacy of both parties involved in the transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If encryption algorithms are used to protect transaction data, then security and privacy are improved, but the encryption algorithms are easy to crack and provide low-level security
Solution Approach 1:
The patent segments the transaction amount into multiple virtual wallet addresses, distributing the security burden across multiple entities rather than relying on a single encryption mechanism. Each virtual wallet holds a portion of the total amount, making individual compromise less impactful.
Solution Approach 2:
The patent introduces a smart contract virtual wallet generator as an intermediary that creates and manages virtual wallet addresses. This intermediary layer abstracts the complex security requirements from the transaction participants, providing secure privacy protection without requiring them to implement sophisticated encryption themselves.
2Reliability
If all transaction data is uploaded to the blockchain to ensure genuineness and unalterability, then transaction authenticity is improved, but any blockchain node can obtain transaction data and account addresses
Solution Approach 1:
The patent extracts the actual account address information from the publicly visible transaction data on the blockchain. By using virtual wallet addresses as intermediaries, the real account addresses are separated from the public transaction record, allowing authenticity verification without exposing private information.
Solution Approach 2:
The patent applies different visibility qualities to different parts of the transaction data. The virtual wallet addresses are visible on the blockchain for authenticity verification, while the mapping to real account addresses remains private and accessible only to authorized parties through the smart contract system.
Data Source
AI summary
A blockchain transaction privacy protection method includes receiving a transaction request sent by a receiving node device, the request including a plurality of receiving accounts and a total amount receivable, and sending a plurality of transaction sequence numbers and a virtual wallet address corresponding to each of the plurality of transaction sequence numbers to the receiving node device, thereby making the receiving node device send a total amount receivable, the plurality of transaction sequence numbers, and the virtual wallet address corresponding to the plurality of transaction sequence numbers to a granting node device. A total amount receivable and the plurality of transaction sequence numbers sent by the granting node device are received. A transaction amount to each receiving account of the receiving node device according to the total amount receivable and the plurality of transaction sequence numbers are transferred, protecting the amount of the transaction and the parties.