Blockchain Wallet Authority Transfer with Smart Inheritance Rules
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Solution Overview
Problem
Existing blockchain systems lack a secure mechanism to transfer authority and ownership of a wallet and associated assets in case of loss, theft, or fraudulent access, due to the anonymous nature of transactions and the inability to prove ownership.
Innovation Solution
A smart inheritance wallet system using smart contracts with predefined rules to monitor user activity and automatically transfer authority to designated beneficiaries upon triggering specific conditions, such as excessive login attempts or inactivity, ensuring secure and automated asset transfer.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain transactions operate anonymously with cryptographic currency transferred between wallets, then transaction transparency and decentralization are improved, but the ability to prove ownership and recover lost/stolen wallets deteriorates
Solution Approach 1:
The patent introduces a recovery agent as an intermediary between the wallet owner and the blockchain network. This recovery agent holds a cryptographic key that can authorize transactions, serving as a mediator to enable wallet recovery without compromising the anonymous nature of blockchain transactions. The recovery agent acts as a trusted third party that can intervene when the original owner loses access to their wallet.
Solution Approach 2:
The patent implements preliminary action by pre-configuring recovery agents and their authorization thresholds before any loss or theft occurs. The wallet owner designates recovery agents and sets the number of required signatures in advance, creating a predetermined recovery mechanism that activates automatically when needed, rather than attempting recovery after the fact.
2Reliability
If wallet access is controlled by possession of electronic credentials, then security and anonymity are improved, but the ability to transfer authority to beneficiaries in case of loss or theft deteriorates
Solution Approach 1:
The patent segments the authority over the wallet by dividing control among multiple recovery agents rather than concentrating it in a single credential. The wallet requires a threshold number of signatures from different recovery agents to authorize transactions, breaking the monolithic access control into distributed segments that can independently verify and authorize transfers to beneficiaries.
Solution Approach 2:
The patent implements dynamic authority transfer by allowing the wallet owner to designate different beneficiaries and adjust authorization thresholds based on changing circumstances. The system can adapt to different scenarios such as partial loss, complete loss, or suspected theft by dynamically adjusting which recovery agents are needed and what thresholds must be met, making the security model flexible rather than static.
3Reliability
If smart contracts monitor user activity and trigger automatic transfer conditions, then automated protection against fraud and loss is improved, but system complexity increases
Solution Approach 1:
The patent applies universality by designing a smart contract system that handles multiple functions within a single framework: monitoring user activity, detecting fraud patterns, managing recovery agent authorization, and executing beneficiary transfers. This multi-functional approach consolidates what could be separate complex systems into one unified smart contract that performs all protective functions, reducing overall system complexity while maintaining comprehensive protection.
Data Source
AI summary
A method for transferring authority of a blockchain wallet to a beneficiary includes storing a user blockchain account profile including a user blockchain wallet including a user private key and a user public key, user authentication preferences defining access to the user blockchain account profile, and one or more smart contracts defining one or more rules for the transfer of authority of the user blockchain wallet to one or more designated third-parties, monitoring user blockchain account activity, identifying a user blockchain account action that triggers at least one of the one or more rules, and transferring authority of the user blockchain account to at least one of the one or more designated third-parties based on the at least one triggered rule.