Conditional Encryption for Secure Multilateral Data Exchange
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Solution Overview
Problem
Existing technologies fail to provide a secure and efficient mechanism for mutual data exchange between parties on a distributed ledger, particularly in transactions involving Virtual Asset Service Providers (VASPs), ensuring that sensitive data is only shared upon completion of a qualifying transaction and is protected from unauthorized access.
Innovation Solution
A system that employs secondary encryption of data by a data host platform on a distributed ledger, using authorization tokens with pointers and keys to ensure that data is encrypted and decrypted only upon verification of a transaction, involving a decentralized computer platform with a data host, attestation registry, and regulatory compliance dashboard to manage and secure data exchange.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If data is shared before transaction completion, then data exchange efficiency is improved, but security and unauthorized access risk worsen
Solution Approach 1:
The system performs preliminary encryption of data using the recipient's public key before the transaction is completed. This allows the encrypted data to be prepared and staged for transfer, but the actual decryption and access only occur after transaction verification, thus improving efficiency while maintaining security.
Solution Approach 2:
The patent introduces an intermediary verification mechanism that acts as a mediator between data sharing and transaction completion. The system uses cryptographic verification and conditional decryption logic to ensure data is only accessible after the transaction is validated, resolving the contradiction between early sharing and security.
2Reliability
If secondary encryption is implemented, then data protection is improved, but system complexity worsens
Solution Approach 1:
The patent replaces complex mechanical or procedural security verification systems with cryptographic mechanisms. By using public-key encryption and blockchain-based verification, the system achieves robust data protection through mathematical principles rather than complex procedural controls, reducing operational complexity while maintaining high security.
3Object-affected harmful factors
If data is encrypted and conditionally decrypted, then unauthorized access prevention is improved, but data access speed worsens
Solution Approach 1:
The system performs preliminary encryption of data using the recipient's public key before transaction completion. This allows the encrypted data to be prepared and staged for transfer, but the actual decryption and access only occur after transaction verification, thus improving efficiency while maintaining security.
Data Source
AI summary
A system and method for secured, multi-lateral, assured data transfer over a computer network for the assured exchange of data between counterparties related to qualifying transactions, the method being accomplished by a distributed computing system including a distributed ledger platform and an off-chain data host platform. On-chain authorization tokens are used to track data access rights, enforce access policies, and control distribution of encryption keys.