Currency Information Processor for Secure Cryptocurrency Transactions

Resolve Bottlenecks,
Find Innovative SolutionsGenerate Solutions

Solution Overview

Problem

Conventional multi-sig schemes on blockchain platforms are vulnerable to fraud and hacking during signature acquisition, as transactions can only be shared on the blockchain when all signatures are fully available, and the custodian's signature authenticity cannot be verified.

Innovation Solution

A currency information processing system that issues temporary cryptocurrency upon user request, validated by a user signature, and confirms the custodian's signature within a predetermined period to set the temporary cryptocurrency as valid, ensuring secure and reliable transactions on the blockchain.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If a conventional multi-sig scheme is used where all signatures must be fully available before sharing a transaction on the blockchain, then transaction security is improved, but vulnerability to fraud and hacking during signature acquisition increases

Engineering Contradiction:

Improvetransaction securityVSAvoidfraud and hacking risk

Core Design Contradiction:

ReliabilityVSObject-affected harmful factors

Solution Approach 1:

The patent applies preliminary action by allowing the transaction to be shared on the blockchain before all signatures are fully obtained. The multi-sig transaction is published in a preliminary state with partial signatures, enabling early blockchain validation while avoiding the security risks of offline signature acquisition communications.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The blockchain serves as an intermediary that validates and secures the multi-sig transaction before all signatures are complete. By publishing the transaction structure and partial signatures on the blockchain, the system uses the blockchain's cryptographic validation as a mediator to protect against fraud during the signature collection process.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Reliability

If a multi-sig scheme requires all signatures to be fully available before blockchain sharing, then transaction validity is ensured, but the custodian's signature authenticity cannot be verified

Engineering Contradiction:

Improvetransaction validityVSAvoidsignature authenticity verification

Core Design Contradiction:

ReliabilityVSMeasurement precision

Solution Approach 1:

The patent implements feedback by having the blockchain validate and confirm each signature as it is added to the multi-sig transaction. The blockchain provides feedback on the authenticity and validity of signatures, including the custodian's signature, through its cryptographic verification mechanisms, enabling real-time verification rather than batch validation.

Inventive Principle:

Principle #23Feedback

Solution Approach 2:

The transaction structure, including signature requirements and validation rules, is preliminarily defined and published on the blockchain before signatures are collected. This allows the blockchain to verify signature authenticity against predetermined criteria, ensuring both validity and verifiable authenticity.

Inventive Principle:

Principle #10Preliminary action

3Productivity

If temporary cryptocurrency is issued before custodian signature validation, then transaction speed is improved, but security risk increases until validation is complete

Engineering Contradiction:

Improvetransaction speedVSAvoidsecurity assurance

Core Design Contradiction:

ProductivityVSReliability

Solution Approach 1:

The patent applies preliminary action by issuing and sharing the multi-sig transaction on the blockchain before the custodian's signature is obtained. This preliminary publication enables the transaction to be validated by the blockchain network early, improving speed while maintaining security through the blockchain's cryptographic validation of the transaction structure and partial signatures.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The blockchain provides beforehand cushioning by validating and securing the transaction structure and partial signatures before the custodian's signature is added. This preliminary validation creates a secure foundation that cushions against potential security issues, as the transaction is already verified by the blockchain's consensus mechanism before complete signature assembly.

Inventive Principle:

Principle #11Beforehand cushioning (Prior cushioning)

Data Source

PatentUS10810586B2Currency information processor and currency information processing system

Publication Date: 2020.10.20 STANDARD TRANSACTION CO LTD

AI summary

There is provided a currency information processor for enabling secure and reliable use of cryptocurrency on a blockchain in which a value is secured and a value variation risk is reduced.A currency information processor 200 is capable of processing cryptocurrency in a method of validating a transaction of cryptocurrency on a blockchain 500 on the basis of a plurality of signatures, and includes a receiving unit, a temporary issuing unit, and a setting unit. The receiving unit is capable of receiving cryptocurrency issuance request including a first signature from a user. The temporary issuing unit issues temporary cryptocurrency on the blockchain on the basis of the cryptocurrency issuance request. When a second signature is received from a custodian within a predetermined period after the temporary cryptocurrency is issued and the second signature is confirmed to be valid, the setting unit sets the temporary cryptocurrency issued by the temporary issuing unit to be processed as valid cryptocurrency that has been approved.