Digital Asset Verification Using Multi-Party Key Authentication
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Solution Overview
Problem
Distributed ledger systems lack third-party authentication, leading to fraudulent transactions and a lack of provenance information for digital assets, such as NFTs, due to anonymous entities being able to list assets for sale without verification.
Innovation Solution
A verification system generates encryption keys for digital assets, divides them into key shares, and uses multi-party key authentication to cryptographically authenticate assets, ensuring only authorized entities can access and verify ownership, while maintaining privacy and provenance through attestation and rights profiles.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If distributed ledger systems are used for digital asset transactions, then transaction processing capability is improved, but authentication reliability deteriorates due to lack of third-party verification
Solution Approach 1:
The patent introduces a verification system as an intermediary between buyers and sellers on distributed ledgers. This system performs third-party authentication by verifying digital asset provenance, ownership claims, and seller authorization before transactions are executed. The verification system acts as a trusted mediator that maintains the speed of decentralized transactions while ensuring authentication reliability through cryptographic verification and provenance tracking.
2Reliability
If third-party authentication systems are introduced, then authentication reliability is improved, but device complexity increases
Solution Approach 1:
The verification system is designed as a multi-functional platform that handles diverse authentication tasks including digital asset verification, ownership validation, seller authorization checks, and provenance tracking. By consolidating these multiple functions into a single system, the patent reduces overall system complexity compared to having separate authentication services for each function, while maintaining high authentication reliability across different digital asset types.
3Reliability
If comprehensive verification is performed, then authentication reliability is improved, but transaction time increases
Solution Approach 1:
The verification system performs authentication and provenance verification in advance before transactions are executed. By pre-verifying digital asset authenticity, ownership claims, and seller authorization status, the system ensures that when actual transactions occur, the verification process is already complete or can be rapidly finalized. This preliminary action approach maintains high authentication reliability while minimizing the time impact on actual transaction execution.
Data Source
AI summary
Methods and systems described herein may implement blockchain asset authentication. A verification system may generate an encryption key associated with a digital asset, wherein the digital asset is associated with a first entity. The verification system may sign the digital asset using the encryption key. The verification system may generate a first key and a second key based on the encryption key, wherein the first key and the second key are part of a set of multi-party secret keys. The verification system may send the first key to the first entity and store the second key on the verification system. The verification system may receive a request to authenticate the digital asset. The verification system may in response to the request to authenticate, generate the encryption key based on the first key and the second key. The verification system may authenticate the digital asset based on the recreated first secret.