Digital Asset Verification Using Split-Key Blockchain Authentication
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Solution Overview
Problem
Distributed ledger systems lack trust and authentication mechanisms, allowing fraudulent transactions and lack of provenance information for digital assets like NFTs, as they do not require third-party verification, making them susceptible to unauthorized access and ownership disputes.
Innovation Solution
A verification system that generates encryption keys, divides them into shares, and uses multi-party key authentication to authenticate digital assets, ensuring trust and provenance through attestation and rights profiles, while maintaining privacy with one-time addresses.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If distributed ledger systems operate without third-party verification, then transaction speed and system simplicity are improved, but security and authenticity are worsened
Solution Approach 1:
The patent introduces a verification system that acts as an intermediary between transaction parties on the distributed ledger. This system includes a verification server that performs authentication of entities and digital assets, providing third-party verification without requiring traditional e-commerce platform intermediaries. The verification system receives verification requests, performs authentication, and returns verification results to enable secure transactions.
2Ease of operation
If distributed ledgers allow any entity to list digital assets for sale, then ease of operation is improved, but fraud and unauthorized access are worsened
Solution Approach 1:
The patent implements preliminary authentication actions before allowing entities to list digital assets for sale. The verification system performs authentication of the entity's ownership and rights to the digital asset before the asset can be listed on the distributed ledger. This preliminary verification prevents fraudulent listings while maintaining ease of operation for legitimate users.
3Ease of operation
If distributed ledgers use public addresses for transactions, then ease of operation is improved, but loss of information is worsened
Solution Approach 1:
The verification system serves as an intermediary that bridges public address transactions and private provenance information. It performs authentication using private keys and ownership verification without exposing this sensitive information on the public ledger. The system returns verification results that confirm authenticity while maintaining privacy of the underlying authentication data.
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.