Multi-Signature Wallet Integration for EMV Payment Cards
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Solution Overview
Problem
Existing blockchain transaction systems require participants to use computing devices with electronic wallets, which are not accessible to many consumers, limiting the adoption of cryptocurrencies and discouraging potential participants due to unfamiliarity with the process.
Innovation Solution
A system that enables cryptocurrency blockchain transactions through an integrated circuit payment card using a multi-signature blockchain wallet, where the transaction is funded via a traditional point of sale system, requiring signatures from both the payment card and the issuing financial institution.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional point of sale systems are used for cryptocurrency transactions, then consumer accessibility and ease of operation are improved, but the system complexity increases due to multi-signature requirements
Solution Approach 1:
The patent introduces an intermediary system that mediates between the traditional point of sale terminal and the blockchain network. This intermediary handles the complex multi-signature wallet operations, private key management, and cryptographic operations, allowing the point of sale terminal to remain simple and familiar to consumers while the backend handles the complexity of cryptocurrency transactions through the multi-signature wallet mechanism.
2Reliability
If computing devices with electronic wallets are required for blockchain transactions, then transaction security is improved, but consumer accessibility deteriorates due to device availability limitations
Solution Approach 1:
The patent makes the point of sale terminal universal by enabling it to perform both traditional fiat currency transactions and cryptocurrency transactions through the multi-signature wallet mechanism. The terminal maintains its familiar form factor and interface for consumers while gaining the capability to securely handle cryptocurrency transactions through integrated cryptographic operations and multi-signature validation, eliminating the need for consumers to carry separate computing devices with electronic wallets.
3Reliability
If multi-signature wallets are implemented for cryptocurrency transactions, then transaction authorization control is improved, but the number of required signatures and validation steps increases
Solution Approach 1:
The patent combines multiple functions into the point of sale terminal, including traditional payment processing, multi-signature wallet operations, private key storage, and cryptographic signature generation. By merging these functions into a single integrated system, the patent reduces the number of separate validation steps and components that consumers would need to interact with, while maintaining the security benefits of multi-signature authorization through backend automation.
Data Source
AI summary
A method for carrying out a cryptocurrency blockchain transaction through an integrated circuit payment card using a multi-signature blockchain wallet includes: storing, in an integrated circuit of a payment card, a first private key of a first cryptographic key pair and a transaction account number; receiving, by the integrated circuit, a blockchain transaction from a point of sale device, the blockchain transaction including unspent transaction outputs, destination addresses, a cryptocurrency amount for each destination address, and a first digital signature generated using a second private key of a second cryptographic key pair; digitally signing, by the integrated circuit, the blockchain transaction using the first private key to generate a second digital signature; and transmitting, by the integrated circuit, the digitally signed blockchain transaction including the first digital signature and the second digital signature to the point of sale device.