Event-Triggered Private Key Release via Secret-Sharing Nodes
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Solution Overview
Problem
Existing blockchain technologies are limited in their versatility and lack efficient methods for securing data or tokens until a predetermined event occurs, restricting their application beyond cryptocurrency transactions.
Innovation Solution
A method involving a group of nodes that cooperate to generate shared secrets using a dealer-free secret sharing protocol, allowing the controlled release of an encryption private key upon detection of an event, ensuring data or tokens can only be accessed after the event has occurred.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain technology is used for cryptocurrency transactions, then security and decentralization are improved, but versatility and applicability to other domains deteriorate
Solution Approach 1:
The patent applies universality by creating a blockchain system that serves multiple functions beyond cryptocurrency transactions. The event-triggered private key release mechanism enables the blockchain to function as a secure data storage system, a timestamping service, and an automated execution platform for various applications including estate planning, secret sharing, and conditional data release, thereby transforming it from a single-purpose cryptocurrency ledger to a multi-functional decentralized platform
2Reliability
If data is encrypted and locked until an event occurs, then security and controlled access are improved, but accessibility and ease of operation deteriorate
Solution Approach 1:
The patent applies preliminary action by pre-configuring the blockchain with encryption parameters, event conditions, and access rules before data is locked. The system automatically monitors for triggering events and executes the key release process without requiring manual intervention, thereby maintaining high security while preserving ease of operation through automation
Solution Approach 2:
The patent implements feedback mechanisms where the blockchain system continuously monitors for event conditions and automatically responds by releasing encryption keys when conditions are met. This closed-loop system provides seamless controlled access where the security protocol actively responds to external events, balancing security requirements with operational convenience
3Reliability
If a dealer-free secret sharing protocol is used to generate shared secrets, then security and trustlessness are improved, but device complexity and computational requirements deteriorate
Solution Approach 1:
The patent applies segmentation by dividing the private key into multiple shares distributed across different blockchain nodes. Each node holds a portion of the encryption key, and the key is only reconstructed when a sufficient number of nodes collaborate to verify the triggering event. This segmentation enhances security and trustlessness while distributing computational complexity across the network rather than concentrating it in a single system
Data Source
AI summary
Techniques are presented to instantiate an event chain with a first block, wherein the first block is timestamped with an instantiation time; monitor for an event associated with a monitoring request; signal to other nodes in a plurality of nodes based on the monitoring by providing a commitment to a plurality of nodes in the plurality of nodes, wherein based on occurrence of the event providing either a dummy signal or an indicator comprising an encryption private key share held by the node, wherein the commitment is provided to the other nodes in the plurality of nodes; monitor for commitments from the other nodes in the plurality of nodes, wherein each commitment comprises a dummy signal or an encryption key share; process the commitments received from the other nodes to obtain an encryption private key share; and identify the encryption private key based on the analysis of the commitments.