Digital Ledger Authentication via Address Encoding
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Solution Overview
Problem
Current digital ledger authentication methods lack robustness in ensuring transaction accuracy and security, particularly in decentralized systems like cryptocurrencies, where transactions can be vulnerable to alteration, deletion, or unauthorized access.
Innovation Solution
The implementation of digital ledger authentication using address encoding, which involves determining a unique wallet address associated with a cryptocurrency, encoding a digitally mapped value based on this address, and appending it to the digital ledger, ensuring that transactions are accurately recorded and verified through consensus algorithms and smart contracts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If digital ledger authentication uses traditional methods without address encoding, then the system is simpler to implement, but transaction security and accuracy are compromised
Solution Approach 1:
The authentication process is segmented into distinct steps: determining wallet address, encoding digitally mapped value, verifying the encoded value, and appending to ledger. This segmentation allows each component to be optimized independently while maintaining overall system reliability.
Solution Approach 2:
The wallet address and digitally mapped value are determined and encoded before the actual transaction is recorded. This preliminary encoding creates a verification mechanism that ensures transaction accuracy and security before the transaction is finalized in the ledger.
2Manufacturing precision
If address encoding is implemented for authentication, then transaction accuracy and security are enhanced, but the authentication process becomes more complex
Solution Approach 1:
The digitally mapped value serves as an intermediary between the wallet address and the transaction record. This intermediary encoding layer ensures that transactions are accurately recorded and verified without requiring direct complex interactions between all system components.
Solution Approach 2:
The wallet address is transformed into a digitally mapped value through encoding, creating a verified copy that can be used for authentication. This copying mechanism ensures transaction accuracy by allowing verification against the original encoded value.
3Stability of the object's composition
If consensus algorithms are used for replication across nodes, then the distributed ledger achieves better consistency and reliability, but the processing time and computational resources increase
Solution Approach 1:
The address encoding and verification are performed in advance before transactions are propagated across the distributed network. This preliminary action reduces the computational burden during consensus reaching, thereby reducing processing time while maintaining data consistency.
Solution Approach 2:
Each node independently verifies the encoded digitally mapped value against its copy of the ledger, enabling self-verification without requiring extensive communication rounds. This self-service approach maintains consistency across nodes while reducing overall processing time.
Data Source
AI summary
Disclosed techniques enable digital ledger authentication using address encoding. A digital ledger is accessed. A wallet address is determined for a user, where the wallet address is associated with a cryptocurrency in the digital ledger. The wallet address is hashed and signed, where the signing is performed using a private key from a digital purveyor. A digitally mapped value is encoded based on the wallet address. A transaction is authenticated based on reverifying the digitally mapped value with a re-encoding or re-signing the wallet address. The reverified digitally mapped value is used to enable a smart contract. An entry is appended to the digital ledger, where the entry includes the digitally mapped value. A transaction is rejected due to the re-encoding of the wallet address not having a correct private key signature, based on non-authentication.