Multi-Party Ledger Data Exchange With Token-Gated Key Access
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Solution Overview
Problem
Existing technologies fail to provide an efficient mechanism for secure, mutual data exchange between parties on a distributed ledger, particularly in transactions involving virtual assets, ensuring data availability only upon completion of a qualifying event and maintaining privacy and compliance with regulatory requirements.
Innovation Solution
A system utilizing a decentralized computer platform with a data host platform, attestation registry, and remote server, implementing encryption and authorization tokens to ensure data exchange is secure and conditional upon a qualifying transaction, with a layered certification process for verifying parties and ensuring compliance with regulatory standards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If data is shared freely between parties on a distributed ledger, then data exchange efficiency is improved, but data security and privacy are compromised
Solution Approach 1:
The system performs preliminary encryption of data before it is stored on the distributed ledger. The sending party encrypts the data set with a encryption key to create an encrypted data set, which is then stored on the ledger. This preliminary action ensures that data remains secure while still being accessible to authorized parties, resolving the contradiction between exchange efficiency and data security.
Solution Approach 2:
The patent introduces authorization tokens as an intermediary mechanism between data storage and data access. These tokens control who can decrypt and access the encrypted data sets on the ledger. The token system acts as a mediator that enables efficient data exchange for authorized parties while maintaining security, as unauthorized parties cannot access the data without proper tokens.
2Reliability
If data is encrypted and secured on a distributed ledger, then data security is improved, but data accessibility and exchange efficiency deteriorate
Solution Approach 1:
The patent extracts the encryption key management and data access control functions from the core data exchange process. By separating these security functions into distinct components (authorization tokens, key management systems), the system maintains strong security while allowing efficient data exchange for authorized parties. The extracted security mechanisms operate independently, preventing them from bottlenecking the exchange process.
Solution Approach 2:
The system creates cryptographic copies of data in encrypted form on the distributed ledger, allowing multiple authorized parties to access the same data simultaneously without interfering with each other. The encrypted data sets are replicated across the ledger nodes, and authorization tokens enable efficient access to these copies without requiring centralized coordination, thus maintaining both security and exchange efficiency.
3Reliability
If a centralized system is used for data exchange, then data control and security are improved, but system complexity and regulatory compliance difficulty increase
Solution Approach 1:
The patent implements a self-service system where parties autonomously manage their own data encryption and access control through smart contracts on the distributed ledger. The sending party independently encrypts data, generates authorization tokens, and controls access without requiring centralized intervention. This self-service approach reduces system complexity while maintaining security and control, as the decentralized architecture eliminates the need for complex centralized coordination mechanisms.
Data Source
AI summary
A system and method for secured, multi-lateral, assured data transfer over a computer network for the assured exchange of data between counterparties related to qualifying transactions, the method being accomplished by a distributed computing system including a distributed ledger platform and an off-chain data host platform. On-chain authorization tokens are used to track data access rights, enforce access policies, and control distribution of encryption keys.