Virtual Ledger Encryption with Segmented Key Access

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Solution Overview

Problem

Existing cryptocurrency systems, such as Bitcoin, lack effective methods to protect information on their virtual ledgers using cryptology, which is essential for maintaining integrity and privacy in transactions and agreements.

Innovation Solution

A computer-implemented method and system for encrypting and decrypting information on virtual ledgers, where information is received from parties, encrypted, published on the ledger, and decryption keys are provided to ensure secure access, using advanced encryption standards and key management to control access to sensitive information.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If information is stored on a public virtual ledger like blockchain, then transparency and immutability are improved, but privacy and security of sensitive information deteriorate

Engineering Contradiction:

Improveintegrity of informationVSAvoidexposure of sensitive information

Core Design Contradiction:

ReliabilityVSObject-affected harmful factors

Solution Approach 1:

The information is divided into two segments: encrypted data stored on the public virtual ledger and decryption keys stored separately in secure storage. This segmentation allows the ledger to maintain immutability and transparency while the sensitive portions remain protected through cryptographic encryption and controlled key access.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

A secure storage system acts as an intermediary between the public virtual ledger and the sensitive information. This intermediary layer provides controlled access through decryption keys, allowing the ledger to store information immutably while the secure storage system protects privacy by controlling who can decrypt and view the sensitive data.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Ease of operation

If decryption keys are provided to multiple parties, then accessibility and usability are improved, but security control deteriorates

Engineering Contradiction:

Improveaccess to informationVSAvoidsecurity control

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

Access control is segmented through individual decryption keys assigned to different authorized parties. Each party receives their own key or combination of keys, allowing selective access to specific portions of the encrypted information. This maintains security control while enabling multiple authorized users to access the data as needed.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

Different levels of access control are applied to different parties based on their authorization. The secure storage system provides tailored access rights to different users, with some receiving full decryption keys and others receiving partial keys or keys for specific time periods, thereby maintaining security control while enabling differentiated accessibility.

Inventive Principle:

Principle #3Local quality

Data Source

PatentUS10979410B1Systems and methods for utilizing cryptology with virtual ledgers in support of transactions and agreements

Publication Date: 2021.04.13 UNITED SERVICES AUTOMOBILE ASSOCIATION (USAA)

AI summary

A computer-implemented method of encrypting information on a virtual ledger, the method including receiving the information from a first party and a second party, encrypting a portion of the information received from at least one of the first party and the second party, publishing the encrypted portion on the virtual ledger, and providing a decryption key based upon the published encrypted portion to the first party and the second party.