Multi-Level Signature Minting for Digital Currency Control
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Solution Overview
Problem
Current systems for digitizing currency lack the ability for governments to control their money supply effectively, as many blockchain platforms do not allow for monetary authorities to manage the supply of digital currency, and existing solutions fail to provide a secure and transparent process for minting digital currency.
Innovation Solution
A system that includes multiple computing devices and network nodes implementing a distributed ledger, where digital currency is minted through a multi-level signature hierarchy, with first-level, second-level, and third-level signatures applied by different entities, and verified using a distributed ledger to ensure security and transparency, utilizing an air-gapped computing device for added security.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a distributed ledger system is used for digital currency, then transparency and security are improved, but the ability of monetary authorities to control money supply deteriorates
Solution Approach 1:
The patent segments the minting authority into multiple hierarchical levels (first-level, second-level, third-level signatures) distributed across different computing devices. This segmentation allows the system to maintain both security through distribution and control through hierarchical structure, resolving the contradiction between decentralized transparency and centralized monetary control.
Solution Approach 2:
The patent introduces an intermediary multi-level signature verification process between the distributed ledger and the minting operation. This intermediary mechanism enables monetary authorities to control money supply by requiring multiple levels of approval while maintaining the transparency and security benefits of the distributed ledger system.
2Adaptability or versatility
If traditional centralized systems are used for currency management, then control over money supply is improved, but security and transparency deteriorate
Solution Approach 1:
The patent divides the centralized control function into multiple segmented signature levels that must all be verified by the distributed ledger. This segmentation maintains control capability while introducing the security and transparency of distributed verification, effectively resolving the contradiction between centralized control and decentralized trust.
3Reliability
If multiple signature levels are implemented for minting, then security is improved, but system complexity increases
Solution Approach 1:
The patent implements a universal multi-level signature verification mechanism that can be applied to any minting operation in the distributed ledger system. This multi-functional approach consolidates security checks into a single standardized process, reducing overall system complexity while maintaining high security through multiple verification levels.
4Reliability
If an air-gapped computing device is used for third-level signature, then security is improved, but ease of operation deteriorates
Solution Approach 1:
The patent extracts the most critical security function (third-level signature) from the networked system and places it in an air-gapped computing device. This extraction provides maximum security for the most sensitive operation while the rest of the system remains easy to operate through standard networked interfaces, resolving the contradiction between security and ease of operation.
Data Source
AI summary
A system includes at least a first computing device, at a financial institution, configured to generate a currency request and apply first-level signature(s) to the currency request. A minting request is generated from the currency request and the first-level signature(s). The system also includes at least a second computing device, at a currency management department, configured to apply second-level signature(s) to the minting request to generate a signed minting request. The system also includes a third computing device, at a director's office, configured to apply third-level signature(s) to the signed minting request. The system also includes a plurality of network nodes, implementing a distributed ledger, configured to verify the first-level signature(s), the second-level signature(s), and the third-level signature(s); and mint the digital currency when the first-level signature(s), the second-level signature(s), and the third-level signature(s) are successfully verified.