Multi-Signature Verification Network for Distributed Blockchain Authorization
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Solution Overview
Problem
Blockchain transactions involving digital assets face challenges with managing cryptographic keys, leading to risks of electronic theft, accidental loss, and irreversible transactions, lacking the security and reversibility of traditional centralized payment systems.
Innovation Solution
A multi-signature verification network that utilizes a pool of trusted verification institutions to generate additional signatures and assess risk, ensuring transactions are only finalized with multiple approvals, including a payer's signature, thereby mitigating unauthorized access and providing fraud protection.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a single centralized verification provider is used to manage cryptographic keys and authorize transactions, then transaction speed and simplicity are improved, but security and risk concentration worsen due to single-point failure and theft risks
Solution Approach 1:
The patent divides the verification function into multiple independent verification providers instead of relying on a single centralized provider. Each verification provider signs a portion of the transaction, creating a segmented verification process that distributes security responsibilities across multiple entities, thereby reducing single-point failure risks while maintaining transaction efficiency
Solution Approach 2:
The patent introduces a multi-signature verification network as an intermediary layer between the payer and the blockchain network. This intermediary coordinates multiple verification providers and manages their signatures, enabling secure distributed verification without requiring the payer to directly manage complex cryptographic key relationships
2Reliability
If traditional centralized payment systems are used to provide security and reversibility, then fraud protection is improved, but concentration risks and loss of decentralization worsen
Solution Approach 1:
The patent segments the verification authority across multiple independent providers rather than concentrating it in a single centralized entity. This segmentation allows the system to provide fraud protection through distributed verification, where no single provider has complete control, thereby eliminating concentration risks while maintaining security
Solution Approach 2:
The patent changes the verification parameter from a single centralized approval to a multi-signature threshold requirement. By requiring multiple independent signatures to authorize a transaction, the system transforms the security model from centralized trust to distributed trust, providing fraud protection without concentration risk
3Reliability
If multiple verification providers are used to enhance security, then fraud protection is improved, but transaction complexity and processing time worsen
Solution Approach 1:
The patent introduces a verification network intermediary that automatically manages the complexity of coordinating multiple verification providers. This intermediary handles the distribution of signing requests, collection of signatures, and validation of thresholds, thereby enabling multi-provider verification without exposing the complexity to end users
Solution Approach 2:
The verification providers autonomously perform their verification functions and generate signatures without requiring manual intervention. The system automatically coordinates between providers and resolves conflicts, enabling secure multi-signature verification while minimizing operational complexity and processing time
Data Source
AI summary
Systems and methods for authorizing a blockchain transaction. A verification network receives a transaction request for the blockchain transaction from a payer device including a first signature generated by a first private key associated with a payer. The verification network broadcasts a verification request to verification system(s) which assess pre-agreed threshold parameters. If the parameter(s) are satisfied, at least one verification system perfects the transaction by generating a second signature using a second private key, and broadcasts the transaction to the blockchain network. If the parameter(s) are not satisfied, verification offer(s) from among the verification system(s) including the second signature(s) are used to prompt the payer device to confirm the blockchain transaction by selecting at least one of the offer(s). The verification network receives selected offer(s) from the payer device and broadcasts the transaction to the blockchain network, in accordance with the selected offer(s) and the transaction request.