Multi-Signature Verification Network for Reversible Blockchain Payments
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Solution Overview
Problem
Blockchain transactions face challenges with managing cryptographic keys, exposing users to electronic theft and accidental loss of assets, and lack of reversibility, while relying on centralized systems poses concentration risks.
Innovation Solution
A multi-signature verification network utilizing a pool of trusted verification institutions to generate signatures and surcharges, mitigating reliance on a single provider and enhancing security and reversibility.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a single centralized verification system is used, then transaction processing is simplified and faster, but concentration risk and security vulnerability increase
Solution Approach 1:
The verification function is segmented across multiple independent verification nodes in the network. Instead of relying on a single centralized authority, the system distributes verification responsibilities among multiple nodes, each contributing to the overall security and redundancy of the transaction verification process.
Solution Approach 2:
The patent introduces verification nodes as intermediaries between the payer and the blockchain network. These nodes act as trusted third parties that perform risk assessment and verification before transactions are broadcast to the blockchain, thereby mediating the trust relationship and enhancing security without requiring direct peer-to-peer verification.
2Reliability
If multiple verification providers are used, then security and risk distribution improve, but system complexity increases
Solution Approach 1:
The verification nodes are designed with universal functionality to perform multiple tasks including risk assessment, verification, and transaction broadcasting. This multi-functionality reduces the need for specialized separate systems, thereby managing complexity while achieving distributed verification.
Solution Approach 2:
The system dynamically adjusts verification parameters such as risk thresholds and verification requirements based on the transaction characteristics and network conditions. This flexibility allows the system to optimize security without consistently operating at maximum complexity, adapting the verification depth based on actual risk scenarios.
3Adaptability or versatility
If cryptographic keys are managed by users, then decentralization is maintained, but user burden and risk of accidental loss increase
Solution Approach 1:
The verification nodes serve as intermediaries that handle cryptographic operations on behalf of users. Instead of users directly managing their own keys for all operations, the system uses verified nodes to perform signature verification and transaction validation, thereby reducing user burden while maintaining decentralized security.
Solution Approach 2:
The system enables self-service verification where transactions are automatically verified by the network nodes without requiring manual intervention from users. The decentralized verification process automatically assesses risks and validates transactions based on pre-established criteria, eliminating the need for users to manually manage complex verification procedures.
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.