NFT Processing via Multiparty Computation Key Segmentation
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Solution Overview
Problem
Current systems for non-fungible tokens (NFTs) face challenges in maintaining uniqueness and authenticity, as digital assets can be copied or manipulated, and lack effective content moderation and secure storage solutions, which affect their value and scarcity.
Innovation Solution
The implementation of multiparty computation (MPC) for secure NFT rights management, including encryption and decryption using a key pair with split private keys, secure storage using asymmetric keys, and content moderation through AI-based systems to ensure compliance with geographical regulations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If digital assets are stored and transferred on blockchain, then ownership and uniqueness can be recorded, but the assets can still be copied or manipulated affecting their value and authenticity
Solution Approach 1:
The patent divides the encryption key into multiple key sections and distributes them to different entities. This segmentation ensures that no single entity can decrypt or manipulate the NFT independently, thereby preventing unauthorized copying and manipulation while maintaining the uniqueness and authenticity of the digital asset on the blockchain.
Solution Approach 2:
The patent introduces an intermediary decryption system that requires multiple key sections to be combined for successful decryption. This intermediary mechanism acts as a mediator between the stored NFT and its decryption, ensuring that only authorized combinations of key sections can access the asset, thus preventing unauthorized copying and manipulation.
2Reliability
If traditional encryption methods are used for NFT, then security can be provided, but centralized control creates vulnerability to hacks and loss of keys
Solution Approach 1:
The patent segments the encryption key into multiple key sections and distributes them to different entities. This eliminates centralized key management vulnerability by ensuring that no single point of failure exists. The distributed key structure prevents hacks and loss of keys from compromising the entire system, as multiple key sections are required for decryption.
3Productivity
If NFTs are made accessible for trading, then liquidity and market value increase, but the risk of unauthorized distribution and loss of scarcity increases
Solution Approach 1:
The patent introduces an intermediary decryption system that controls access to the NFT. This intermediary mechanism allows the NFT to be traded and transferred on the blockchain while ensuring that unauthorized distribution is prevented. The decryption system acts as a gatekeeper that maintains scarcity and authenticity even as the asset moves through multiple ownership hands in the market.
Solution Approach 2:
The patent implements preliminary encryption and key distribution before the NFT is put into circulation. This preliminary action ensures that the asset is protected from unauthorized distribution from the outset, while still allowing legitimate trading to occur. The pre-established key sections and decryption mechanisms are in place before trading begins, preventing loss of scarcity as the NFT enters the market.
Data Source
AI summary
Aspects of the present disclosure include systems and techniques for processing non-fungible tokens. In some aspects, the techniques described herein relate to a method for non-fungible token (NFT) processing, including: encrypting information associated with an NFT using a first key of a key pair to yield encrypted NFT information; retrieving, from at least two entities, at least two key sections associated with a second key of the key pair: decrypting the encrypted NFT information associated with the NFT via the at least two key sections to yield decrypted NFT information; and outputting the decrypted NFT information.