Printed Private Key Note for Secure Offline Digital Asset Access
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Solution Overview
Problem
Existing crypto currencies face issues with transaction validation time, portability, and lack of individual traceability, leading to limited usability and security risks, particularly in transactions involving digital wallets.
Innovation Solution
A method and printer unit that securely generate and print a physical note containing a private key and signature, allowing access to a digital wallet, with enhanced security measures to protect the private key and enable offline transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If private key is stored digitally in a wallet, then transaction access is convenient, but security is compromised due to potential digital exposure and theft
Solution Approach 1:
The patent extracts the private key from digital storage and represents it physically through a printed note with QR code. The private key is taken out of the vulnerable digital environment and embodied in physical form, eliminating digital exposure risks while maintaining access functionality through optical scanning.
Solution Approach 2:
The patent introduces a QR code as an intermediary between the private key and digital systems. The QR code encodes the private key information in visual form, serving as a mediator that allows digital wallets to access the private key without storing it digitally, thus bridging physical and digital domains securely.
2Reliability
If crypto currency transactions are validated on blockchain, then transaction security is ensured, but transaction time is excessively long
Solution Approach 1:
The patent performs preliminary action by pre-generating and printing the private key note before transactions are needed. The QR code containing the private key is created in advance, allowing immediate access and transaction initiation without waiting for blockchain validation of key generation, thus reducing overall transaction time while maintaining security.
3Reliability
If private key is printed on physical note, then digital exposure is eliminated, but copy protection becomes necessary
Solution Approach 1:
The patent employs composite security features on the printed note, combining multiple protection mechanisms such as watermarks, microtext, holographic elements, and specialized inks. This composite approach provides robust copy protection while maintaining the simplicity of physical note format, addressing the security requirements without overly complicating the system.
Data Source
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AI summary
Method for printing a physical note (7) for accessing a digital asset (6) with a printer unit or its host (2), whereas the printer unit or its host (2) secretly stores a first private key (4) associated with a first digital wallet (5), which may be a smart contract-based wallet, comprising the steps: - creating a second private key (10), such that a second digital wallet (11) -which also may be a smart contract-based wallet- is created by the printer unit or its host (2); - signing a transaction, with or without deployment, of a digital asset (6) from the first digital wallet (5) to the second digital wallet (11) by means of the stored first private key (4) by the printer unit or its host (2) with a signature; - providing the second private key (10) by the printer unit or its host (2); - providing the signature by the printer unit or its host (2) ; whereas providing the second private key (10) is effected by-printing the second private key (10) and/or providing the signature (13) is effected by printing the signature (13), such that a physical note (7) is generated, whereas the digital asset (6) is accessible by means of the physical note (7).