Secure Wallet Service Unit for Automated Smart Contracts
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Solution Overview
Problem
Existing electronic currency transaction systems lack secure and user-friendly solutions for managing electronic currencies and smart contracts, necessitating improved security, reliability, and automation while reducing the need for trusted intermediaries and minimizing fraud and accidental exceptions.
Innovation Solution
A secure wallet service providing unit that integrates electronic currency wallets and smart contracts, allowing for secure management and execution of transactions through separate or distributed servers, utilizing smart contract execution units, control units, and authentication keys to enhance security and automation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If electronic currency transactions are implemented in automated systems, then transaction efficiency and productivity are improved, but security risks and vulnerability to fraud increase
Solution Approach 1:
The patent introduces a secure wallet service providing unit as an intermediary component that mediates between the automated transaction system and the electronic currency wallets. This secure element hosts the wallet application and private keys, acting as a trusted intermediary that enables automated transactions while maintaining security. The secure wallet service providing unit verifies transaction authenticity and manages cryptographic operations, thus resolving the contradiction between automation efficiency and security.
2Adaptability or versatility
If smart contracts are executed automatically without intermediaries, then reliance on trusted intermediaries is reduced, but security vulnerabilities and potential for errors increase
Solution Approach 1:
The patent segments the transaction system into distinct functional components: the smart contract execution environment, the secure wallet service providing unit, and the electronic currency transaction system. By separating the wallet functionality into a dedicated secure element that hosts the wallet application and private keys, the system enables automated smart contract execution while maintaining security through architectural segmentation. This allows automatic operation without traditional intermediaries while preserving security through the secure element boundary.
3Ease of operation
If electronic currency wallets are integrated directly into transaction systems, then ease of operation is improved, but security risks from system vulnerabilities increase
Solution Approach 1:
The secure wallet service providing unit serves as a protective intermediary layer between the user's electronic currency wallet and the external transaction system. This secure element hosts the wallet application and manages private keys without exposing them to the broader system, thereby maintaining ease of operation through automated interfaces while protecting against system vulnerabilities. The intermediary secure element acts as a security boundary that enables convenient operation without direct exposure to system risks.
Data Source
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AI summary
A secure wallet service providing unit (SWU) comprising: at least one electronic currency wallet (TU) of a user of an electronic currency transaction system (TS), wherein the at least one electronic currency wallet (TU) is hosted on the secure wallet ser-vice providing unit (SWU); at least one smart contract execution unit (SCU) for executing at least one smart contract (SC), wherein each smart contract (SC) comprises a smart contract code (SCC) and a smart con-tract electronic currency wallet (SCW) assigned to the smart contract (SC), the smart con-tract electronic currency wallet (SCW) configured for providing at least one electronic currency transaction in the electronic currency transaction system (TS).