Secure Wallet Private Key Validation Blockchain
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Solution Overview
Problem
Blockchain transactions face security challenges due to the need for secure validation of private keys, which is currently reliant on digital signatures and lacks efficient mechanisms for secure key exchange and validation in financial transactions.
Innovation Solution
A computer-implemented method and system for securing private key transactions within blockchain, involving the generation and secure exchange of private keys for senders and recipients, which are then used to create a public key for validation and processing through blockchain technology, ensuring secure financial transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If digital signatures are used for blockchain transaction validation, then transaction security is maintained, but the complexity of key exchange and validation processes increases
Solution Approach 1:
The patent introduces a secure wallet as an intermediary component that manages private keys and cryptographic operations. The secure wallet acts as a mediator between users and the blockchain network, handling key generation, storage, and signature creation internally. This abstraction layer simplifies the user experience while maintaining security, as users interact with the wallet interface rather than directly managing cryptographic keys and validation processes.
Solution Approach 2:
The patent extracts the complex cryptographic key management and validation processes from the general blockchain transaction system and isolates them within the secure wallet module. By separating these functions into a dedicated component, the system reduces overall complexity while maintaining security. The secure wallet encapsulates private key handling, digital signature generation, and validation logic, allowing the rest of the blockchain system to operate with simpler interfaces.
2Reliability
If private keys are securely exchanged for transaction validation, then transaction security is enhanced, but the time required for key exchange and validation increases
Solution Approach 1:
The patent implements preliminary action by pre-generating and pre-exchanging public keys between users before actual transactions occur. The secure wallet creates key pairs in advance and stores the public keys for future use. When a transaction needs to be validated, the system can quickly retrieve and use the pre-established public keys without requiring time-consuming key generation or exchange processes at the moment of transaction, thus reducing validation time while maintaining security.
3Reliability
If encrypted data packets are used to store transaction data, then data security is improved, but the processing complexity of the secure wallet increases
Solution Approach 1:
The patent merges multiple security functions within the secure wallet into a unified module. The secure wallet combines encrypted data storage, private key management, digital signature generation, and transaction validation capabilities into a single integrated system. This consolidation allows the wallet to handle encrypted data packets efficiently by applying multiple security operations in a coordinated manner, reducing the overall processing complexity compared to having separate systems for each function.
Data Source
AI summary
A system and method for securing a private key transaction within blockchain that include receiving an input for initiating a financial transaction between a sender and a recipient. The system and method also include processing a secure wallet that is configured as an encrypted data packet that stores transaction data associated with the financial transaction and account information associated with the sender and the recipient. The system and method additionally include generating a first private key for the sender and a second private key for the recipient. The system and method further include generating a public key that includes encrypted data from the first private key and the second private key and includes the account information associated with the sender and the recipient that is used by at least one blockchain technology provider to pass the financial transaction through the blockchain.