Zero-Trust Digital Wallet Smart Contract Asset Protection
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Solution Overview
Problem
Blockchain networks face security vulnerabilities due to the irrevocability of transactions, where compromised private keys can lead to unauthorized asset transfers, as users lack control over their digital assets once recorded.
Innovation Solution
Implementing zero-trust security through smart contracts that specify allowed transactions and protective actions, such as transferring assets to a different digital wallet if unauthorized requests are detected, ensuring that only permitted transactions are executed and protecting assets from unauthorized access.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If transactions are made irrevocable in blockchain networks, then transaction security and immutability are improved, but the ability to protect assets from compromised private keys deteriorates
Solution Approach 1:
The patent applies preliminary action by implementing smart contracts that pre-establish protective rules and automatic transfer conditions before a security incident occurs. The system proactively configures authorized recipient addresses and transfer thresholds in advance, enabling automatic asset protection when compromise is detected, rather than requiring reactive intervention after unauthorized access.
Solution Approach 2:
The patent introduces smart contracts as an intermediary layer between the private key and the digital assets. This intermediary enforces pre-defined security rules, monitors transaction patterns, and automatically executes protective transfers to authorized recipients when compromise indicators are detected, mediating between the immutable blockchain transaction system and the need for flexible security responses.
2Ease of operation
If private keys are used for access control, then user control over digital assets is improved, but security vulnerability to key compromise deteriorates
Solution Approach 1:
The patent applies parameter changes by dynamically altering the effective control parameters of digital assets based on security conditions. When compromise is detected through smart contract monitoring, the system changes the accessible address parameter from the original private key address to pre-configured authorized recipient addresses, effectively changing who controls the assets without requiring user action.
Solution Approach 2:
The patent implements self-service by enabling the smart contract system to automatically detect compromise conditions and execute protective transfers without requiring user intervention. The system monitors its own security state through predefined rules and autonomously executes asset protection actions, serving itself to protect against private key compromise.
Data Source
AI summary
A digital wallet is provided with zero-trust security. A digital wallet implemented in a blockchain may store a digital asset. The digital asset is associated with a smart contract. When a transaction is received, the smart contract is triggered to determine whether the transaction is authorized. If the transaction is authorized, the transaction is performed. If the transaction is unauthorized, a protection action, which may include transferring the digital asset to a different digital wallet, is performed.