MULTI-APPROVAL SYSTEM USING M OF N KEYS TO RESTORE A CUSTOMER WALLET

• US 20190220852A1
• Filed: 01/17/2019
• Published: 07/18/2019
• Est. Priority Date: 01/17/2018
• Status: Active Grant

• Current Assignee: tZERO IP LLC (Overstock.com Incorporated)
• Original Assignee: Medici Ventures, Inc. (Overstock.com Incorporated)
• Inventors: Black, Tron, Becker, Denny
• Granted Patent: US 11,216,809 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/0855 involving a third party
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/3672 initialising or reloading thereof
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• CPC Class Codes: G06Q 20/3823 combining multiple encryption tools for a transaction
• CPC Class Codes: G06Q 20/3827 Use of message hashing
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 9/0637 Modes of operation, e.g. cipher block chaining [CBC], electronic codebook [ECB] or Galois/counter mode [GCM]
• CPC Class Codes: H04L 9/0643 Hash functions, e.g. MD5, SHA, HMAC or f9 MAC
• CPC Class Codes: H04L 9/0819 Key transport or distribution, i.e. key establishment techniques where one party creates or otherwise obtains a secret value, and securely transfers it to the other(s) network architectures or network communication protocols for key distribution in a packet data network H04L63/062
• CPC Class Codes: H04L 9/085 : Secret sharing or secret splitting, e.g. threshold schemes
• CPC Class Codes: H04L 9/0894 : Escrow, recovery or storing of secret information, e.g. secret key escrow or cryptographic key storage
• CPC Class Codes: H04L 9/14 : using a plurality of keys or algorithms
• CPC Class Codes: H04L 9/30 : Public key, i.e. encryption algorithm being computationally infeasible to invert or user's encryption keys not requiring secrecy
• CPC Class Codes: H04L 9/321 : involving a third party or a trusted authority
• CPC Class Codes: H04L 9/3231 : Biological data, e.g. fingerprint, voice or retina network architectures or network communication protocols for supporting authentication of entities using biometrical features in a packet data network H04L63/0861
• CPC Class Codes: H04L 9/3239 : involving non-keyed hash functions, e.g. modification detection codes [MDCs], MD5, SHA or RIPEMD
• CPC Class Codes: H04L 9/3247 : involving digital signatures
• CPC Class Codes: H04L 9/3297 : involving time stamps, e.g. generation of time stamps
• CPC Class Codes: H04L 9/50 : using hash chains, e.g. blockchains or hash trees

Abstract

A computing system that includes processor(s), memory(s) and a network interface that communicates with a customer device and a trusted third party. The at least one network interface is configured to receive, from the customer device, identity data for a customer and a request to restore a customer wallet. The at least one processor is configured to verify the identity data for the customer received from the customer device. When the at least one processor verifies the identity data for the customer received from the customer device, the at least one network interface is configured to communicate a request for a first key associated with the customer wallet to a key repository for the trusted third party. The at least one processor is configured to restore the customer wallet using the first key associated with the customer wallet and a second key associated with the customer wallet.

Claims

1. A computing system comprising:

at least one processor;

at least one memory communicatively coupled to the at least one processor;

at least one network interface communicatively coupled to the at least one processor and configured to communicate with a customer device and a trusted third party;

wherein the at least one network interface is configured to receive, from the customer device, identity data for a customer and a request to restore a customer wallet;

wherein the at least one processor is configured to verify the identity data for the customer received from the customer device;

when the at least one processor verifies the identity data for the customer received from the customer device, the at least one network interface is configured to communicate a request for a first key associated with the customer wallet to a key repository for the trusted third party; and

wherein the at least one processor is configured to restore the customer wallet using the first key associated with the customer wallet and a second key associated with the customer wallet.

2. The computing system of claim 1, further comprising:

when the at least one network interface receives the first key associated with the customer wallet from the key repository for the trusted third party, the at least one processor is configured to restore the customer wallet using the first key associated with the customer wallet and the second key associated with the customer wallet.

3. The computing system of claim 2, wherein the at least one processor is configured to restore the customer wallet using the first key associated with the customer wallet and the second key associated with the customer wallet at least in part by:

generating one or more new private keys associated with a new customer wallet;

generating a new transaction address associated with the new customer wallet based on the one or more new private keys; and

transferring digital assets from the old customer wallet to the new transaction address using the first key and the second key.

4. The computing system of claim 3,

wherein the customer wallet comprises a plurality of old transaction addresses, each being associated with three private keys,

wherein each old transaction address requires at least two of the respective three private keys associated with the respective old transaction address to access any digital assets in the respective old transaction address.

5. The computing system of claim 3, wherein the at least one network interface is configured to:

communicate the new transaction address associated with the new customer wallet to the customer device.

6. The computing system of claim 5, wherein the at least one network interface is configured to:

communicate one or more of the new private keys to the customer device.

7. The computing system of claim 6, wherein the new private keys are private transaction keys.

8. The computing system of claim 1, wherein the at least one processor is configured to verify the identify data for the customer received from the customer device at least in part by:

comparing the identity data with previously stored identity data for the customer.

9. The computing system of claim 1, wherein the identity data comprises biometric data.

10. The computing system of claim 1, wherein the trusted third party is at least one of a credit union or a bank.

11. The computing system of claim 1, wherein the customer wallet is used to store at least one of a security, a currency, a commodity, a bond, a fund, or a combination thereof.

12. A system comprising:

a computing device configured to communicate with a trusted third party and a customer device for a customer; and

a key repository communicatively coupled with the computing device;

wherein the computing device is configured to receive, from a customer device, identity data for a customer and a request to restore a customer wallet;

wherein the computing device is configured to verify the identity data for the customer received from the customer device;

wherein the computing device is configured to communicate a request for a first key associated with the customer wallet to a key repository for the trusted third party; and

wherein the computing device restores the customer wallet using the first key associated with the customer wallet and a second key associated with the customer wallet.

13. The system of claim 12, further comprising:

when the computing device receives the first key associated with the customer wallet from the key repository for the trusted third party, the computing device is configured to restore the customer wallet using the first key associated with the customer wallet and the second key associated with the customer wallet.

14. The system of claim 13, wherein the computing device is configured to restore the customer wallet using the first key associated with the customer wallet and the second key associated with the customer wallet at least in part by:

generating one or more new private keys associated with a new customer wallet;

generating a new transaction address associated with the new customer wallet based on the one or more new private keys; and

transferring digital assets from the old customer wallet to the new transaction address using the first key and the second key.

15. The system of claim 14,

wherein the customer wallet comprises a plurality of old transaction addresses, each being associated with three private keys,

wherein each old transaction address requires at least two of the respective three private keys associated with the respective old transaction address to access any digital assets in the respective old transaction address.

16. The system of claim 14, wherein the computing device is further configured to:

communicate the new transaction address associated with the new customer wallet to the customer device.

17. The system of claim 16, wherein the computing device is further configured to:

communicate one or more of the new private keys to the customer device.

18. The system of claim 17, wherein the new private keys are private transaction keys.

19. The system of claim 12, wherein the computing device is configured to verify the identify data for the customer received from the customer device at least in part by:

comparing the identity data with previously stored identity data for the customer.

20. The system of claim 12, wherein the identity data comprises biometric data.

21. The system of claim 12, wherein the trusted third party is at least one of a credit union or a bank.

22. The system of claim 12, wherein the customer wallet is used to store at least one of a security, a currency, a commodity, a bond, a fund, or a combination thereof.

23. A computerized method comprising:

receiving, at a computing device, identity data for a customer and a request to restore a customer wallet from a customer device;

verifying, at the computing device, the identity data for the customer received from the customer device;

when the identity data for the customer received from the customer device is verified, communicating a request for a first key associated with the customer wallet to a key repository for a trusted third party;

receiving the first key associated with the customer wallet from the key repository for the trusted third party; and

wherein the customer wallet can be restored using the first key associated with the customer wallet and a second key associated with the customer wallet.

24. The computerized method of claim 23, further comprising:

restoring the customer wallet at the computing device using the first key associated with the customer wallet and the second key associated with the customer wallet.

25. The computerized method of claim 24, wherein restoring the customer wallet at the computing device using the first key associated with the customer wallet and the second key associated with the customer wallet comprises:

generating one or more new private keys associated with a new customer wallet;

generating a new transaction address associated with the new customer wallet based on the one or more new private keys; and

transferring digital assets from the old customer wallet to the new transaction address using the first key and the second key.

26. The computerized method of claim 25,

wherein the customer wallet comprises a plurality of old transaction addresses, each being associated with three private keys,

wherein each old transaction address requires at least two of the respective three private keys associated with the respective old transaction address to access any digital assets in the respective old transaction address.

27. The computerized method of claim 25, further comprising:

communicating the new transaction address associated with the new customer wallet to the customer device.

28. The computerized method of claim 25, further comprising:

communicating one or more of the new private keys to the customer device.

29. The computerized method of claim 28, wherein the new private keys are private transaction keys.

30. The computerized method of claim 23, wherein verifying, at the computing device, the identity data for the customer received from the customer device comprises:

comparing the identity data with previously stored identity data for the customer.

31. The computerized method of claim 23, wherein the identity data comprises biometric data.

32. The computerized method of claim 23, wherein the trusted third party is at least one of a credit union or a bank.

33. The computerized method of claim 23, wherein the customer wallet is used to store at least one of a security, a currency, a commodity, a bond, a fund, or a combination thereof.