AUTONOMOUS EXCHANGE VIA ENTRUSTED LEDGER KEY MANAGEMENT

• US 20190325432A1
• Filed: 06/11/2019
• Published: 10/24/2019
• Est. Priority Date: 04/24/2018
• Status: Active Grant

• Current Assignee: Duvon Corporation
• Original Assignee: Duvon Corporation
• Inventors: Ow, Benedict, Stiles, Richard, Tan, Anthony
• Granted Patent: US 11,625,711 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 20/065 using e-cash
• 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 20/3678 e-cash details, e.g. blinded, divisible or detecting double spending
• CPC Class Codes: G06Q 20/3827 Use of message hashing
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography postage metering system using cryptography G06Q2250/05
• 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 9/0861 Generation of secret information including derivation or calculation of cryptographic keys or passwords
• 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 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

An Autonomous Exchange via Entrusted Ledger (AXEL) blockchain is discussed herein. The AXEL blockchain enables users to perform transactions in a private setting while enabling the transaction records thereof to be verified by other network users without publicly divulging the contents or details of the transaction records. The token identification system and method allows the tokens to carry an immutable identification to prevent negative blockchain occurrences such as double spending. A payment methodology allowing integration of external financial institutions with user owned and managed wallet. The AXEL blockchain can also interface with and utilize a distributed database to create an immutable record of each transaction while providing a complete backup of the transactions that occur within the system and on the AXEL blockchain. A method for protecting the private key ensures wallet access is only granted to the account owner.

Claims

1. A system for securely providing one or more digital wallets to one or more users, the system comprising:

one or more data stores;

one or more communication devices that receive one or more wallet creation requests; and

a non-transitory storage medium storing instructions that, when executed, cause one or more processors to, for each of the one or more wallet creation requests;

generate at least one private key;

generate a safeguard code;

generate a hash using the safeguard code and the at least one private key;

encrypt the hash to generate an encrypted hash; and

store the encrypted hash on the one or more data stores.

2. The system of claim 1, wherein the safeguard code expires after a predefined period of time and the encrypted hash is regenerated after the predefined period of time.

3. The system of claim 1, wherein the hash is generated using the safeguard code, the at least one private key, and authentication information of the one or more users.

4. The system of claim 1, wherein the instructions, when executed, cause the one or more processors to:

receive one or more wallet transaction requests; and

for each of the one or more wallet transaction requests;

retrieve the encrypted hash from the one or more data stores; and

decrypt the encrypted hash to obtain the at least one private key therein, wherein the at least one private key is used to complete one or more wallet transactions.

5. The system of claim 4, wherein the instructions, when executed, cause the one or more processors to, for each of the one or more wallet transaction requests:

generate a new safeguard code;

generate a new hash using the new safeguard code and the at least one private key;

encrypt the new hash to generate a new encrypted hash; and

store the new encrypted hash on the one or more data stores.

6. The system of claim 5, wherein the new hash is generated using the new safeguard code, the at least one private key, and authentication information of the one or more users.

7. The method of claim 5, wherein the new safeguard code expires after a predefined period of time and the new encrypted hash is regenerated after the predefined period of time.

8. A non-transitory storage medium storing instructions that, when executed, cause one or more processors to:

receive one or more wallet creation requests; and

for each of the one or more wallet creation requests;

generate a safeguard code;

generate an encrypted hash by encrypting a hash of the safeguard code and at least one private key; and

store the encrypted hash on one or more data stores.

9. The method of claim 8, wherein the safeguard code expires after a predefined period of time and the encrypted hash is regenerated after the predefined period of time.

10. The non-transitory storage medium of claim 8, wherein the instructions, when executed, cause the one or more processors to.

receive one or more wallet transaction requests;

and

for each of the one or more wallet transaction requests;

retrieve the encrypted hash from the one or more data stores; and

decrypt the encrypted hash to obtain the at least one private key stored therein, wherein the at least one private key is used to complete one or more wallet transactions.

11. The non-transitory storage medium of claim 10, wherein the instructions, when executed, cause the one or more processors to, for each of the one or more wallet transaction requests:

generate a new safeguard code;

generate a new hash using the new safeguard code and the at least one private key;

encrypt the new hash to generate a new encrypted hash; and

store the new encrypted hash on the one or more data stores.

12. The non-transitory storage medium of claim 11, wherein the new hash is generated using the new safeguard code, the at least one private key, and authentication information of the one or more users.

13. The non-transitory storage medium of claim 11, wherein the new safeguard code expires after a predefined period of time and the new encrypted hash is regenerated after the predefined period of time.

14. A method for securely providing one or more digital wallets for one or more users, the method comprising:

receiving one or more wallet creation requests at one or more processors; and

for each of the one or more wallet creation requests;

generate at least one private key;

generate a safeguard code;

generate a hash using the safeguard code and the at least one private key;

encrypt the hash to generate an encrypted hash; and

store the encrypted hash on one or more data stores.

15. The method of claim 14, wherein the safeguard code expires after a predefined period of time and the encrypted hash is regenerated after the predefined period of time.

16. The method of claim 14, wherein the hash is generated using the safeguard code, the at least one private key, and authentication information of the one or more users.

17. The method of claim 14, further comprising:

receiving one or more wallet transaction requests at the one or more processors; and

for each of the one or more wallet transaction requests;

retrieve the encrypted hash from the one or more data stores; and

decrypt the encrypted hash to obtain the at least one private key stored therein, wherein the at least one private key is used to complete one or more wallet transactions.

18. The method of claim 17, further comprising, for each of the one or more wallet transaction requests:

generate a new safeguard code;

generate a new hash using the new safeguard code and the at least one private key;

encrypt the new hash to generate a new encrypted hash; and

store the new encrypted hash on the one or more data stores.

19. The method of claim 18, wherein the new hash is generated using the new safeguard code, the at least one private key, and authentication information of the one or more users.

20. The method of claim 18, wherein the new safeguard code expires after a predefined period of time and the new encrypted hash is regenerated after the predefined period of time.