20240015030. METHODS AND SYSTEMS FOR AUTHORIZING TRANSACTIONS BASED ON A DERIVED PUBLIC KEY simplified abstract (Shopify Inc.)

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METHODS AND SYSTEMS FOR AUTHORIZING TRANSACTIONS BASED ON A DERIVED PUBLIC KEY

Organization Name

Shopify Inc.

Inventor(s)

David Cameron of Kitchener (CA)

METHODS AND SYSTEMS FOR AUTHORIZING TRANSACTIONS BASED ON A DERIVED PUBLIC KEY - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240015030 titled 'METHODS AND SYSTEMS FOR AUTHORIZING TRANSACTIONS BASED ON A DERIVED PUBLIC KEY

Simplified Explanation

The patent application describes methods and systems for authorizing transaction requests from a user device using blockchain asset-based access control rules. Here is a simplified explanation of the abstract:

  • A server receives a digital signature from a user device.
  • The server independently generates the message that was signed by the user device.
  • The user device does not send the public key.
  • The server derives the public key from the message and the digital signature.
  • The server queries the blockchain network to confirm if the public key corresponds to a valid wallet address.
  • The server obtains ownership data associated with the wallet address from the blockchain network.
  • Based on the ownership data, the server determines whether to authorize a requested transaction.

Potential Applications of this Technology:

  • Secure authorization of transaction requests in blockchain-based systems.
  • Enhanced security for financial transactions involving cryptocurrencies.
  • Access control for digital assets and resources.

Problems Solved by this Technology:

  • Unauthorized access to user devices and transactions is prevented.
  • Ensures that only valid wallet addresses are authorized for transactions.
  • Reduces the risk of fraud and unauthorized transactions.

Benefits of this Technology:

  • Improved security and trust in blockchain-based systems.
  • Simplified and efficient authorization process for transactions.
  • Enhanced protection against unauthorized access and fraudulent activities.


Original Abstract Submitted

methods and systems for authorizing transaction requests from user device based on blockchain asset-based access control rules. a server receives a digital signature from a user device and independently generates the message that was signed by the user device. the user device does not send the public key. the server derives the public key from the message and the digital signature and then queries the blockchain network to confirm it corresponds to a valid wallet address. the server obtains ownership data associated with the wallet address from the blockchain network and, based on the ownership data, determines whether to authorize a requested transaction.

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