20240020684. Multi-Factor Authentication (MFA) for Smart Contract Wallets simplified abstract (Zelus Wallet, LLC)

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Multi-Factor Authentication (MFA) for Smart Contract Wallets

Organization Name

Zelus Wallet, LLC

Inventor(s)

Kyle Thomas Mistele of Dallas TX (US)

Multi-Factor Authentication (MFA) for Smart Contract Wallets - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240020684 titled 'Multi-Factor Authentication (MFA) for Smart Contract Wallets

Simplified Explanation

The abstract of the patent application describes an MFA (Multi-Factor Authentication) smart contract wallet that enhances security for blockchain transactions. It enforces MFA rules, such as requiring users to confirm transactions by submitting separate requests from multiple different externally owned accounts. Each request must contain the recipient, call data, and value of the transaction, and must be signed by a corresponding private key.

  • The MFA smart contract wallet provides security for blockchain transactions.
  • It enforces MFA rules for transaction confirmation.
  • Users must submit separate requests from different accounts.
  • Each request must include recipient, call data, and value.
  • Each request must be signed by a corresponding private key.

Potential Applications:

  • Enhancing security for blockchain transactions.
  • Preventing unauthorized access to blockchain wallets.
  • Protecting against fraudulent transactions on the blockchain.

Problems Solved:

  • Mitigating the risk of unauthorized transactions on the blockchain.
  • Strengthening the security of blockchain wallets.
  • Addressing the vulnerability of single-factor authentication in blockchain transactions.

Benefits:

  • Increased security for blockchain transactions.
  • Reduced risk of unauthorized access and fraudulent transactions.
  • Enhanced trust and confidence in blockchain technology.


Original Abstract Submitted

an mfa smart contract wallet provides security for blockchain transactions by enforcing mfa rules, for example a rule requiring that a user confirm a blockchain transaction by submitting separate requests containing the transaction's recipient, call data, and value to the mfa smart contract wallet from multiple different externally owned accounts, with each request being signed by a separate corresponding private key.

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