20240048387. COMPUTER-IMPLEMENTED SYSTEM AND METHOD PROVIDING A DECENTRALISED PROTOCOL FOR THE RECOVERY OF CRYPTOGRAPHIC ASSETS simplified abstract (nChain Licensing AG)

From WikiPatents
Jump to navigation Jump to search

COMPUTER-IMPLEMENTED SYSTEM AND METHOD PROVIDING A DECENTRALISED PROTOCOL FOR THE RECOVERY OF CRYPTOGRAPHIC ASSETS

Organization Name

nChain Licensing AG

Inventor(s)

John Fletcher of Cambridge (GB)

Silvia Bartolucci of London (GB)

COMPUTER-IMPLEMENTED SYSTEM AND METHOD PROVIDING A DECENTRALISED PROTOCOL FOR THE RECOVERY OF CRYPTOGRAPHIC ASSETS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240048387 titled 'COMPUTER-IMPLEMENTED SYSTEM AND METHOD PROVIDING A DECENTRALISED PROTOCOL FOR THE RECOVERY OF CRYPTOGRAPHIC ASSETS

Simplified Explanation

The abstract of the patent application describes techniques for recovering digital assets held on a blockchain after the loss of a private key. The method involves setting access for the digital assets under a public key and corresponding private key of the user. Additionally, the digital assets can also be accessed using a private key shared by a congress on the blockchain network, where each member of the congress has a private key share. This private key share is used in a threshold signature scheme to generate a valid signature. In the event of the user losing their private key, the congress can access the digital assets on behalf of the user by verifying their identity through a recovery password.

  • The patent application presents techniques for recovering digital assets on a blockchain after the loss of a private key.
  • Access to the digital assets is set under a public key and corresponding private key of the user.
  • The digital assets can also be accessed using a private key shared by a congress on the blockchain network.
  • Each member of the congress has a private key share used in a threshold signature scheme to generate a valid signature.
  • In case of a lost private key, the congress can access the digital assets by verifying the user's identity through a recovery password.

Potential applications of this technology:

  • Blockchain-based financial systems: This technology can be applied to recover lost digital assets in financial transactions conducted on a blockchain.
  • Cryptocurrency wallets: Users who lose their private keys can have their digital assets recovered by a trusted congress, ensuring the security of their funds.
  • Digital identity management: This technology can be used to recover access to digital identities stored on a blockchain, preventing loss of important personal information.

Problems solved by this technology:

  • Loss of private keys: This technology provides a solution for users who lose their private keys, allowing them to regain access to their digital assets.
  • Security concerns: By involving a congress and using a threshold signature scheme, this technology enhances the security of accessing digital assets on a blockchain.

Benefits of this technology:

  • Enhanced security: The involvement of a congress and the use of a threshold signature scheme provide an additional layer of security for accessing digital assets.
  • Recovery of lost assets: Users who have lost their private keys can recover their digital assets through the verification process with the congress.
  • Simplified access: The use of a recovery password simplifies the process for users to prove their identity and regain access to their digital assets.


Original Abstract Submitted

techniques are presented to enable recovery of one or more digital assets held on a blockchain after a private key is lost. the computer implemented method comprises setting access for the one or more digital assets held on the blockchain under the public key pk and accessible using the corresponding private key sk of the user such that the one or more digital assets are also accessible using a private key x shared by a congress on the blockchain network, each member of the congress having a private key share xto be used in a threshold signature scheme used to generate a valid signature. as a result of the private key sk being lost, the congress accesses the one or more digital assets on behalf of the user in response to the user proving their identity to the congress by providing a recovery password.

Retrieved from "http://wikipatents.org/index.php?title=20240048387._COMPUTER-IMPLEMENTED_SYSTEM_AND_METHOD_PROVIDING_A_DECENTRALISED_PROTOCOL_FOR_THE_RECOVERY_OF_CRYPTOGRAPHIC_ASSETS_simplified_abstract_(nChain_Licensing_AG)&oldid=32885"