NChain Licensing AG (20240265384). SYSTEMS AND METHODS FOR ADDRESSING SECURITY-RELATED VULNERABILITIES ARISING IN RELATION TO OFF-BLOCKCHAIN CHANNELS IN THE EVENT OF FAILURES IN A NETWORK simplified abstract
SYSTEMS AND METHODS FOR ADDRESSING SECURITY-RELATED VULNERABILITIES ARISING IN RELATION TO OFF-BLOCKCHAIN CHANNELS IN THE EVENT OF FAILURES IN A NETWORK
Organization Name
Inventor(s)
John Fletcher of Cambridge (GB)
SYSTEMS AND METHODS FOR ADDRESSING SECURITY-RELATED VULNERABILITIES ARISING IN RELATION TO OFF-BLOCKCHAIN CHANNELS IN THE EVENT OF FAILURES IN A NETWORK - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265384 titled 'SYSTEMS AND METHODS FOR ADDRESSING SECURITY-RELATED VULNERABILITIES ARISING IN RELATION TO OFF-BLOCKCHAIN CHANNELS IN THE EVENT OF FAILURES IN A NETWORK
The method described in the abstract involves providing an enclave public key to a hub, establishing a channel by broadcasting a funding transaction to a blockchain network, receiving a commitment transaction encrypted with the enclave public key, detecting a failure, and issuing a failsafe activation request to a group using data from the enclave.
- Providing an enclave public key to a hub from a tee at a node
- Establishing a channel by broadcasting a funding transaction to a blockchain network
- Encumbering a digital asset with multiple public keys for removal of encumbrance
- Receiving a commitment transaction encrypted with the enclave public key
- Detecting failures and issuing failsafe activation requests to a group
Potential Applications: - Secure communication channels in blockchain networks - Encumbering digital assets for secure transactions - Fail-safe mechanisms for ensuring data integrity
Problems Solved: - Ensuring secure communication between nodes in a network - Providing failsafe mechanisms for handling failures in transactions - Enhancing data security and integrity in blockchain networks
Benefits: - Improved security for digital asset transactions - Enhanced reliability in communication channels - Efficient handling of failures in blockchain networks
Commercial Applications: Title: Secure Communication Protocol for Blockchain Networks This technology can be utilized in financial transactions, supply chain management, and data sharing platforms to ensure secure and reliable communication channels.
Questions about the technology: 1. How does the failsafe activation request mechanism work in this method? 2. What are the key advantages of using multiple public keys to encumber digital assets in blockchain transactions?
Frequently Updated Research: Stay updated on the latest advancements in blockchain security protocols and encryption techniques to enhance the effectiveness of this technology.
Original Abstract Submitted
a method in accordance with the invention includes: providing to a hub, from an enclave associated with a tee at a node, an enclave public key; establishing a channel with the hub by broadcasting to a blockchain network a funding transaction which encumbers a digital asset with a first public key, a second public key and a third public key such that the encumbrance of the digital asset may be removed by: 1) both a first signature generated from a first private key corresponding to the first public key and a second signature generated from a second private key corresponding to the second public key; or 2) a third signature, valid for the third public key, the third public key associated with a group; receiving a commitment transaction encrypted with the enclave public key; detecting a failure; issuing a failsafe activation request to the group using data from the enclave.
