CPC H04L 9/3239 (2013.01) [H04L 9/30 (2013.01); H04L 9/3247 (2013.01); G06Q 20/389 (2013.01); H04L 9/50 (2022.05)] | 7 Claims |
1. A computer-based method for generating a transaction within a blockchain system for transferring ownership of an asset to a receiving party, the method comprising:
receiving a blockchain address to which ownership of the digital asset is to be transferred, the blockchain address having identification information for an owner of the blockchain address embedded therein, the identification information including Know Your Customer (KYC) information;
decoding the blockchain address to extract the identification information using a public key, the blockchain address being generated based on a cryptographic hash of the public key and a combination of the identification information and a salt field;
confirming whether the identification information identifies the receiving party, thereby confirming whether the receiving party is the owner of the blockchain address;
if the identification information identifies the receiving party, generating a transaction including the received blockchain address and a record of the asset whose ownership is to be transferred; and
signing the transaction with a private key of a blockchain address from which the asset is to be transferred;
wherein the owner of the blockchain address from which the asset is to be transferred has previously nominated a Guardian as a second signatory for the blockchain address,
wherein the method comprises, following signing of the transaction with the private key, routing the signed transaction to the Guardian and the Guardian applying a Guardian signature to the transaction, the transaction only being executed once signed by the Guardian;
wherein in the case where the authenticity of the transaction is not verified, the transaction is indicated to be fraudulent and the blockchain address from which the asset is to be transferred is frozen; and
wherein the method further comprises creating a new blockchain address including identification information for the owner of the frozen blockchain address and then transferring assets from the frozen blockchain address to the new blockchain address.
|