Method and system for interacting public and private blockchains with controlled participation

A method for controlling participation of a plurality of participants being eligible to submit data related to a transaction to a blockchain network based on time using a processing server comprising a participant database, a verification module, a generation module, a receiving device, a transmission device, a hashing module and a memory, wherein each of the plurality of the participants is associated with one of a plurality of participant profiles stored in the participant database, the method comprising:

• storing, by the processing server, in the participant database, the plurality of the participant profiles, wherein each of the plurality of the participant profiles includes at least a public key of a cryptographic key pair, an identification value, and at least a period of time, wherein at least the period of time comprises a start time and an end time;
• storing, by the processing server, in the memory, a blockchain, wherein the blockchain comprises a plurality of blocks, and each of the plurality of the blocks includes at least a block header and one or more data values;
• executing, by the processing server, the verification module, the generating module, the receiving device, the transmission module and the hashing module;
• receiving, by the executed receiving device, a block submission from a first computing system, wherein the block submission includes at least a digital signature, a first data value and a first identification value;
• determining, by the processing server, a first time of the processing server;
• generating, by the processing server after the receiving the block submission, a first timestamp associated with the received block submission based on the determined time of the processing server;
• identifying, by the processing server, a first participant profile of the plurality of the participant profiles associated with the first computing system and retrieving the public key associated with the first participant profile by querying the participant database based on the received first identification value;
• verifying, by the executed verification module, the received digital signature by validating the received block submission using at least the public key of the identified first participant profile;
• based on the verification of the digital signature, determining, by the executed verification module, that the first computing system of the identified first participant profile is eligible to submit data related to the transaction to the blockchain based on the first timestamp of the received block submission is within the period of time comprised in the identified first participant profile;
• in response to the determining the first computing system of the identified first participant profile is eligible to submit data to the blockchain, generating, by the executed generation module, a block comprising a block header and at least one data value, wherein the at least one data value includes the first data value;
• and
• electronically transmitting, by the executed transmission device, the generated block to one or more nodes in the blockchain network over one or more networks via one or more network protocols.