System and method for secure management of digital contracts
AssigneeLuther Systems US Incorporated
InventorsHossein Kakavand, Samuel Wood
Life of this patent
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Abstract
A system and method for the secure management of digital contracts utilizes technology from the following fields: digital timestamping, encryption, distributed storage, and distributed payment systems. The existing state-of-the-art contract management systems require counter-parties to give a substantial level of trust to third parties to perform functions such as storage and verification. This system and method reduces the amount of trust that the counterparties need to give to a single third party. The system and method may be used for the secure construction and management of digital contract data and metadata.
Claims12
A contract management method, comprising:
- providing a distributed ledger blockchain node, the node having a plurality of blocks wherein each block contains block metadata and one or more records wherein each record contains information about a transaction within the block in a distributed ledger blockchain maintained by the node;
- initializing, by a secure contract management server having a processor, a contract between two counter parties, the initializing the contract further comprising
- providing contract details including contract data for the contract between the two counter parties;
- storing, in a private repository database connected to the secure contract management server, the contract data and metadata about the contract between the two counter parties that is accessible using a uniform resource locator;
- generating, by a transaction engine of the secure contract management server, a first transaction including the URL for access to the signed contract;
- generating, by an encoding engine of the secure contract management server, a cryptographic hash of the contract data;
- generating, by the transaction engine of the secure contract management server, a second transaction including the cryptographic hash of the contract data;
- storing, by the transaction engine of the secure contract management server, the first and second transactions;
- and
- confirming, by a validation engine of the secure contract management server, that the first and second transactions associated with the contract between the two counter parties are stored in the distributed ledger blockchain node.
Dependencies are inferred from the claim text.