A method for controlling participation in a blockchain 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, comprising:
- storing, by the processing server in the participant database, a plurality of participant profiles, wherein each participant profile is a structured data set related to a computing system and includes at least a public key of a cryptographic key pair associated with the computing system and a period of time;
- storing, by the processing server in the memory, a blockchain comprised of a plurality of blocks, wherein each block includes at least a block header and one or more data values;
- receiving, by the processing server via the receiving device, a block submission from a first computing system, wherein the block submission includes at least a digital signature and a new data value;
- determining, by the processing server, a present time of the processing server;
- generating, by the processing server after the receiving the block submission, a timestamp associated with the received block submission based on the determined present time of the processing server;
- verifying, by the processing server via the verification module, the digital signature based on at least a first public key stored in a first participant profile of the plurality of participant profiles, wherein the first public key is associated with the first computing system;
- based on the verification of the digital signature, determining, by the processing server via the verification module, that the first computing system is eligible to submit the block submission to the blockchain based on the timestamp of the received block submission being within the period of time included in the first participant profile;
- in response to the determining the first computing system is eligible to submit data the block submission to the blockchain, generating, by the processing server via the generation module, a first new block comprised of a first block header and at least one data value, wherein the at least one data value includes the new data value;
- electronically transmitting, by the processing server via the transmitting device, the generated first new block to one or more nodes associated with the blockchain;
- receiving, by the processing server via the receiving device, a dispute data value associated with the new data value from a third party computing system;
- generating, by the processing server via the generation module, a private blockchain comprised of a first private block including a first private block header and the new data value;
- generating, by the processing server via the generation module, a new cryptographic key pair comprised of a new public key and a new private key;
- and
- electronically transmitting, by the processing server via the transmitting device, at least the new private key to the third party computing system.