Method and system for efficient transfer of cryptocurrency associated with a payroll on a blockchain that leads to an automated payroll method and system based on smart contracts

A method of securely transmitting a output script or information associated with a payroll and a user between a first node and a second node with symmetric-key algorithm, wherein the method comprises:

• determining a symmetric-key based on a common secret, wherein the symmetric key is determined using a generator value, wherein the generator value is used to determine the common secret based on a first node second private key and a second node second private key, wherein the second node has the same common secret based on a first node second public key and a second node second private key, and wherein the second node second private key forms a cryptographic pair with a second node second public key, wherein the second node second public key is based on a second node second master public key and the generator value;
• encrypting at least part of the output script or information associated with the payroll and the second node with the symmetric-key, to an encrypted output script or encrypted information associated with the payroll and the second node;
• and
• sending, over a communications network, the encrypted output script or encrypted information associated with the payroll and the second node from the first node to the second node.