System and method for securing digital assets
AssigneeQredo Ltd.
InventorsBrian Spector, Chrstopher Steven Morris, Howard Kitto, Kealan McCusker
Life of this patent
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Abstract
The present invention generally relates to the field of data encryption processes for crypto-currency or other digital asset transactions between a principal and beneficiary utilizing a custodian. Cryptographic protocols protect the asset from the custodian. It can also protect the asset from the principal. It can also protect the asset against the beneficiary until such time as the beneficiary can prove certain logical conditions that give it exclusive control over the digital asset.
Claims27
A method executed by a computer system comprised of a first computer, a second computer executing a beneficiary process and at least one server operatively communicating over a data network, for securely transferring a digital asset comprising:
- receiving from the first computer a deposit order message comprised of data designating the digital asset,
- receiving data corresponding to a beneficiary;
- generating using the received beneficiary data a data representing a shared secret;
- generating a deposit address using at least part of the shared secret data;
- generating a first transaction data package comprised of data that designates the received deposit address as a destination of the transaction;
- and
- receiving by the beneficiary process at least part of the first transaction data package;
- obtaining by the beneficiary process at least part of the shared secret data.
A computer system comprised of a first computer executing a principal process, a second computer executing a beneficiary process and at least one server operatively communicating over a data network, for securely transferring control of a digital asset from the principal process to the beneficiary process comprising:
- a module adapted by logic to receive a deposit order message comprised of data designating the digital asset and to receive data corresponding to a beneficiary;
- a module adapted by logic to use the received beneficiary data to generate a data representing a shared secret and to generate a deposit address data using at least part of the generated shared secret data;
- a module adapted by logic to generate a first transaction data package comprised of data that designates the received deposit address as a destination of the transaction;
- a module adapted by logic operating as the beneficiary process to receive at least part of the first transaction package and to obtain the at least part of the shared secret data.
A computer system comprised of a first computer executing a principal process, a second computer executing a beneficiary process and at least one server operatively communicating over a data network, adapted by logic to securely transfer control of a digital asset to the beneficiary process comprising:
- a module adapted by logic to create a transaction data structure that is comprised of or refers to a redemption script designated by the system as a first payment destination, where the redemption script is comprised of code that expresses a logical test of a first and second logical conditions, the first condition verifying a secret corresponding to the beneficiary process and the second condition verifying possession of a secret shared between the at least one server and the beneficiary process;
- and
- a module adapted by logic to verify that the beneficiary process meets both logical conditions.
The system of claim 27 further adapted by logic to transfer the shared secret from at least one server to the beneficiary process.
Dependencies are inferred from the claim text.