Systems and methods for automated recovery of blockchain-based accounts

A system comprising:

• a processor;
• a transceiver;
• and
• a memory having stored thereon computer program code that, when executed by the processor, controls the processor to:
• configure a first smart contract to authorize a second smart contract to initiate transfer of one or more wallet items registered to the first smart contract to a location specified by the second smart contract;
• configure the second smart contract to initiate transfer of the one or more wallet items from the first smart contract in response to receiving a first recovery verifier;
• receive, via an API through the transceiver, a wallet recovery request associated with the first smart contract, the wallet recovery request specifying a third smart contract as being a recipient wallet;
• and
• based on the wallet recovery request and responsive to receiving the first recovery verifier, initiate a transfer of the one or more wallet items from the first smart contract to the third smart contract.

A method of recovering blockchain wallet items, the method comprising:

• receiving, from a user device, log-in credentials associated with a user account;
• receiving, from the user device, an indication that a key associated with a user smart wallet associated with the user account has been lost;
• initiating, via a server, a validation and recovery process for items stored in the user smart wallet;
• instantiating, via the server, a recovery smart wallet;
• transferring, via the server, the items stored in the user smart wallet to the recovery smart wallet;
• and
• associating, via the server, the recovery smart wallet with the user account.