System and method of blockchain transaction verification

A system for verifying a blockchain transaction using multiple digital signatures, comprising:

• a memory device configured to store a first private encryption key associated with a first user account;
• and
• a processor configured to:
• generate a data structure associated with the first user account, wherein the data structure includes a reference to a prior data structure from which one or more assets associated with the first user account are drawn and indicates output of the one or more assets associated with the first user account to a second user account;
• generate a first digital signature based on the data structure using a first private encryption key;
• establish a communication session with a service provider using user credentials associated with the first user account;
• transmit, to the service provider, a signing request associated with the data structure and receiving a one-time password in response to the signing request;
• transmit a verification indication comprised of the one-time password and in response to transmitting the verification indication, receiving a second digital signature generated by the service provider based on the data structure using a second private encryption key that is stored at the service provider;
• transmit, to a blockchain network for verification, the data structure that includes the first digital signature and the second digital signature, wherein the first user account comprises a multi-signature wallet associated with the first private encryption key and the second private encryption key stored at the service provider.

A system for executing verifying a blockchain transaction using multiple digital signatures, comprising:

• a user device having a memory device configured to store a first private encryption key associated with a first user account, and a processor;
• and
• a server system having a memory device configured to store a second private encryption key, and a processor;
• wherein the processor of the user device is configured to:
• generate a data structure, wherein the data structure is associated with the first user account and indicates output to a second user account,
• generate a first digital signature based on the data structure using the first private encryption key,
• establish a communication session with the server system using user credentials associated with the first user account, and
• transmit, to the server system, a signing request associated with the data structure and a verification indication;
• and
• wherein the processor of the server system is configured to generate a second digital signature based on the data structure using the second private encryption key in response to the verification indication from the user device;
• wherein the processor of the user device is further configured to transmit the data structure that includes the first digital signature and the second digital signature to a blockchain network for verification.