System and method for key recovery and verification in blockchain based networks

A method of verifying that an encrypted cryptographic private key associated with a blockchain based computer network can be decrypted, the method comprising:

• encrypting, by at least one first computing device, at least a portion of a cryptographic key of the computer network with a recovery public key, wherein the encryption is carried out using an homomorphically additive encryption scheme;
• sending, by the at least one first computing device, the encrypted at least a portion of the cryptographic key to at least one second computing device;
• retrieving, by at least one second computing device, the recovery public key from the at least one first computing device;
• and
• verifying, by the at least one second computing device, that the encrypted at least a portion of the cryptographic key is compatible to be decrypted by a recovery private key, based on the retrieved recovery public key and the corresponding public key of the at least a portion of the cryptographic key.

A system for recovery of a cryptographic key associated with a blockchain based computer network, the system comprising:

• at least one first computing device, configured to:
• encrypt at least a portion of a cryptographic key of the computer network with a recovery public key;
• and
• send a recovery private key to a recovery escrow service;
• at least one second computing device, in communication with the at least one first computing device, and configured to:
• receive the encrypted at least a portion of the cryptographic key from the at least one first computing device;
• detect that the at least one first computing device is unavailable;
• retrieve the recovery private key from a public repository, wherein the recovery private key is published by the recovery escrow service;
• and
• decrypt the encrypted at least a portion of the cryptographic key.

A system for verification that a cryptographic key associated with a blockchain based computer network can be decrypted, the system comprising:

• at least one first computing device, configured to:
• encrypt at least a portion of a cryptographic key of the computer network with a recovery public key, wherein the encryption is carried out using an homomorphically additive encryption scheme;
• at least one second computing device, in communication with the at least one first computing device, and configured to:
• receive the encrypted at least a portion of the cryptographic key from the at least one first computing device;
• retrieve a recovery public key from the at least one first computing device;
• and
• verify that the encrypted at least a portion of the cryptographic key is compatible to be decrypted by the recovery private key, based on the retrieved recovery public key and the corresponding public key of the at least a portion of the cryptographic key.