System and method for creating a mutual reference between a blockchain and a private repository
A system and method for the secure management of digital contracts utilizes technology from the following fields: digital timestamping, encryption, distributed storage, and distributed payment systems. The existing state-of-the-art contract management systems require counter-parties to give a substantial level of trust to third parties to perform functions such as storage and verification. This system and method reduces the amount of trust that the counterparties need to give to a single third party. The system and method may be used for the secure construction and management of digital contract data and metadata.
1. A system comprising:
one or more processors;
a memory storing instructions that when executed by the one or more processors causes the one or more processors to perform the operations to:
store (i) contract data and (ii) contract metadata for a signed contract between two or more entities, wherein the signed contract is accessed at the private repository using a uniform resource locator (URL);
for a first block, encode the URL, wherein the URL is a first reference to the private repository and generate a first transaction including the encoded URL;
for a second block, generate a cryptographic hash of the contract data, wherein the cryptographic hash is a second reference to the private repository and generate a second transaction including the cryptographic hash of the contract data;
submit the first and second transactions to a blockchain system,
store, in the private repository, a third reference to the first and second submitted transactions, wherein the third reference is a reference to the blockchain system, and
determine a confirmation of the submission of the first and second transactions.
2. The system of claim 1 , wherein the signed contract has a threshold number of signatures required for the signed contract.
3. The system of claim 2 , wherein the one or more processors further perform the operations to manage one or more payments between the two or more entities to the signed contract.
4. The system of claim 1 , wherein the signed contract is signed by a first user uploading a first private key.
5. The system of claim 1 , wherein the private repository is accessible for users using a view.
6. The system of claim 1 , wherein the encoded URL is encrypted.
7. A method comprising:
storing, in a private repository, (i) contract data and (ii) contract metadata for a signed contract between two or more entities, wherein the signed contract is accessed at the private repository using a uniform resource locator (URL);
for a first block, encoding, by a processor of a computer system, the URL, wherein the URL is a first reference to the private repository and generating, by the processor of the computer system, a first transaction including the encoded URL;
for a second block, generating, by the processor of the computer system, a cryptographic hash of the contract data, wherein the cryptographic hash is a second reference to the private repository and generating, by the processor of the computer system, a second transaction including the cryptographic hash of the contract data;
submitting, by the processor of the computer system, the first and second transactions to a blockchain system,
storing, in the private repository, a third reference for the first and second submitted transactions, wherein the third reference is a reference to the blockchain system; and
determining, by the processor of the computer system, a confirmation of the submission of the first and second transactions.
8. The method of claim 7 further comprising signing the signed contract by a first user uploading a first private key.
9. The method of claim 7 further comprising viewing the private repository using a view.
10. The method of claim 7 , wherein encoding the URL further comprises encrypting the URL.
11. The method of claim 7 , wherein submitting the first and second transactions further comprise using an OP_RETURN command.
12. The method of claim 7 , wherein determining the confirmation further comprises a CONFIRMED state based on a threshold number of blocks or an INVALID state.
13. The method of claim 7 , wherein the stored contract data and meta data are encrypted.
14. The method of claim 7 wherein the signed contract has a threshold number of signatures required for the signed contract.
15. A nontransitory computer readable medium storing instructions that when executed by a processor causes the processor to perform the operations of:
store, in a private repository, (i) contract data and (ii) contract metadata for a signed contract between two or more entities, wherein the signed contract is accessed at the private repository using a uniform resource locator (URL);
for a first block, encode the URL, wherein the URL is a first reference to the private repository and generate a first transaction including the encoded URL;
for a second block, generate a cryptographic hash of the contract data, wherein the cryptographic hash is a second reference to the private repository and generate a second transaction including the cryptographic hash of the contract data;
submit the first and second transactions to a blockchain system;
store, in the private repository, a third reference to the first and second submitted transactions, wherein the third reference is a reference to the blockchain system, and
determine a confirmation of the submission of the first and second transactions.
16. The nontransitory computer readable medium of claim 15 , wherein the signed contract is signed by a first user uploading a first private key.
17. The nontransitory computer readable medium of claim 15 , wherein the private repository is viewed using a view.
18. The nontransitory computer readable medium of claim 15 , wherein the encoded URL is encrypted.
19. The nontransitory computer readable medium of claim 15 , wherein the first and second transactions use an OP_RETURN command.
20. The nontransitory computer readable medium of claim 15 , wherein determining the confirmation further comprises a CONFIRMIED state based on a threshold number of blocks or an INVALID state.
21. The nontransitory computer readable medium of claim 15 , wherein the stored contract data and meta data are encrypted.
22. The nontransitory computer readable medium of claim 15 , wherein the signed contract has a threshold number of signatures required for the signed contract.