System and method for transferring resources using a blockchain

1. A computer-implemented method comprising:

randomizing a set of nodes to create a cyclically-ordered set of nodes participating in a blockchain network;

selecting one of the nodes of the set of nodes to be an initiator node, U 0 , of the cyclically-ordered set of nodes;

selecting one or more timeout values representing an amount of time required to complete actions relating to the method;

determining and sending a public key associated with a particular node in the cyclically-ordered set of nodes participating in the blockchain network to the initiator node of the cyclically-ordered set;

receiving, by the particular node from a node immediately previous to the particular node in the cyclically-ordered set, a first value based on public keys associated with each node in the cyclically-ordered set from the particular node through to the initiator node;

determining, by the particular node, a locking value based on the first value and the public key associated with the particular node;

determining that there is sufficient time left on the one or more timeout values; and

establishing a payment channel between the particular node, U i , and a node immediately succeeding the particular node, U i+1 , by:

preparing, by the particular node, (i) a commitment transaction, T c (ii) a refund transaction T r , and (iii) a transaction, T pay , using the locking value, arranged to transmit control of a resource from a source address associated with the particular node to a receiving address of the node immediately succeeding the particular node in the cyclically-ordered set, wherein the control of the resource is to be transmitted responsive to satisfaction of an execution condition including supply of an unlocking value corresponding to the locking value.

2. The method of claim 1 wherein the unlocking value is based on private keys corresponding to the public keys associated with each node in the cyclically-ordered set from the immediately subsequent node through to the initiator node.

3. The method of claim 1 wherein the first value is a sum of the public keys associated with each node in the cyclically-ordered set from the particular node through to the initiator node.

4. The method of claim 3 wherein determining the locking value comprises subtracting the public key associated with the particular node from the first value.

5. The method of claim 1 further comprising:

sending, by the particular node to the immediately subsequent node, a second value based on the first value and the public key associated with the particular node.

6. The method of claim 5 wherein the second value is determined by subtracting the public key associated with the particular node from the first value.

7. The method of claim 1 wherein another transaction is arranged to return control of the resource to the particular node upon satisfaction of a return condition.

8. The method of claim 1 further comprising:

obtaining, a third value based on private keys corresponding to the public keys associated with each node in the cyclically-ordered set from the immediately subsequent node through to the initiator node;

determining, by the particular node, a second unlocking value based on the third value and a private key corresponding to the public key associated with the particular node; and

executing, by the particular node, a second transaction prepared by the immediately previous node and arranged to transmit control of a second resource from a source address associated with the immediately previous node to a receiving address of the particular node, wherein control of the second resource is to be transmitted responsive to satisfaction of an execution condition including supply of the second unlocking value.

9. The method of claim 8 wherein the third value is received from the immediately subsequent node.

10. The method of claim 8 wherein the third value is extracted from a transaction submitted to a blockchain of the blockchain network.

11. The method of claim 8 wherein the third value is a sum of a-private keys corresponding to the public keys associated with each node in the cyclically-ordered set from the immediately subsequent node through to the initiator node.

12. The method of claim 8 further comprising sending the second unlocking value to the immediately previous node.

13. The method of claim 1 wherein each public key and its corresponding private key form an elliptical curve cryptography public-private key pair.

14. The method of claim 1 further comprising submitting a second transaction to a blockchain of the blockchain network.

15. The method of claim 8 wherein the resource and the second resource are identical.

16. A computing device adapted to serve as a particular node in a cyclically-ordered set, the computing device comprising:

a processor;

a memory;

a network interface; and

a non-transitory computer-readable storage medium storing computer-executable instructions that, when executed by the processor cause the computing device to perform a method according to claim 1 .

17. A non-transitory computer-readable storage medium storing instructions that adapt a computer system to serve as a particular node in a cyclically-ordered set wherein the instructions, when executed by a processor of the computer system, cause the computer system to perform a method according to claim 1 .

18. A computing device adapted to serve as a particular node in a cyclically-ordered set, the computing device comprising:

a processor;

a memory;

a network interface; and

a non-transitory computer-readable storage medium storing computer-executable instructions that, when executed by the processor cause the computing device to perform a method according to claim 2 .

19. A computing device adapted to serve as a particular node in a cyclically-ordered set, the computing device comprising:

a processor;

a memory;

a network interface; and

a non-transitory computer-readable storage medium storing computer-executable instructions that, when executed by the processor cause the computing device to perform a method according to claim 8 .