Efficient block chain generation
Presented here is a system to reduce the computational cost of validating transactions recorded in a block chain by at least 500 million. In one embodiment, no proof of work is required, and the validity of the data stored in the block chain is guaranteed using a combination of private identification associated with one or more authorized users and a hash value propagated from each block to the subsequent blocks in the block chain. In another embodiment, the proof of work required is designed to be mildly computationally expensive, for example, at least 500 million times cheaper than the proof of work required to perform a bitcoin verification. The proof of work required can be increased or decreased based on various factors such as an expected time to add a new block to the block chain and/or current processor performance.
1. A method of efficiently adding a new block to a block chain, the method comprising:
providing the block chain comprising a plurality of blocks, each block comprising a hash value;
obtaining, by the block chain, a private identification of an authorized user in a subset of one or more authorized users, non-currency data not susceptible to a double spending problem, and a private key of the authorized user, the non-currency data configured to be verified in association with the authorized user before being added to the block chain; and
adding a new block to the block chain including:
encrypting the non-currency data based on the private identification of the authorized user;
computing the hash value of the non-currency data and the encrypted data for the new block;
obtaining a prior hash value associated with a preceding block in the block chain;
forming the new block as a function of the non-currency data, the encrypted data, the hash value, and the prior hash value to create the new block;
adding the new block to the block chain by performing a proof of work computation that requires the computed hash value to have required values at a reduced number of computed hash value positions;
using the obtained prior hash value associated with the preceding block and storing the prior hash value within the new block;
computing a second hash value from the non-currency data and the encrypted data, and comparing the hash value of the non-currency data to the second hash value; and
verifying a sequence order of blocks of the block chain by checking that the hash value of an immediately preceding block stored within the block is identical to a hash value stored within the immediately preceding block.
2. The method of claim 1 wherein the non-currency data comprises: financial information data including account-related information.
3. The method of claim 1 wherein the non-currency data comprises: personally identifiable data or transactional data, or both.
4. The method of claim 1 wherein the private identification of the authorized user comprises:
data representing the private key.
5. The method of claim 1 further comprising:
maintaining a hierarchy of authorized users to resolve conflicts of adding the new block at the same time by multiple authorized users.
6. The method of claim 1 further comprising:
checking at a processor whether the new block is associated with a match to any other authorized user, wherein the private identification of the authorized user is the private key.
7. The method of claim 6 further comprising:
accessing a secure record database including multiple public keys associated with the one or more authorized users;
decrypting the encrypted data of the new block that includes the non-currency data not susceptible to the double spending problem to check a match with another block; and
performing an action based on a ranking associated with the one or more authorized users each of which is associated with a hierarchy of authorized users.
8. The method of claim 7 wherein performing the action comprises:
overriding data in the another block in favor of adding the new block based on the hierarchy of authorized users.
9. The method of claim 1 wherein adding the new block further comprises: adding the new block into a subsequence of blocks linearly without branching.
10. A system comprising:
a processor; and
a memory coupled to the processor, the memory for storing instructions, the processor executing the instructions which cause the processor to perform operations comprising:
providing a block chain comprising a plurality of blocks, each block comprising a hash value;
obtaining a private identification of an authorized user in a subset of one or more authorized users and data not susceptible to a double spending problem, the data configured to be verified in association with the authorized user before being added to the block chain; and
adding a new block to the block chain including:
encrypting the data based on the private identification of the authorized user;
computing the hash value of the data and the encrypted data for the new block;
obtaining a prior hash value associated with a preceding block in the block chain;
forming the new block as a function of the data, the encrypted data, the hash value, and the prior hash value to create the new block;
adding the new block to the block chain by performing a proof of work computation that requires the computed hash value to have required values at a reduced number of computed hash value positions
using the obtained prior hash value associated with the preceding block and storing the prior hash value within the new block;
computing a second hash value from the data and the encrypted data, and comparing the hash value of the data to the second hash value; and
verifying a sequence order of blocks of the block chain by checking that the hash value of an immediately preceding block stored within the block is identical to a hash value stored within the immediately preceding block.
11. The system of claim 10 wherein the data not susceptible to the double spending problem comprises non-currency related data.
12. The system of claim 11 wherein the non-currency related data comprises: financial information data including account-related information.
13. The system of claim 11 wherein the non-currency related data comprises: personally identifiable data or transactional data, or both.
14. The system of claim 10 wherein the private identification of the authorized user comprises:
data representing a private key.
15. The system of claim 11 wherein the processor further performs operations comprising maintaining a hierarchy of authorized users to resolve conflicts of adding the new block at the same time by multiple authorized users.
16. The system of claim 10 wherein the processor further performs operations comprising checking at the processor whether the new block is associated with a match to any other authorized user, wherein the private identification of the authorized user is a private key.
17. The system of claim 16 wherein the processor further performs operations comprising:
accessing a secure record database including multiple public keys associated with the one or more authorized users;
decrypting the encrypted data of the new block that includes the data not susceptible to the double spending problem to check a match with another block; and
performing an action based on a ranking associated with the one or more authorized users each of which is associated with a hierarchy of authorized users.
18. The system of claim 17 wherein the processor further performs operations comprising:
overriding data in the another block in favor of adding the new block based on the hierarchy of authorized users.
19. The system of claim 10 wherein the processor further performs operations comprising adding the new block into a subsequence of blocks linearly without branching.