Methods and systems for recording multiple transactions on a blockchain
Techniques are presented for a method and system of recording multiple transactions between a multiple of users on a blockchain. Steps may include: receiving a first request from a first node associated with a first user to transfer a first quantity of cryptocurrency associated with a first transaction and receiving a second request from a second node to transfer a second quantity associated with a second transaction, where the first transaction is conditional on receiving the second request and the second transaction is conditional on receiving the first request; verifying the first request and second request include determining both the conditional steps are satisfied; and based on the verifying, sending a data output to the blockchain to record the transfers of cryptocurrency associated with the first and second transactions.
1 . A computer-implemented method comprising:
receiving, at a third node associated with a trusted entity (TE), a first request from a first node associated with a first user (A) to transfer a first quantity of cryptocurrency (B 1 ) from the first user (A) to a second user (B), wherein the first quantity of cryptocurrency (B 1 ) is associated with a first token (T 1 );
receiving, at the third node, a second request from a second node associated with the second user (B) to transfer a second quantity of cryptocurrency (B 2 ) from the second user (B) to the first user (A);
verifying, by the third node, that both the first request and the second request have been received;
generating, by the third node, a first redeem script (RS 1 ) to lock the first quantity of cryptocurrency (B 1 ) in a first multi-signature transaction, wherein the first redeem script (RS 1 ) includes at least first metadata (MD 1) identifying the first token (T 1 ), a second user public key (P 1 B) associated with the second user (B) and forming a cryptographic pair with a second user private key (V 1 B), and a trusted entity public key (PIT) associated with the trusted entity (TE) and forming a cryptographic pair with a trusted entity private key (V 1 T), and wherein the first redeem script (RS 1 is configured to grant access to the first quantity of cryptocurrency (B 1 ) to the second user (B) responsive to unlocking the first multi-signature transaction by providing signatures corresponding to the second user public key (PIB) and the trusted entity public key (PIT) in a predefined sequence order;
generating, by the third node, a second redeem script (RS 2 ) to lock the second quantity of cryptocurrency (B 2 ) in a second multi-signature transaction, wherein the second redeem script (RS 2 ) includes second metadata (MD 2 ) identifying the second token (T 2 ), a first user public key (P 1 A) associated with the first user (A) and forming a cryptographic pair with a first user private key (VIA), and the trusted entity public key (PIT), and wherein the second redeem script (RS 2 ) is configured to grant access to the second quantity of cryptocurrency (B 2 ) to the first user (A) responsive to unlocking the second multi-signature transaction by providing signatures corresponding to the first user public key (P 1 A) and the trusted entity public key (PIT) in the predefined sequence order;
determining, by the third node, a first hash (H 1 ) of the first redeem script (RS 1 ) for inclusion in a first output script to lock the first quantity of cryptocurrency (B 1 ); and
determining, by the third node, a second hash (H 2 ) of the second redeem script (RS 2 ) for inclusion in a second output script to lock the second quantity of cryptocurrency (B 2 ); and
sending, by the third node, over a communications network, a first data output ( 01 ) to a blockchain network, the first data output ( 01 ) comprising:
a first indication of a transfer of the first quantity of cryptocurrency (B 1 ) to the second user (B), locked by the first output script including the first hash (H 1 );
a second indication of a transfer of the second quantity of cryptocurrency (B 2 ) to the first user (A), locked by the second output script including the second hash (H 2 ).
2 . The method according to claim 1 , wherein verifying that both the first request and the second request have been received comprises evaluating one or more rules to produce a Boolean value or output indicating whether both requests are received.
3 . The method according to claim 1 , wherein the first request comprises a notification that the first transaction is permitted to proceed if the second request is verified as received.
4 . The method according to claim 1 , wherein the second request comprises a notification that the second transaction is permitted to proceed if the first request is verified as received.
5 . The method according to claim 1 , further comprising: receiving a third notification, wherein the third notification specifies that the third node permits the first transaction to proceed if the second request is verified as received and permits the second transaction to proceed if the first request is verified as received.
6 . The method according to claim 1 , wherein the step of verifying the first request and the second request further comprises authenticating the first request is from the first user (A) and the second request is from the second user (B).
7 . The method according to claim 1 , wherein the step of verifying the first request and the second request further comprises determining authority to transfer the first quantity of cryptocurrency (B 1 ) from the first user (A) and authority to transfer the second quantity of cryptocurrency (B 2 ) from the second user (B).
8 . The method according to claim 1 , wherein the first data output ( 01 ) further comprises metadata (MD) associated with either one or both of the first transaction and the second transaction.
9 . The method according to claim 8 , wherein the metadata (MD) associated with either one or both of the first transaction and the second transaction comprises a hash of one or more of: information related to the first transaction and/or the second transaction; a pointer to information related to the first transaction and/or the second transaction; and one or more identifiers related to the first user (A) and/or the second user (B).
10 . A non-transitory computer readable storage medium comprising machine-readable instructions, that when executed by a processing device corresponding to the third node associated with the trusted entity (TE), cause the processing device to implement the method according to claim 1 .
11 . A device corresponding to the third node associated with the trusted entity (TE), the device including a processor and memory storing computer readable instructions that, when executed by the processor, cause the processor to perform the method of claim 1 .
12 . A device for recording multiple transactions between a multiple of users on a blockchain, including a first transaction from a first user (A) to a second user (B) and a second transaction from the second user (B) to the first user (A), wherein the device comprises:
a processing device; and
a memory storing instructions that, when executed by the processing device, cause the processing device to:
receive a first request from a first node associated with the first user (A) to transfer a first quantity of cryptocurrency (B 1 ) from the first user (A) to the second user (B), wherein the first quantity of cryptocurrency (B 1 ) is associated with a first token (T);
receive a second request from a second node associated with the second user (B) to transfer a second quantity of cryptocurrency (B 2 ) from the second user (B) to the first user (A), wherein the second quantity of cryptocurrency (B 2 ) is associated with a second token (T 2 );
verify that both the first request and second request have been received;
generate a first redeem script (RS 1 ) to lock the first quantity of cryptocurrency (B 1 ) in a first multi-signature transaction, wherein the first redeem script (RS 1 ) includes first metadata (MD 1 ) identifying the first token (T 1 ), a second user public key (P 1 B) associated with the second user (B) and forming a cryptographic pair with a second user private key (V 1 B), and a trusted entity public key (PIT) associated with the trusted entity (TE) and forming a cryptographic pair with a trusted entity private key (VIT), the first redeem script (RS 1 ) being configured to grant access to the first quantity of cryptocurrency (B 1 ) to the second user (B) responsive to unlocking the first multi-signature transaction by providing signatures corresponding to the second user public key (P 1 B) and the trusted entity public key (PIT) in a predefined sequence order;
generate a second redeem script (RS 2 ) to lock the second quantity of cryptocurrency (B 2 ) in a second multi-signature transaction, wherein the second redeem script (RS 2 ) includes second metadata (MD 2 ) identifying the second token (T 2 ), a first user public key (P 1 A) associated with the first user (A) and forming a cryptographic pair with a first user private key (V 1 A), and the trusted entity public key (PIT), the second redeem script (RS 2 ) being configured to grant access to the second quantity of cryptocurrency (B 2 ) to the first user (A) responsive to unlocking the second multi-signature transaction by providing signatures corresponding to the first user public key (P 1 A) and the trusted entity public key (PIT) in the predefined sequence order;
determine a first hash (H 1 ) of a first redeem script (RS 1 ) for inclusion in a first output script to lock the first quantity of cryptocurrency (B 1 )
determine a second hash (H 2 ) of the second redeem script (RS 2 ) for inclusion in a second output script to lock the second quantity of cryptocurrency (B 2 );
send over a communications network, a first data output ( 01 ) to a blockchain network, the first data output ( 01 ) comprising:
a first indication of a first-transfer of the first quantity of cryptocurrency (B 1 ) to the second user (B), locked by the first output script including the first hash (H 1 );
a second indication of a second-transfer of the second quantity of cryptocurrency (B 2 ) to the first user (A), locked by the second output script including the second hash (H 2 ).