Method, system, and computer-readable medium for secured multi-lateral data exchange over a computer network
A system and method for secured, multi-lateral, assured data transfer over a computer network for the assured exchange of data between counterparties related to qualifying transactions, the method being accomplished by a distributed computing system including a distributed ledger platform and an off-chain data host platform. On-chain authorization tokens are used to track data access rights, enforce access policies, and control distribution of encryption keys.
1. A method for mutual exchange of data over a distributed ledger, comprising:
creating a key for data encryption, wherein a sending party encrypts a data set using the key to create an encrypted data set;
sending the encrypted data set to a data host platform, wherein the data host platform is implemented on a distributed ledger;
generating a pointer upon receipt of the encrypted data set, wherein the pointer stores a memory of the location of the encrypted data set within the data host platform;
encrypting the key using a public key associated with a receiving party to create an encrypted key;
the data host platform receiving a request from the sending party to create at least one authorization token, wherein the at least one authorization token is created, wherein the at least one authorization token includes the encrypted key, the pointer, and a unique token address for association with the at least one authorization token;
the data host platform transferring the at least one authorization token from a wallet address associated with the sending party to a wallet address associated with the receiving party upon receiving a request to transfer the at least one authorization token from the sending party;
the data host platform receiving a decrypted key from the receiving party, wherein the receiving party decrypts the encrypted key using the private key associated with the public address to create the decrypted key and access the pointer;
the data host platform receiving the pointer of the at least one authorization token indicating the location of encrypted data set from the receiving party, wherein the data host platform further encrypts the encrypted data set using the public key of the receiving party to create a twice encrypted data set;
the data host platform sending the twice encrypted data set to the receiving party, wherein the receiving party decrypts the twice encrypted data set using a private key associated with the receiving party to access the encrypted key and the encrypted data set;
the receiving party decrypting the encrypted key to access the key;
decrypting the encrypted data set using the key, wherein the receiving party is able to view the data set upon decryption.
2. The method of claim 1 , wherein the at least one authorization token is further operable to include at least one policy identified by a policy engine of the data host platform.
3. The method of claim 1 , wherein the sending party signs and authorizes the request to create the at least one authorization token and/or the request to transfer the at least one authorization token.
4. The method of claim 1 , wherein the exchange of the data set is conditional upon at least one transaction between the sending party and the receiving party, wherein the data host platform verifies the at least one transaction has occurred prior to sending the twice encrypted data to the receiving party.
5. The method of claim 1 , wherein upon completion of at least one transaction between the sending party and the receiving party, the data set is made available to a third-party administrator.
6. The method of claim 1 , wherein the sending party is an initiating Virtual Asset Service Provider (VASP) and the receiving party is a beneficiary VASP and/or a third-party administrator.
7. The method of claim 6 , wherein the method is bilateral such that the VASP and/or the third-party administrator is the receiving party in a first execution of the method and the VASP and/or the third-party administrator is the sending party of a second execution of the method.
8. The method of claim 1 , wherein the pointer is a hash pointer.
9. The method of claim 1 , wherein the sending party is certified by a regulatory certification authority, wherein the receiving party is certified by the regulatory certification authority and/or verified by a trusted third-party VASP prior to sending the at least one authorization token.
10. The method of claim 1 , wherein encryption of the key, the data set, and/or the encrypted data set is accomplished using symmetric and/or asymmetric encryption techniques.