Autonomous exchange via entrusted ledger key management
An Autonomous Exchange via Entrusted Ledger (AXEL) blockchain is discussed herein. The AXEL blockchain enables users to perform transactions in a private setting while enabling the transaction records thereof to be verified by other network users without publicly divulging the contents or details of the transaction records. The token identification system and method allows the tokens to carry an immutable identification to prevent negative blockchain occurrences such as double spending. A payment methodology allowing integration of external financial institutions with user owned and managed wallet. The AXEL blockchain can also interface with and utilize a distributed database to create an immutable record of each transaction while providing a complete backup of the transactions that occur within the system and on the AXEL blockchain. A method for protecting the private key ensures wallet access is only granted to the account owner.
1. A system for securely providing one or more blockchain wallets to one or more users, the system comprising:
one or more data stores;
one or more communication devices that receive one or more blockchain wallet creation requests; and
a non-transitory storage medium storing instructions that, when executed, cause one or more processors to:
for each of the one or more blockchain wallet creation requests:
generate at least one private key, wherein the private key is in possession of only the one or more users of the one or more blockchain wallets;
generate a safeguard code;
generate a hash using the at least one private key;
encrypt the hash and the safeguard code to generate an encrypted hash; and
store the encrypted hash on the one or more data stores;
receive one or more blockchain wallet transaction requests; and
for each of the one or more blockchain wallet transaction requests:
retrieve the encrypted hash from the one or more data stores; and
decrypt the encrypted hash to obtain the at least one private key therein, wherein the at least one private key is used to complete one or more blockchain wallet transactions.
2. The system of claim 1 , wherein the safeguard code expires after a predefined period of time and the encrypted hash is regenerated after the predefined period of time.
3. The system of claim 1 , wherein the hash is generated using the safeguard code, the at least one private key, and authentication information of the one or more users.
4. The system of claim 1 , wherein the instructions, when executed, cause the one or more processors to, for each of the one or more blockchain wallet transaction requests:
generate a new safeguard code;
generate a new hash using the new safeguard code and the at least one private key;
encrypt the new hash to generate a new encrypted hash; and
store the new encrypted hash on the one or more data stores.
5. The system of claim 4 , wherein the new hash is generated using the new safeguard code, the at least one private key, and authentication information of the one or more users.
6. The method of claim 4 , wherein the new safeguard code expires after a predefined period of time and the new encrypted hash is regenerated after the predefined period of time.
7. A non-transitory storage medium storing instructions that, when executed, cause one or more processors to:
receive one or more blockchain wallet creation requests;
for each of the one or more blockchain wallet creation requests:
generate a safeguard code;
generate a hash using at least one private key, wherein the private key is in possession of only one or more owners of the one or more blockchain wallets;
generate an encrypted hash by encrypting the hash and the safeguard code; and
store the encrypted hash on one or more data stores;
receive one or more blockchain wallet transaction requests; and
for each of the one or more blockchain wallet transaction requests:
retrieve the encrypted hash from the one or more data stores; and
decrypt the encrypted hash to obtain the at least one private key stored therein, wherein the at least one private key is used to complete one or more blockchain wallet transactions.
8. The method of claim 7 , wherein the safeguard code expires after a predefined period of time and the encrypted hash is regenerated after the predefined period of time.
9. The non-transitory storage medium of claim 7 , wherein the instructions, when executed, cause the one or more processors to, for each of the one or more blockchain wallet transaction requests:
generate a new safeguard code;
generate a new hash using the new safeguard code and the at least one private key;
encrypt the new hash to generate a new encrypted hash; and
store the new encrypted hash on the one or more data stores.
10. The non-transitory storage medium of claim 9 , wherein the new hash is generated using the new safeguard code, the at least one private key, and authentication information of the one or more owners.
11. The non-transitory storage medium of claim 9 , wherein the new safeguard code expires after a predefined period of time and the new encrypted hash is regenerated after the predefined period of time.
12. A method for securely providing one or more blockchain wallets for one or more users, the method comprising:
receiving one or more blockchain wallet creation requests at one or more processors;
for each of the one or more blockchain wallet creation requests:
generate at least one private key, wherein the private key is in possession of only the one or more users of the one or more blockchain wallets;
generate a safeguard code;
generate a hash using the at least one private key;
encrypt the hash and the safeguard code to generate an encrypted hash; and
store the encrypted hash on one or more data stores;
receiving one or more blockchain wallet transaction requests at the one or more processors; and
for each of the one or more blockchain wallet transaction requests:
retrieve the encrypted hash from the one or more data stores; and
decrypt the encrypted hash to obtain the at least one private key stored therein, wherein the at least one private key is used to complete one or more blockchain wallet transactions.
13. The method of claim 12 , wherein the safeguard code expires after a predefined period of time and the encrypted hash is regenerated after the predefined period of time.
14. The method of claim 12 , wherein the hash is generated using the safeguard code, the at least one private key, and authentication information of the one or more users.
15. The method of claim 12 , further comprising, for each of the one or more blockchain wallet transaction requests:
generate a new safeguard code;
generate a new hash using the new safeguard code and the at least one private key;
encrypt the new hash to generate a new encrypted hash; and
store the new encrypted hash on the one or more data stores.
16. The method of claim 15 , wherein the new hash is generated using the new safeguard code, the at least one private key, and authentication information of the one or more users.
17. The method of claim 15 , wherein the new safeguard code expires after a predefined period of time and the new encrypted hash is regenerated after the predefined period of time.