System and method for securing transaction in a blockchain network

• Main Authors: Leung, Frederick Kwok Yin, Dudar, Marcin Wojciech, Chan, Peter On Bon
• Format: Patent
• Language: English
• Published: 14.09.2021
• Subjects: CALCULATING; COMPUTING; COUNTING; DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES; ELECTRIC COMMUNICATION TECHNIQUE; ELECTRICITY; PHYSICS; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR; TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHICCOMMUNICATION

A method for securing transaction in a blockchain network and a related system with a blockchain network. The blockchain network has information handling devices operably connected with each other. The information handling devices collectively maintain a blockchain ledger containing one or more transaction blocks with transaction information. The method includes validating a new transaction request to be added to the blockchain ledger. The validation includes digitally signing, at two or more of the information handling devices in the blockchain network, respectively, an interim block associated with the new transaction request, using a HASH value of the interim block and respective private keys of the two or more of the information handling devices. The method also includes verifying the one or more signed interim blocks for determining whether to add to the blockchain ledger a new transaction block containing the validated new transaction request and the at least two digital signatures.