System and method for resolving identities in blockchain

System and method for resolving identities in blockchain

System and method overview:

A system and method are proposed for identifying previously unknown counterparties by registering distributed ledger public keys and/or addresses. These public keys and addresses are associated with specific business entities or individuals.

The system also provides tools for managing public-facing distributed ledger identifiers, using cryptographic attestation messages and transactions on the ledger to perform these operations.

Identity resolution and linking:

The system allows users to query and find public keys associated with entities, and allows users to link identifiers on different distributed ledgers to disambiguated entities, thereby enabling cross-ledger transactions.

Identity resolution data stores and identity data structures are used to store and manage these linking and resolution information.

System architecture:

The system architecture includes a central hub server connected to an identity resolution server, which is responsible for performing identity resolution for a single entity on multiple distributed ledger networks.

Multiple distributed ledger network platform nodes are embedded in their respective ledger networks and communicate with the central hub server.

Verification process:

The process of verifying an entity through a registered communication protocol is described, including steps such as generating a public/private key pair, submitting a signed message, and verifying the signature.

It also includes the process of verifying new distributed ledger IDs against verified IDs, and the process of retrieving network IDs from the system.

Smart Contracts and Transaction Processing:

The system supports smart contract request resolution. When a smart contract triggers an event or requires information, the node server communicates with the central hub server, which performs the necessary identity resolution and rich information acquisition.

The resolved information is used to generate transactions, which can be executed automatically or change state according to the logic of the smart contract.

Use Case Examples:

Single-network and multi-network use case examples are provided to show how to resolve identities, verify counterparties, and execute transactions in different distributed ledger networks.

The multi-network use case specifically emphasizes the importance of resolving IDs between different ledgers to verify the identity of counterparties.

Self-Service Processes and Compliance:

Describes how to perform identity authentication and cross-chain references through self-service processes (such as the DUNS-Right process) to ensure compliance with regulatory requirements.

The system also supports fast identity authentication and counterparty matching through verified public addresses.

Technical Advantages and Applications:

The system and method improve transaction efficiency and transparency and reduce risks by providing cross-ledger identity resolution and verification.

Particularly suitable for scenarios where counterparties need to be clearly identified to meet regulatory requirements or business transaction needs.

These points provide a comprehensive overview of the described system and method, including its core functions, system architecture, verification process, smart contract support, use case examples, and technical advantages and application scenarios.

Short answer questions:

What is the main purpose?

The main purpose is to provide a system and method for resolving identities in different distributed immutable ledger networks (such as blockchains), identifying previously unknown counterparties by registering distributed ledger public keys and/or addresses, and thus enabling cross-ledger transactions.

How does the system achieve cross-ledger transactions?

The system allows users to link identifiers on different distributed ledgers to disambiguated entities, using identity resolution data stores and identity data structures to store and manage these linking information. When a transaction occurs, the system is able to resolve the identity of the counterparty to ensure that the transaction is conducted between the correct entities.

What are the steps in the identity resolution process?

The identity resolution process includes steps such as generating a public/private key pair, submitting a signed message, verifying the signature, associating a new distributed ledger ID with a verified ID, and retrieving the network ID from the system. Together, these steps ensure the accuracy and reliability of the counterparty's identity.

What is smart contract request resolution and what is its role in this system?

Smart contract request resolution refers to the process by which the system can automatically perform identity resolution and rich information acquisition when a smart contract triggers an event or requires specific information. This helps the smart contract perform necessary state changes or transaction operations based on the resolved information.

What is the special significance of the multi-network use case in this system?

The multi-network use case emphasizes the importance of resolving IDs between different distributed ledger networks to verify the identity of the counterparty. This is particularly important for complex scenarios where transactions need to be verified and executed simultaneously on multiple ledger networks, ensuring the consistency and security of transactions.

What are the technical advantages of?

The technical advantages of include improving transaction efficiency and transparency, reducing risks, and supporting cross-ledger identity resolution and verification. These advantages make the system particularly suitable for scenarios where counterparties need to be clearly identified to meet regulatory requirements or business transaction needs.

What is the role of the DUNS-Right process in this system?

The DUNS-Right process is a self-service process for fast identity authentication and counterparty matching through verified public addresses. In the system, the DUNS-Right process helps ensure that the identity of the counterparty meets regulatory requirements and improves transaction compliance.