Method and system for a failsafe mechanism for blockchain wallets
US11734655B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Jan 17, 2019 |
| Grant date | Aug 22, 2023 |
| Priority date | — |
| Expiry date | Oct 16, 2039 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/405
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method for propagating survival of cryptographic currency after inactivity over a predetermined period of time in a blockchain through the use of smart contracts includes: receiving a propagation request that includes unspent transaction output addresses, a digital signature, and a recipient address; generating a smart contract that is configured to self-execute after a predetermined period of time to initiate transfer of cryptographic currency from the output addresses to the recipient address; submitting the smart contract to a node in a blockchain network for addition to the blockchain; monitoring for new blockchain transactions involving any of the unspent transaction output addresses; generating a new smart contract to update the unspent transaction output addresses based on new blockchain transactions; and submitting the new smart contract to a node in a blockchain network after updating.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.