Network System and Method for Transferring Cryptocurrencies Between a User Account and a Receiving Account

Patent metadata

Field	Value
Publication number	US-2016180338-A1
Application number	US-201514971115-A
Country	US
Kind code	A1
Filing date	Dec 16, 2015
Priority date	Dec 17, 2014
Publication date	Jun 23, 2016
Grant date	—

Abstract

A user computing device generates a token while the user computing device is in an offline mode and not connected to an external network. The token includes information of an amount of cryptocurrency to be transferred from a user account to a receiving account and information of a first password for enabling the transfer. The token is signed by the user computing device with a private key while in the offline mode and the signed token is stored by the user computing device on a portable device. A receiving device receiving the signed token from the portable user storage device, authenticates a user corresponding to the user account based on the signed token, receives a second password, compares the first and second passwords for enabling the transfer, and transfers the amount of cryptocurrency from the user account to the receiving account based on the information included in the token.

First claim

1 . A user computing device comprising:
a memory comprising computer-readable code; a processor, wherein the processor, in response to executing the computer-readable code, causes the user computing device to perform the following: generating a token while the user computing device is in an offline mode and not connected to an external network, the token comprising information of an amount of cryptocurrency to be transferred from a user account to a receiving account and information of a first password for enabling the transfer; signing the token with a private key while the user computing device is in the offline mode; and storing the signed token on a portable device.

2 . The user computing device of claim 1 , wherein the portable device comprises one of a mobile phone, a flash memory, a USB flash drive, or a SD memory card.

3 . The user computing device of claim 1 , wherein the storing is performed using a connection comprising one of a direct physical connection or a wireless connection.

4 . The user computing device of claim 1 , wherein the offline user computing device and the portable user storage device are physically separated entities.

5 . The user computing device of claim 1 , wherein the private key is associated with a public address of the user.

6 . The user computing device of claim 5 , wherein the receiving device is configured to check, for authenticating the user, whether the private key used for signing the token is associated with the public address of the user.

7 . The user computing device of claim 1 , wherein the private key is stored in the user computing device at a point when the user computing device is in the offline mode.

8 . The user computing device of claim 1 , wherein the password is a one-time password associated with the transfer of the amount of cryptocurrency of the user account to the receiving account.

9 . The user computing device of claim 8 , wherein the processor, in response to executing the computer-readable code, causes the user computing device to perform the following: generating, while in the offline mode, the first password as a hash value of a phrase being input to the offline user computing device.

10 . The user computing device of claim 1 , wherein the processor, in response to executing the computer-readable code, causes the user computing device to perform the following: receiving, as an input and while in the offline mode, information of an actual quantity of cryptocurrency on the user account and/or an actual amount of crypto currency being transferred to the user account.

11 . The user computing device of 10 , wherein the processor, in response to executing the computer-readable code, causes the user computing device to perform the following: when generating the token, to compare the actual quantity of cryptocurrency on the user account with the amount of cryptocurrency to be transferred from the user account to the receiving account.

12 . The user computing device of 10 , wherein the token includes information of the actual amount of cryptocurrency being transferred to the user account.

13 . A receiving device, comprising:
a memory comprising computer-readable code; a processor, wherein the processor, in response to executing the computer-readable code causes the receiving device to perform the following: receiving a signed token from a portable user storage device, wherein the signed token has been generated by a user computer device while the user computer device was in an offline mode and not connected to an external network, the token comprising information of an amount of cryptocurrency to be transferred from a user account to a receiving account and information of a first password for enabling the transfer; authenticating a user corresponding to the user account based on the signed token; receiving a second password; comparing the first password and the second password for enabling the transfer, and transferring the amount of cryptocurrency from the user account to the receiving account based on the information included in the token.

14 . The receiving device of claim 13 , wherein the processor, in response to executing the computer-readable code causes the receiving device to perform the following: communicating with a central server for authenticating the user and for transferring the amount of crypto currency.

15 . The receiving device of claim 14 , wherein the communicating is performed via an internet connection.

13 . The receiving device of claim 13 , wherein the portable user storage device is one of a mobile phone, a flash memory, a USB flash drive, or a SD memory card.

16 . A method, comprising:
generating by a user computing device a token while the user computing device is in an offline mode and not connected to an external network, the token comprising information of an amount of cryptocurrency to be transferred from a user account to a receiving account and information of a first password for enabling the transfer; signing by the user computing device the token with a private key while the user computing device is in the offline mode; and storing by the user computing device the signed token on a portable device.

17 . The method of claim 16 , wherein the storing is performed using a connection comprising one of a direct physical connection or a wireless connection.

18 . The method of claim 16 , wherein the offline user computing device and the portable user storage device are physically separated entities.

19 . The method of claim 16 , further comprising receiving, as an input and while in the offline mode, information of an actual quantity of cryptocurrency on the user account and/or an actual amount of cryptocurrency being transferred to the user account.

20 . A computer program product comprising a non-transitory computer readable medium program comprising program code for executing the method of claim 16 .

Assignees

• IBM

Inventors

• Androulaki Elli
• Kind Andreas
• Koltsidas Loannis

Classifications

• H04L9/3228

  One-time or temporary data, i.e. information which is sent for every authentication or authorization, e.g. one-time-password, one-time-token or one-time-key · CPC title

• G06Q20/3226

  Use of secure elements separate from M-devices · CPC title

• G06Q20/3674

  involving authentication · CPC title

• G06Q20/3829 Primary

  involving key management · CPC title

• H04L9/3226

  using a predetermined code, e.g. password, passphrase or PIN (network architectures or network communication protocols for supporting authentication of entities using passwords in a packet data network H04L63/083) · CPC title