US 11,734,655 B2
Method and system for a failsafe mechanism for blockchain wallets
Aishwarya Mallik, Bihar (IN); Alok Kumar Dwivedi, Gorakhpur (IN); and Chandan Garg, Punjab (IN)
Assigned to MASTERCARD INTERNATIONAL INCORPORATED, Purchase, NY (US)
Filed by MASTERCARD INTERNATIONAL INCORPORATED, Purchase, NY (US)
Filed on Jan. 17, 2019, as Appl. No. 16/250,431.
Prior Publication US 2020/0234257 A1, Jul. 23, 2020
Int. Cl. G06Q 20/06 (2012.01); G06Q 20/38 (2012.01); G06Q 20/40 (2012.01)
CPC G06Q 20/0658 (2013.01) [G06Q 20/0652 (2013.01); G06Q 20/3825 (2013.01); G06Q 20/3829 (2013.01); G06Q 20/405 (2013.01)] 16 Claims
OG exemplary drawing
 
1. 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, comprising:
receiving, by a receiver of a processing server, a propagation request including at least one transaction output address of a first blockchain wallet, a digital signature, and a recipient address associated with a second blockchain wallet, where the recipient address and each of the at least one transaction output address are blockchain addresses associated with a blockchain, where each at least one transaction output address is generated using a public key of a cryptographic key pair, and where the digital signature is generated using a private key of the cryptographic key pair;
generating, by a processing device of the processing server, a first smart contract, wherein the first smart contract is an executable script (i) that self-executes after a predetermined period of time of inactivity associated with the at least one transaction output address of the first blockchain wallet, and (ii) initiates a first blockchain transaction for transfer of all assets from each of the at least one transaction output addresses of the first blockchain wallet to the recipient address of the second blockchain wallet including use of the digital signature;
transmitting, by a transmitter of the processing server, the generated first smart contract to a blockchain node of a plurality of blockchain nodes associated with the blockchain;
before expiration of the predetermined period of time of inactivity associated with the at least one transaction output address of the first blockchain wallet, receiving, by the receiver of the processing server, a blockchain data value included in a new block added to the blockchain indicating that a new transaction has been processed, wherein the blockchain data value includes one of: a used address of the at least one transaction output addresses of the first blockchain wallet and a new address generated using the public key of the cryptographic key pair, and wherein the blockchain data value was added to the blockchain within the predetermined period of time;
in response to receiving the blockchain data value included in the new block indicating that a new transaction has been processed, automatically generating, by the processing device of the processing server, a second smart contract, which causes expiration of the first smart contract, wherein the second smart contract is a second executable script that self-executes after the predetermined period of time of inactivity associated with the first blockchain wallet and initiate a second blockchain transaction for transfer of all assets from (i) each of the at least one transaction output addresses without the used address, or (ii) each of the at least one transaction output addresses and the new address, to the recipient address of the second blockchain wallet including use of the digital signature; and
transmitting, by the transmitter of the processing server, the generated second smart contract to one of the plurality of blockchain nodes associated with the blockchain.