CPC G06F 16/2379 (2019.01) [G06F 16/2365 (2019.01); G06Q 10/10 (2013.01); G06Q 20/36 (2013.01); H04L 63/083 (2013.01)] | 20 Claims |
1. A method of recovering blockchain wallet items without utilizing a private key, the method comprising:
configuring, by one or more processors, a first smart contract registered to a blockchain at a first blockchain address with a recovery logic to authorize a second smart contract registered to the blockchain at a second blockchain address in order to initiate transfer of one or more wallet items registered to the first smart contract to a recipient wallet blockchain address specified by the second smart contract without utilizing a private key associated with the first smart contract in response to receiving a wallet recovery request;
receiving, via an API and by the second smart contract, the wallet recovery request received from a user account associated with the first smart contract;
generating, by an instantiation logic of the second smart contract, a third smart contract as a recipient wallet, by registering the third smart contract to the blockchain at a third blockchain address, wherein the third smart contract is customized to the user account by using the instantiation logic to modify an existing code file of a template recovery wallet based on user account attributes, the user account attributes comprising at least a delivery method for providing a private key associated with the third smart contract to a user associated with the user account;
configuring, by the one or more processors, the second smart contract to initiate transfer of the one or more wallet items from the first smart contract in response to receiving a first recovery verifier by relaying the third blockchain address of the third smart contract to the recovery logic; and
based on the wallet recovery request and responsive to receiving the first recovery verifier, initiating, by the one or more processors, by the second smart contract, a transfer of the one or more wallet items from the first smart contract to the third smart contract by executing a routine of the recovery logic.
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