New Patent Spearheads Password Recovery for Blockchain Applications

Montréal – TheNewswire - May 26, 2021 – ZeU Technologies Inc. ZEU ZEU ZEUCF is pleased to announce that the Company has filed a provisional patent application with the US Patent Office entitled ‘Method and system for the safe custody of private data using blockchain.'

Blockchain provides secure data storage accessible through a private key. Private key management has proven to be troublesome as approximately US$140 Billion worth of Bitcoin has been ‘lost' due to forgotten passwords or users otherwise being locked out of their accounts1, the consequence being that the assets stored by those accounts are permanently lost. ZeU's latest patent provides a method for reliably restoring access.

The Mechanics

This method stores data fingerprints and keys on blockchain while building a safe deposit box for data. The data is divided and stored in multiple parts with built-in redundancies to ensure encrypted data retrieval. The user is required to set challenge tasks when storing the data. The tasks and their answers will be sliced up and sent to multiple custodians. Should the user lose access to the data, the custodians will verify the user's identity through the challenge tasks. After successfully establishing the user's identity, the custodians forward their slices of data to be reassembled, and the user is given access to the data. Redundancies have been built into the system to avoid losses due to custodian failure.

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Figure 1: System components

Case Study

Bob has stored his company's financial and banking records in the blockchain. Bob was meticulous in recording his passphrase in two places, in his computer and written on a piece of paper in his desk drawer. Unfortunately, Bob's scrap of paper he'd written his passphrase on was lost while moving to a home office, and shortly after that, his hard drive failed. Having used ZeU's system for the safe custody of private data, he can open a new account and request access to the data. After having passed the challenge tasks he set up while storing the data - in Bob's case, answering personal questions only he would know the answer to plus accessing one of his verified social media accounts - access can be restored to his new account.

Oliver Qian, ZeU's Chief Architect, commented, "(…) In creating our Mula Platform, we put ourselves in the shoes of our users and try to determine what they need from blockchain (…) Blockchain is tremendously powerful, but its short history shows us that password recovery can be an Achilles' heel (…) we don't want our users to experience the loss of data for any reason (…) at the same time, we realize that we're educating the public how to use blockchain (…) so it seemed rather evident that we needed to create a fool-proof system for data recovery (…)."

ON BEHALF OF THE BOARD OF DIRECTORS

"Frank Dumas"

Frank Dumas
President & CEO

About ZeU

ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU's technology maximizes transparency, security, and scalability as well as big data management. ZeU's strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data, and healthcare.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

 Khaled, Fatma. "People Have Lost Roughly $140 Billion in Bitcoin Because They Forgot Their Passwords or Got Locked out of Accounts, and Would-Be Millionaires Are Struggling to Access Their Wallets." Business Insider, 12 Jan. 2021, www.businessinsider.com/bitcoin-owners-without-wallet-password-watch-prices-rise-2021-1.  

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