Mastercard Incorporated
Method and system for two factor authentication for blockchain transactions

Abstract:

A method for two factor authentication for a blockchain transaction includes: storing a data pair including a public key of a first cryptographic key pair and an expected data value; receiving a transaction request including a first digital signature, one or more input addresses, one or more output addresses, and at least one transaction amount; identifying a processed transaction in a sidechain including a destination address and a transaction data value, wherein the destination address is generated using the public key of the first cryptographic key pair; performing a first authentication by validating the first digital signature using the public key of the first cryptographic key pair; performing a second authentication by validating the transaction data value using the expected data value; and transmitting the received transaction request to a plurality of other nodes in a blockchain network.