An Efficient Organizations’ Bitcoin Wallet Signature Scheme

Abstract

Bitcoin is a totally decentralized digital cryptocurrency in which all the transactions of currencies are recorded and stored in a ledger. The ledger is a publicly available database containing Blockchain. Bitcoins are stored in a wallet and the wallet can be opened only by its secret key. The existing wallet signature schemes are improper for the organization hierarchy since the organization hierarchy requires each employee in the organization to sign independently and the upper management has to prove employee’s signature before starting his signing which makes the scheme more realistic. This paper presents a practical signature scheme to organize the access of organization’s bitcoin wallet. In the proposed scheme, organizations can create its own rules and manage wallet access without affecting transaction size. In addition, the proposed scheme can keep the structure of organization and manage employee hiring and termination. Moreover, the security analysis of the proposed scheme is provided.