Coinbase Seeks Patent for Security-Enhanced Bitcoin Payment Method

cryptocuser 3 min read 289

” Whenever a thing is sent from one point to the other, it has to go through numerous networks and sections before it reaches its destination. This makes it difficult for logistics providers to coordinate together. The patented system could create sets of transport data that is then stored safely onto a blockchain and easily monitored to ensure logistics firms meet managing requirements appropriately.
“One of the greatest ways to defend against patent trolls is to construct your portfolio of patents, and this is just what we’re doing, along with nearly every other technician out there,” he wrote in a blog post. “It is an unfortunate game most of us need to play, however we didn’t even devise the rules. ”
The patent reads“In any given point in time after the master key is filled, the system could be frozen. The system can be unfrozen after it’s been suspended using keys in the key ceremony. The checkout process can be completed when the system is frozen and as soon as the machine is unfrozen. The payment process can only be completed whenever the system is unfrozen and not when the system is suspended. ”
The business also registered a patent in 2016 to potentially secure Bitcoin-based personal keys.
This is not the first time Coinbase has registered with such a patent. The company had attempted for some thing similar nine days at 2015 alone, leading critics to accuse the exchange of attempting to construct a monopoly on bitcoin services. CEO Brian Armstrong denied that, stating that the company’s aim was to keep blockchain technology from “patent trolls. ”

Besides Coinbase, several traditional financial institutions have registered for blockchain-based patents. Bank of America registered approximately 50 live patents at the blockchain space, more than any other venture.

Published at Fri, 17 Aug 2018 21:52:40 +0000
If accepted, the system will work by allowing clients to disconnect their passphrases to a master essential to make an additional buffer against thieving. The master key encrypts clients ’ private keys and whatever transactions are made. Once a transaction is complete, the master key will be deleted, so ensuring no outside party can obtain access to the info. A new master key is created for each transaction.

U.S.-based digital money market Coinbase has registered a patent on a new Bitcoin payment system intended to earn cryptocurrency obligations safer. The new platform will provide an extra layer of security for consumers ’ keys and allow them to make Bitcoin payments directly from their digital wallets.

Lastly, the application suggests API integration capabilities, which might allow many websites to run variants of the payment system. The API uses a particular pair of keys — one of which is saved on the corresponding website, another on Coinbase — which must match for a transaction to be accepted and completed.

A section of the patent filing conditions, “It might be a security concern for consumers who the private keys of their Bitcoin addresses may be stolen from their wallets. Existing systems don’t supply an option for keeping security over private keys while allowing the consumers to checkout [sic] on a retailer site and making payments using their wallets. ”