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New Patent Awarded to Coinbase for Bitcoin Protection

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“Private Key Ceremony” Patent Is The Latest Addition To Coinbase Basket

Coinbase, a premier cryptocurrency exchange based out of San Francisco was recently awarded a new patent from the U.S. Patent and Trademark Office (USPTO) for a security technique related to safekeeping, distributing and proper usage of private keys. The said patent known by name of ‘Key ceremony of a security system forming part of a host computer for cryptographic transactions’ was approved and published by the U.S. authority on 15th of August.

The latest security protocol will assist custodians to make use of a key ceremony application which encrypts packets of passphrases for safekeeping. Each such bundle comes with a master key share which can be combined for storing an operational master key. The same is used as a means of private key encryption required during checkout process. Next, the operational private key is put to use for fostering private key decryption and transaction signing during the payment process. TLS keys are also used in the bundle for authenticating requests and creating API key so that the system can be unfrozen by an administrator and web applications can carry communication with a service. The protocol will also assist Coinbase users in sharing and transferring private data.

Former Coinbase engineers Andrew Alness currently working with Keybase  and James Hudon presently employed with Uber have been listed as the inventors.

Also Read: Coinbase Becomes The First Bitcoin Startup Unicorn

The main motive of this much in news Key Ceremony technology is distribution of data on a secured platform amongst a variety of custodians. The program is also reported to be making use of application programming interface which will ease out the process of using technology through Coinbase’s servers. Furthermore this methodology will also allow web applications to proceed with secured handling of customer funds in terms of payment and checkout. The patent also declared that this latest invention comes as a Bitcoin transaction medium which includes receiving inputs through a web application before receiving the payment request.

As per public records, the latest patent which was originally submitted in May 2015 is the fourth in Coinbase’s kitty. Another significant patent held by Coinbase is a computer system which can make payment by using a tip button.

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Also read:

Coinbase Promises to Support Bitcoin Cash from 2018

 

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