New Patent for Securing Cryptocurrency Wallets Filed

New Patent for Securing Cryptocurrency Wallets Filed

The threats of cyberattacks are increasing, spurring the recent invention and patenting of technologies like freeze logic.

Coinbase has filed a patent for new security for cryptocurrency wallets used for direct payments to merchants including new “freeze logic”, which allows administrators to freeze suspicious transactions during checkout.

The patent, filed last week, describes a “key ceremony” which will create a bundle of encrypted security keys together with an operational master key. This master key will be used for private key encryption during checkout, while an operational private key will be used for decryption while a transaction is in process.

Coinbase explains the process of a transaction to a Bitcoin address to illustrate their patents:

The Bitcoin address is derived from the public portion of one or more cryptographic key pairs. The private portion of a key pair is not disclosed to the public. To send Bitcoin sent to an address, a user broadcasts a payment message that is digitally signed with the associated private key.”

Freeze logic is interested in this digital signing process. If a transaction request is made that is not signed by an associated private key, even once a master key is loaded, the system can detect this and freeze the transaction before private keys are potentially put at risk.

The threats of cyberattacks, malware, and hacking targeting cryptocurrency wallets are increasing, and very profitable if successful, spurring the recent invention and patenting of technologies like freeze logic.

The patent further details a system for API generation, which will allow the payment system to be used by other websites and services. This system will also function to “unfreeze the system after it has been frozen by an administrator,” per the patent.

About the Author

Jordan Lutke is an intern with 1105 Media.

Featured

New Products

  • Luma x20

    Luma x20

    Snap One has announced its popular Luma x20 family of surveillance products now offers even greater security and privacy for home and business owners across the globe by giving them full control over integrators’ system access to view live and recorded video. According to Snap One Product Manager Derek Webb, the new “customer handoff” feature provides enhanced user control after initial installation, allowing the owners to have total privacy while also making it easy to reinstate integrator access when maintenance or assistance is required. This new feature is now available to all Luma x20 users globally. “The Luma x20 family of surveillance solutions provides excellent image and audio capture, and with the new customer handoff feature, it now offers absolute privacy for camera feeds and recordings,” Webb said. “With notifications and integrator access controlled through the powerful OvrC remote system management platform, it’s easy for integrators to give their clients full control of their footage and then to get temporary access from the client for any troubleshooting needs.”

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings.