The invention adds an extra layer of security to wallets used directly for merchant payments.
This new technology for Ethereum ERC20 is intended to improve the cybersecurity of cryptocurrency wallets and also permit the secure, direct payment of cryptocurrencies to merchants.
The cryptocurrency exchange’s patent with the number 10,050,779 has been submitted to the United States Patent and Trademark Office (USPTO).
The patent is presented as a “key ceremony application” which creates encrypted key bundles together with an operational master key.
The operational master key is used for private key encryption during the checkout process, which is then used for private key decryption for transaction signing when a payment is in process.
In order to stay away from any threats related to the crypto world, we recommend the install of antivirus for Windows or antivirus for Mac on every device that you own, depending on which OS your device is running.
If you are a company, it is also recommended to hire every year a specialized cybersecurity company that will run annual tests on your company’s network. These tests include penetration testing and ethical hacking tests;
The key bundles also include TLS-based keys for authenticated requests during transactions which require the creation of API keys that permits a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator.
This patent will make cryptocurrency more user-friendly thanks to the interesting facet of the patent named freeze logic. Freeze logic is used to prevent the potential exposure of private keys during checkout by a means of allowing suspicious transactions to be frozen by administrators.
In the case of cyber attacks where fortunes in cryptocurrency can be stolen within seconds, this may further help to secure investor funds.
The cryptocurrency world was once based on decentralized transactions, trading, and a lack of monopoly regarding technology. However, nowadays, patent filing is a necessary evil to keep cryptocurrency and blockchain-related technologies out of the hands of hackers.
Meanwhile, users should keep a keen eye out for any cyber attacks. Remember to use an antivirus for Windows or antivirus for Mac in every device that you own, depending on which OS your machine is running, If you are a company we recommend to hire every year a specialized cybersecurity company that will run annual tests on your company’s network, tests like this include: penetration testing and ethical hacking.