Coinbase Receives Patent for Secure Bitcoin Payment System
According to the new patent, the American cryptocurrency company Coinbase is looking for ways to provide an increased level of security while making purchases using Bitcoin. Writes about this CoinDesk.
In a document published on August 14, the exchange describes the creation of a payment portal that will allow users to make payments in bitcoins directly from their digital wallets..
“Users may be concerned that private keys to their bitcoin addresses might be stolen from their wallets,” the patent says. “Existing solutions do not provide an answer to the problem of maintaining the security of private keys while allowing users to pay on merchant pages using their wallets.”.
The described system includes a “key ceremony” during which elements are created, together forming a master key, encrypted with a user’s passphrase, which can be deleted after use.
The operational master key is used to encrypt the private key during checkout and transaction signing.
“At any time after loading the master key, the functioning of the system can be suspended. The functioning of the system can be resumed using the keys obtained during the key ceremony. The checkout process can take place both when the system is functional and when not. The payment process can be carried out only after the resumption of the functioning of the system, “the patent says..
The proposed system uses API keys, thanks to which various websites can use a customized version of the payment portal. The API key has two parts, one is for the hosting server and the other is stored on Coinbase. To conduct a transaction, both keys must be matched, which allows users to provide an additional layer of protection.
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