blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
BET NOW
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BET NOW
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Coinbase Files Patent For Bitcoin Payments Security

Jide Idowu by Jide Idowu
August 21, 2018 - 4:00 pm
in bitcoin news, blockchain news, ethereum news
0
jpg
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Coinbase cryptocurrency exchange, a United States-based firm has filed for a new patent that will aid the security of cryptocurrency wallets and payments to merchants. The filing was done with the United States Patent and Trademark Office (USPTO). The patent filing will lead to combating the menace of hacking ranging in the cryptocurrency community.

Cryptocurrency Security Patent

Coinbase which is one of the most popular and largest cryptocurrency exchange files patent for cryptocurrency security, as it seeks safety for its users and the cryptocurrency community at large. The recent filing for a patent with the United States Patent and Trademark Office (USPTO), includes a patent for a BTC payment system, Freeze logic and API.

Security Patent or the Bitcoin Payment System

Coinbase file for the patent of the security of the Bitcoin payment system. The Bitcoin payment security system patent filed for deals which allows the wallet users to encrypt the passphrases as an additional protection layer by creating a master key. The master key would be used to encrypt the private keys the customer has, which he’s able to apply for all the transaction once. After the transaction, the master key would be deleted and will not be accessible to any third party again.

This patent implies that every transaction requires the validation of a master key that must be explicitly created for it. This patent would build more security around Bitcoin wallets, against the intrusion of hackers.

The Freeze Logic and The API Patent

The freeze logic patent is an introduction to the cryptocurrency wallet system that will lead to freezing of wallet by the system at any sign of suspicion of hack or breach in the system. This would make transaction impossible without the consent of the wallet owner.

Once the system is frozen, no transaction would be possible until the threat to the system is dealt with, after which it would be returned to normalcy with the use of administrator-specific keys.

Inclusive of the patent also is the API integration capability. This entails using the website to run a different version of the system, in which will have a specific pair of a key for Bitcoin transactions on the Coinbase server.

Security Menace In the Cryptocurrency community

The filing for a security patent would lead to sniffing out security menace that has drowned the community.

Exchange and cryptocurrency wallet hacking have both dominated the news in recent times. This problem facing cryptocurrency is said to be among the reasons why cryptocurrencies, in general, haven’t gotten the much anticipated global adoption that it deserves. Likewise are new cases of Bitcoin ATM malware hacks.

This new initiative by Coinbase is a step in the right direction as it’s set to tighten up, just one aspect of the security of users assets on its platform to enhance protection of customer investments.

Tags: ATMCoinbaseCryptocurrency
ShareTweet
Jide Idowu

Jide Idowu

I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

Recommended For You

What Impact Will China Have on Bitcoin and Avorak AI Prices?

by Josh Fernandez
June 6, 2023 - 6:32 pm
0

Explore how China's evolving crypto policy may influence the global Bitcoin market and Avorak AI's prices.

Read more

Coinbase Faces SEC Lawsuit over Unregistered Brokerage Operations

by Mushu Butt
June 6, 2023 - 1:08 pm
0
Coinbase Stock Price Prediction

SEC sues Coinbase for unregistered broker activities following recent action against Binance. The crypto industry faces increased regulatory scrutiny.

Read more

Ankr Becomes a Pioneer RPC Provider for Horizen’s EON, an EVM-Compatible Smart Contracting Platform

by Mushu Butt
June 6, 2023 - 1:00 pm
0
photo

Ankr joins forces with Horizen as one of the first RPC service providers for EON, Horizen's groundbreaking EVM-compatible smart contracting platform.

Read more

Bitcoin (BTC) Price Prediction – Tradecurve Continues to Surge While Aptos (APT) Struggles

by Josh Fernandez
June 6, 2023 - 12:59 pm
0

Dive into the latest crypto trends: Bitcoin's mining spike, Aptos's struggles, and Tradecurve's promising presale performance.

Read more

SushiSwap Announces a Collaboration with ThunderCore to Innovate the Web3 Gaming Sector

by Umair Younas
June 6, 2023 - 11:15 am
0

The integration between SushiSwap and ThunderCore attempts to enable liquidity providers (LPs) to eagerly predict boosted APRs.

Read more
Next Post
Chinese Government Backs Blockchain Intellectual Property for Rapid Fintech Development

Chinese Government Backs Blockchain Intellectual Property for Rapid Fintech Development

PARTNERS LIST

  • sp
  • Coingecko

PRESS RELEASE

BJaoVqYT

BinaryX and AiGC Labs Developing First AI-Powered Virtual Reality Game on the Metaverse

by Chainwire
June 7, 2023 - 4:06 am
0

Singapore, Singapore, June 7th, 2023, ChainwireBinaryX today announced their plans to expand into Virtual Reality (VR) and Artificial Intelligence Game...

CatalystiuGIbVuck

CoinMarketCap Web3 Conference “Catalyst” Early-Bird Registration Now Open

by Chainwire
June 6, 2023 - 4:48 pm
0

London, United Kingdom, June 6th, 2023, ChainwireCoinMarketCap’s flagship Web3 conference "Catalyst" has opened early-bird registration. The conference will take place...

blockchain wave conference

Blockchain Wave 2023

by Max Clark
June 6, 2023 - 2:47 pm
0

Blockchain Wave 2023: Join us in Antalya, Turkey for the biggest annual blockchain summit, featuring industry-leading speakers, and innovative startups.

photox

Coinbase and OpenSea Struggle to Keep up with HedgeUp (HDUP) Asset Backed NFT Platform

by Max Clark
June 6, 2023 - 12:29 pm
0

Explore HedgeUp's (HDUP) innovative asset-backed NFT platform that's reshaping digital assets and challenging leaders like Coinbase and Opensea.

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise