17931789. SECURE CRYPTOGRAPHIC TRANSFER USING MULTIPARTY COMPUTATION simplified abstract (Capital One Services, LLC)
Contents
- 1 SECURE CRYPTOGRAPHIC TRANSFER USING MULTIPARTY COMPUTATION
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 SECURE CRYPTOGRAPHIC TRANSFER USING MULTIPARTY COMPUTATION - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
SECURE CRYPTOGRAPHIC TRANSFER USING MULTIPARTY COMPUTATION
Organization Name
Inventor(s)
Dexter Ferguson of Catonsville MD (US)
Christian Wiskur of Washington DC (US)
SECURE CRYPTOGRAPHIC TRANSFER USING MULTIPARTY COMPUTATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 17931789 titled 'SECURE CRYPTOGRAPHIC TRANSFER USING MULTIPARTY COMPUTATION
Simplified Explanation
The abstract describes a system for cryptographically secured transfer of an item using blockchain technology.
- The system generates multiple key shares of a private key to derive a blockchain address.
- It creates a cryptographic representation of a physical item to be transferred.
- A first amount of the item is transferred to the blockchain address.
- The system obtains a candidate cryptographic representation from the second user.
- Based on a matching hash, a signed message is generated using partial signatures.
- Another partial signature is derived from a third key share.
Potential Applications
The technology described in this patent application could be applied in various industries such as supply chain management, asset transfer, and secure transactions.
Problems Solved
This technology solves the problem of securely transferring physical items using blockchain technology, ensuring authenticity and ownership verification.
Benefits
The benefits of this technology include increased security, transparency, and efficiency in transferring physical items between parties.
Potential Commercial Applications
A potential commercial application of this technology could be in the luxury goods industry for verifying the authenticity of high-end products.
Possible Prior Art
One possible prior art for this technology could be the use of blockchain technology in supply chain management to track the movement of goods and verify their authenticity.
Unanswered Questions
The system may use encryption techniques and secure communication protocols to protect the key shares from unauthorized access.
What measures are in place to prevent fraud or tampering with the cryptographic representations of physical items?
The system may implement digital signatures and verification processes to detect any unauthorized changes to the cryptographic representations.
Original Abstract Submitted
Methods and systems are disclosed herein for cryptographically secured transfer of an item. In some embodiments, the system may cause generation of multiple key shares of a private key from which a blockchain address on a blockchain is derived. The system may generate a cryptographic representation of a physical item to be transferred from the first user to the second user, the physical item corresponding to the first item. The system may cause a first amount of the first item to be transferred to the blockchain address. The system may obtain a candidate cryptographic representation from the second user. The system may generate, based on the candidate hash matching the hash of the feature vector representing the physical item, a signed message using a partial signature of the second user and another partial signature derived from the third key share.
