20240046260. DEVICE, SYSTEM AND METHOD FOR MANAGING CRYPTOCURRENCY TRANSACTIONS simplified abstract (CHECKSIG S.R.L.)

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DEVICE, SYSTEM AND METHOD FOR MANAGING CRYPTOCURRENCY TRANSACTIONS

Organization Name

CHECKSIG S.R.L.

Inventor(s)

Ferdinando Maria Ametrano of Milano (IT)

Paolo Mazzocchi of Milano (IT)

DEVICE, SYSTEM AND METHOD FOR MANAGING CRYPTOCURRENCY TRANSACTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046260 titled 'DEVICE, SYSTEM AND METHOD FOR MANAGING CRYPTOCURRENCY TRANSACTIONS

Simplified Explanation

The patent application describes a device that manages cryptocurrency transactions. It includes a data processing unit and a secure module with a secure data processing module and a secure data storage module. The secure module stores a list of private keys used to sign the cryptocurrency transactions and a fixed list of destination cryptocurrency addresses.

  • The device receives an unsigned cryptocurrency transaction with a relative destination cryptocurrency address.
  • If the relative destination address does not belong to the fixed list of destination addresses, the transaction fails.
  • If the relative destination address belongs to the fixed list, the secure data processing module signs the transaction using a private key from the list of private keys.
  • This generates a signed cryptocurrency transaction.

Potential applications of this technology:

  • Secure management of cryptocurrency transactions.
  • Ensuring that only authorized destination addresses are used for transactions.

Problems solved by this technology:

  • Preventing unauthorized transactions by checking the destination address.
  • Ensuring the security of private keys used for signing transactions.

Benefits of this technology:

  • Enhanced security for cryptocurrency transactions.
  • Simplified management of private keys.
  • Efficient processing of cryptocurrency transactions.


Original Abstract Submitted

a device for managing cryptocurrency transactions has a data processing unit for receiving an unsigned cryptocurrency transaction having associated a relative destination cryptocurrency address, and a secure module having a secure data processing module and a secure data storage module storing a deterministic list of private keys used to sign the cryptocurrency transactions via digital signature and a fixed list of destination cryptocurrency addresses. in case the relative destination cryptocurrency address associated to the unsigned cryptocurrency transaction does not belong to the fixed list of destination cryptocurrency addresses, the secure data processing module causes a failure of the unsigned cryptocurrency transaction; in case the relative destination address associated to the unsigned cryptocurrency transaction belongs to the fixed list of destination cryptocurrency addresses, the secure data processing module signs, via a relative digital signature, the unsigned cryptocurrency transaction using a private key of the deterministic list of private keys, generating a signed cryptocurrency transaction.

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