View source for Block, Inc. (20240378594). CRYPTOCURRENCY ACCESS MANAGEMENT simplified abstract

=CRYPTOCURRENCY ACCESS MANAGEMENT=


==Organization Name==

[[:Category:Block, Inc.|Block, Inc.]]


[[Category:Block, Inc.]]

==Inventor(s)==

[[:Category:Alexander Schoof of Leesburg VA (US)|Alexander Schoof of Leesburg VA (US)]][[Category:Alexander Schoof of Leesburg VA (US)]]

[[:Category:Jordan Mecom of San Francisco CA (US)|Jordan Mecom of San Francisco CA (US)]][[Category:Jordan Mecom of San Francisco CA (US)]]

==CRYPTOCURRENCY ACCESS MANAGEMENT - A simplified explanation of the abstract==


This abstract first appeared for US patent application 20240378594 titled 'CRYPTOCURRENCY ACCESS MANAGEMENT

'''Simplified Explanation:'''
The patent application describes a method for managing access to cryptocurrency assets by using a security protocol that requires multiple cryptographic keys for access to a cryptocurrency address.

* Cryptocurrency assets are protected using a security protocol that necessitates signatures from multiple cryptographic keys.
* Each cryptographic key is stored on a different computing device.
* When a user requests to exit the security protocol, they are authenticated before being granted access to the cryptocurrency address.
* A descriptor for the multiple cryptographic keys is transported to a single computing device upon authentication, enabling access to the cryptocurrency address.

'''Key Features and Innovation:'''
* Use of multiple cryptographic keys for enhanced security of cryptocurrency assets.
* Authentication process for user requests to exit the security protocol.
* Descriptor transport mechanism for enabling access to cryptocurrency addresses.

'''Potential Applications:'''
The technology can be applied in cryptocurrency wallets, exchanges, and other platforms that require secure access to cryptocurrency assets.

'''Problems Solved:'''
The method addresses the security concerns related to managing access to cryptocurrency assets and ensures that only authorized users can access the assets.

'''Benefits:'''
* Enhanced security for cryptocurrency assets.
* Secure management of access to cryptocurrency addresses.
* Protection against unauthorized access to cryptocurrency assets.

'''Commercial Applications:'''
The technology can be utilized by cryptocurrency exchanges, financial institutions, and individual users to secure their cryptocurrency holdings and transactions.

'''Questions about Cryptocurrency Asset Management:'''
1. How does the method ensure the protection of cryptocurrency assets using multiple cryptographic keys?
2. What are the potential implications of this technology for the cryptocurrency industry?

'''Frequently Updated Research:'''
Stay updated on the latest advancements in cryptocurrency security protocols and access management to enhance the protection of digital assets.


==Original Abstract Submitted==

a method for managing access to cryptocurrency assets includes: protecting cryptocurrency assets using a first security protocol in which signatures generated from multiple cryptographic keys are required to access a cryptocurrency address. each of the multiple cryptographic keys are stored by one of a plurality of computing devices. the method includes receiving a user request to exit the first security protocol; authenticating the user request to exit the first security protocol; and in response to authenticating the user request, exiting the first security protocol, including transporting a descriptor for the multiple cryptographic keys to a single one of the plurality of computing devices. the descriptor enables access to the cryptocurrency address.



[[Category:G06Q20/36]]
[[Category:H04L9/08]]
[[Category:CPC_G06Q20/3678]]