NChain Licensing AG (20240348429). SYSTEM AND METHOD FOR SECURELY SHARING CRYPTOGRAPHIC MATERIAL simplified abstract
Contents
SYSTEM AND METHOD FOR SECURELY SHARING CRYPTOGRAPHIC MATERIAL
Organization Name
Inventor(s)
Alexandra Covaci of London (GB)
Patrick Motylinski of London (GB)
Stephane Vincent of Luxembourg (LU)
SYSTEM AND METHOD FOR SECURELY SHARING CRYPTOGRAPHIC MATERIAL - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240348429 titled 'SYSTEM AND METHOD FOR SECURELY SHARING CRYPTOGRAPHIC MATERIAL
The patent application describes a system where multiple parties can generate and exchange quantities based on a shared secret without revealing the secret itself. This is achieved through a protocol involving the exchange of elliptic curve points over polynomials to determine powers of the shared secret.
- Parties exchange sets of elliptic curve points generated over polynomials.
- Each party can use these points to calculate a power of the shared secret.
- The protocol can be used to establish parameters for a smart contract on a blockchain network.
- A third party may perform computational tasks, such as executing the smart contract.
- Potential Applications:**
- Secure data exchange - Cryptocurrency transactions - Secure communication protocols
- Problems Solved:**
- Protecting shared secrets - Ensuring secure transactions - Enhancing privacy in communication
- Benefits:**
- Enhanced security - Privacy protection - Efficient data exchange
- Commercial Applications:**
Title: Secure Data Exchange Protocol for Blockchain Networks This technology can be used in industries such as finance, healthcare, and cybersecurity to ensure secure and private transactions on blockchain networks.
- Questions about the Secure Data Exchange Protocol:**
1. How does the protocol ensure the privacy of shared secrets? 2. What are the potential risks associated with using this protocol in blockchain networks?
Original Abstract Submitted
systems and methods described herein relate to techniques in which multiple parties each generate and exchange quantities that are based on a shared secret (e.g., powers of the shared secret) without exposing the shared secret. according to a protocol, two or more parties may exchange sets of elliptic curve points generated over polynomials that can be used, by each of the two or more parties, to determine a power of a shared secret. the protocol may be utilised as part of determining parameters for a smart contract that is broadcast to a blockchain network (e.g., bitcoin). based on the protocol, an additional party (e.g., a third party different from the two or more parties) may perform a computational task such as execution of the smart contract.
