Block, Inc. (20240378594). CRYPTOCURRENCY ACCESS MANAGEMENT simplified abstract
Contents
CRYPTOCURRENCY ACCESS MANAGEMENT
Organization Name
Inventor(s)
Alexander Schoof of Leesburg VA (US)
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.
