EBay Inc. (20240220985). AUTHENTICATING BLOCKCHAIN ADDRESSES simplified abstract
Contents
AUTHENTICATING BLOCKCHAIN ADDRESSES
Organization Name
Inventor(s)
Ethan Benjamin Rubinson of San Jose CA (US)
Andrew Chalkley of Milwaukie OR (US)
AUTHENTICATING BLOCKCHAIN ADDRESSES - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240220985 titled 'AUTHENTICATING BLOCKCHAIN ADDRESSES
The abstract of the patent application describes a method for verifying the authenticity of an identity, such as a person or business, in relation to a blockchain address. This verification process involves generating a verification index by encrypting a message with the identity's private key to confirm control over transactions associated with the blockchain address. Once verified, the identity is linked to the blockchain address in the verification index, providing a reliable indication of authenticity.
- Verification index generated by encrypting a message with the identity's private key
- Mapping the identity to the blockchain address in the verification index
- Querying the verification index to confirm authenticity
- Use of API calls to access the verification index
- Ensuring control over transactions associated with the blockchain address
Potential Applications: - Identity verification for online transactions - Authenticity verification for social media handles - Business verification for supply chain management
Problems Solved: - Preventing identity theft and fraud - Ensuring secure transactions on the blockchain - Establishing trust in online interactions
Benefits: - Enhanced security for digital identities - Increased trust in online transactions - Streamlined verification processes
Commercial Applications: Title: Blockchain Identity Verification for Secure Transactions Description: This technology can be applied in e-commerce platforms, financial institutions, and social media networks to verify the authenticity of users and prevent fraudulent activities. It has the potential to enhance security measures and build trust among users, leading to increased customer confidence and loyalty.
Questions about Blockchain Identity Verification: 1. How does this technology improve security in online transactions? - This technology enhances security by verifying the authenticity of identities through blockchain addresses, reducing the risk of fraud and identity theft. 2. What are the potential implications of this technology for e-commerce platforms? - E-commerce platforms can use this technology to ensure secure transactions and build trust with customers, leading to increased sales and customer satisfaction.
Original Abstract Submitted
to determine the authenticity between an identity, such as a person, business, or social media handle, and a blockchain address, a verification index is generated. the verification index is generated by determining that the identity controls transaction of the blockchain address using a message encrypted by the identity using the private key. once the authenticity between the identity and a blockchain address is verified, the identity is mapped to the blockchain address in the verification index. the verification index can be used provide an indication of the authenticity between the identity and the blockchain address by querying the verification index, such as in response to an api (application programming interface) call.
