Mastercard International Incorporated (20240257105). METHOD AND SYSTEM FOR ACTIVATING WALLET PRIVATE KEYS THROUGH BLOCKCHAIN ADDRESSES simplified abstract

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METHOD AND SYSTEM FOR ACTIVATING WALLET PRIVATE KEYS THROUGH BLOCKCHAIN ADDRESSES

Organization Name

Mastercard International Incorporated

Inventor(s)

Mohammed Sadiq Ahmad of Dublin CA (US)

Saravana Perumal Shanmugam of Fremont CA (US)

METHOD AND SYSTEM FOR ACTIVATING WALLET PRIVATE KEYS THROUGH BLOCKCHAIN ADDRESSES - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240257105 titled 'METHOD AND SYSTEM FOR ACTIVATING WALLET PRIVATE KEYS THROUGH BLOCKCHAIN ADDRESSES

Simplified Explanation: The patent application describes a method for registering a blockchain wallet using a payment card. This involves linking the wallet identifier with the transaction account associated with the payment card.

Key Features and Innovation:

  • Receiving payment details from a payment card for a transaction account.
  • Receiving wallet details for a blockchain wallet.
  • Transmitting the card identifier and wallet identifier to an activation server.
  • Enabling the use of a private key associated with the blockchain wallet.

Potential Applications: This technology could be used in secure and convenient registration of blockchain wallets for various applications such as cryptocurrency transactions, secure data storage, and digital identity verification.

Problems Solved: This technology addresses the need for a secure and user-friendly method to link payment cards with blockchain wallets, ensuring the protection of private keys and enhancing transaction security.

Benefits: The benefits of this technology include enhanced security for blockchain transactions, simplified registration processes for users, and improved integration of payment cards with blockchain technology.

Commercial Applications: "Blockchain Wallet Registration Using Payment Card" could have significant commercial applications in the fintech industry, particularly in cryptocurrency exchanges, digital asset management platforms, and secure online payment systems.

Prior Art: Readers interested in exploring prior art related to this technology may consider researching patents or publications in the fields of blockchain technology, digital payments, and cryptographic key management.

Frequently Updated Research: Researchers and developers in the blockchain and fintech industries may find value in staying updated on advancements in cryptographic key management, secure payment technologies, and blockchain integration methods.

Questions about Blockchain Wallet Registration Using Payment Card: 1. What are the potential security implications of linking payment cards with blockchain wallets? 2. How does this technology streamline the registration process for blockchain wallets?


Original Abstract Submitted

a method for registration of an identified blockchain wallet using a payment card includes: receiving payment details for a payment card issued for a transaction account, the payment details including a card identifier and received from one of: an integrated circuit payment card and a financial application program; receiving wallet details for a blockchain wallet including a wallet identifier; transmitting the card identifier and the wallet identifier to an activation server that stores an association between the wallet identifier and the transaction account; receiving an activation message from the activation server; and transmitting an instruction to the integrated circuit payment card or the financial application program to enable use of a private key of a cryptographic key pair associated with the blockchain wallet.

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