NChain Licensing AG (20240283637). SECURE MULTIPARTY LOSS RESISTANT STORAGE AND TRANSFER OF CRYPTOGRAPHIC KEYS FOR BLOCKCHAIN BASED SYSTEMS IN CONJUNCTION WITH A WALLET MANAGEMENT SYSTEM simplified abstract

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SECURE MULTIPARTY LOSS RESISTANT STORAGE AND TRANSFER OF CRYPTOGRAPHIC KEYS FOR BLOCKCHAIN BASED SYSTEMS IN CONJUNCTION WITH A WALLET MANAGEMENT SYSTEM

Organization Name

nChain Licensing AG

Inventor(s)

Craig Steven Wright of London (GB)

Stephane Savanah of London (GB)

SECURE MULTIPARTY LOSS RESISTANT STORAGE AND TRANSFER OF CRYPTOGRAPHIC KEYS FOR BLOCKCHAIN BASED SYSTEMS IN CONJUNCTION WITH A WALLET MANAGEMENT SYSTEM - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240283637 titled 'SECURE MULTIPARTY LOSS RESISTANT STORAGE AND TRANSFER OF CRYPTOGRAPHIC KEYS FOR BLOCKCHAIN BASED SYSTEMS IN CONJUNCTION WITH A WALLET MANAGEMENT SYSTEM

Simplified Explanation

The patent application describes a method for controlling access to a digital wallet using blockchain technology. This method ensures secure transmission of verification elements over an insecure channel by splitting them into multiple shares and using a common secret to transmit them securely.

  • Verification elements are split into multiple shares.
  • A common secret is determined at multiple nodes in a network.
  • The common secret is used to transmit shares of the verification element securely between nodes.
  • Shares are split in a way that no single share can determine the verification element.
  • Shares can be stored at separate locations for added security.
  • Common secret is used to generate encryption keys for secure transmission of shares.

Key Features and Innovation

  • Splitting verification elements into multiple shares for added security.
  • Using a common secret to securely transmit shares between nodes.
  • Generating encryption keys for secure transmission of shares.
  • Storing shares at separate locations for added security.

Potential Applications

This technology can be applied in various industries where secure access control is essential, such as:

  • Digital wallets
  • Secure file sharing
  • Access control systems

Problems Solved

This technology addresses the following problems:

  • Secure transmission of verification elements over insecure channels.
  • Preventing unauthorized access to sensitive information.
  • Ensuring data integrity during transmission.

Benefits

  • Enhanced security for access control systems.
  • Secure transmission of sensitive information.
  • Protection against unauthorized access.

Commercial Applications

This technology has potential commercial applications in industries such as:

  • Financial services
  • Healthcare
  • Information technology

Prior Art

Prior art related to this technology may include research on secure access control systems, encryption methods, and blockchain technology.

Frequently Updated Research

Stay updated on research related to secure access control systems, encryption methods, and blockchain technology for advancements in this field.

Questions about Access Control Technology

How does this technology improve security in digital wallets?

This technology enhances security by splitting verification elements into multiple shares and using a common secret for secure transmission.

What are the potential applications of this technology beyond digital wallets?

This technology can be applied in various industries for secure access control, file sharing, and data transmission.


Original Abstract Submitted

a solution for controlling access to a resource such as a digital wallet implemented using a blockchain. use of the invention during set-up of the wallet can enable subsequent operations to be handled in a secure manner over an insecure channel. an example method comprises splitting a verification element into multiple shares; determining a common secret at multiple nodes in a network; and using the common secret to transmit a share of the verification element between nodes. the shares can be split such that no share is sufficient to determine the verification element and can be stored at separate locations. upon share unavailability, the share can be retrieved a location accessibility. for safe transmission of the share(s), the common secret is generated at two different nodes independently and used to generate an encryption key for encrypting at least one share of the verification element to be transmitted securely.

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