PRECIDIAN INVESTMENTS, LLC (20240265355). ASSET-BACKED DIGITAL TOKENS simplified abstract
Contents
ASSET-BACKED DIGITAL TOKENS
Organization Name
Inventor(s)
Daniel Joseph Mccabe of Upper Saddle River NJ (US)
Paul Edward Kuhnle of Doylestown PA (US)
Mark Steven Criscitello of Colts Neck NJ (US)
ASSET-BACKED DIGITAL TOKENS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265355 titled 'ASSET-BACKED DIGITAL TOKENS
The abstract describes methods, systems, and apparatus for generating a private cryptographic key and public cryptographic key as a cryptographic key pair, storing them in a trusted execution environment, generating a smart contract for performing a service involving digital currency, and transmitting key information to a privacy computing platform.
- Generation of a private and public cryptographic key pair
- Storage of keys in a trusted execution environment
- Creation of a smart contract for digital currency services
- Verification of conditions for service performance
- Transmission of key information to a privacy computing platform
Potential Applications: - Secure digital currency transactions - Smart contract automation - Privacy-focused computing platforms
Problems Solved: - Ensuring secure key generation and storage - Automating service verification processes - Enhancing privacy in smart contract transactions
Benefits: - Improved security for cryptographic keys - Streamlined service verification processes - Enhanced privacy protection in digital currency transactions
Commercial Applications: Title: "Secure Digital Currency Transactions: Key Management and Smart Contracts" This technology can be utilized in financial institutions, blockchain companies, and digital currency exchanges to enhance security and privacy in transactions.
Questions about the technology: 1. How does this technology improve the security of digital currency transactions? 2. What are the key advantages of using a smart contract for service verification in this context?
Original Abstract Submitted
methods, systems, and apparatus, including computer programs encoded on computer-storage media, for, e.g., generating a private cryptographic key and public cryptographic key as a cryptographic key pair; storing the private cryptographic key and the public cryptographic key in a trusted execution environment (tee); generating a smart contract configured to: identify a triggering event comprising a request to perform a service comprising generating digital currency; prior to performing the service, verify conditions for performing the service; and in response to verifying the conditions for performing the service, generating the digital currency; generating a hash value representing the smart contract using the private cryptographic key; transmitting the hash value representing the smart contract to a privacy computing platform; and transmitting the public cryptographic key to the privacy computing platform configured to decrypt the hash value representing the smart contract.
