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Coinbase Wins Patent to Secure Bitcoin Payment System

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Coinbase files patent to protect the bitcoin payments and make it more secure for customers. The patent also includes an API key allowing other firms to design more such payment networks.

Coinbase, the leading US crypto exchange has played its new move towards offering the securest environment for cryptocurrency trading. However, the company wins in retrieving a patent which is a lifeline to protect the funds including bitcoin as a means of payment.
This U.S Patent was available on 14th August, in which the patent states that, “a key ceremony application establishes the bundles for custodians encrypted with their passphrases,” and that each bundle will contain a master key. The master keys will then be a combination of the “operational master key”. However, this combinational key will be incorporated into “signing transactions” at checkout by utilizing private key decryption.
It seems that an API key will play an essential part, a computer program generated code to recognize the calling program, users, etc. This might vary across distinct websites with respective platforms. As API keys will be stored in two different locations, one of the host server and second in a Coinbase backing structure. However, to carry on with a transaction, regardless of the two locations, keys need to be identical.

Original Source: Coinpedia
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