Coinbase Global has been granted a patent for a method involving processing cryptocurrency transactions. The method includes receiving transaction requests, requesting SEKs from operator devices, decrypting encrypted shares, reconstructing a cryptographic signing key, validating the key, and authorizing the transaction. This patent aims to enhance security in cryptocurrency transactions. GlobalData’s report on Coinbase Global gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Coinbase Global, was a key innovation area identified from patents. Coinbase Global's grant share as of May 2024 was 23%. Grant share is based on the ratio of number of grants to total number of patents.
Cryptocurrency transaction processing method using cryptographic signing key
A recently granted patent (Publication Number: US12014361B2) outlines a method and system for securely transferring cryptocurrency between online wallets. The method involves receiving a transfer request from a first user account, sending requests for encryption keys to operator devices, decrypting and reconstructing cryptographic signing keys, validating the keys, and ultimately transferring the cryptocurrency. Additional steps include signing blockchain messages to authorize transfers, setting balance limits for wallets, generating cryptographic signing keys, and securely storing key shares. The system comprises a processor, communication interface, and memory to execute these functions, ensuring a secure and efficient cryptocurrency transfer process.
Furthermore, the patent details the use of non-transitory computer-readable media to facilitate the secure transfer of cryptocurrency. The instructions stored on the media enable the computing platform to receive transfer requests, manage encryption keys, reconstruct signing keys, validate transactions, and transfer cryptocurrency securely between online wallets. The system also allows for the signing of blockchain messages to authorize transfers, setting balance limits for wallets, generating cryptographic signing keys, and securely storing key shares. By utilizing this technology, users can ensure the safe and reliable transfer of cryptocurrency while maintaining the integrity and security of their online wallets.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
