Depository Trust & Clearing has been granted a patent for a method and apparatus that cryptographically links authentication and authorization processes for data transaction signing in group or corporate settings. The technology supports various cryptographic methods and authorization models for secure and scalable distributed ledger transactions. GlobalData’s report on Depository Trust & Clearing 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 Depository Trust & Clearing, was a key innovation area identified from patents. Depository Trust & Clearing's grant share as of February 2024 was 16%. Grant share is based on the ratio of number of grants to total number of patents.
Cryptographically linking authentication and authorization for data transaction signing
A recently granted patent (Publication Number: US11876915B2) outlines a method and system for executing data transactions on a decentralized computer network on behalf of an entity. The process involves authenticating an actor, creating a cryptographically signed data packet, verifying the authentication context, formulating the data transaction, authorizing the transaction through split key encryption, executing the transaction on behalf of the entity, and recording it on a decentralized ledger. The authentication process includes various methods such as LDAP authentication, biometric authentication, and password authentication, resulting in the issuance of a cryptographically signed data packet. The authorization is based on the actor's authority validated through split key encryption and can involve entity organizational structures, group voting, or workflow automation.
Furthermore, the system described in the patent includes at least one computer processor and memory device to carry out the method. It authenticates the actor, creates a cryptographically signed data packet, verifies the cryptographic context, formulates the data transaction, authorizes the transaction through split key encryption, executes the transaction on behalf of the entity, and records it on a decentralized ledger. The system allows for various authentication methods, including LDAP, biometric, and password authentication, resulting in the issuance of a cryptographically signed data packet. The authorization process is based on the actor's authority validated through split key encryption and can involve entity organizational structures, group voting, or workflow automation. The system also supports the encapsulation of wallets by smart contracts to represent group authority and the execution of workflows through a decentralized workflow engine using smart contracts on the decentralized ledger.
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