Coinbase Receives Patent for New Bitcoin Security Measure

They security protocol enables custodians to use a key ceremony application that encrypts bundles of passphrases for safe storage. The protocol also provides the ability to transfer and share private data via Coin base.

The patent explained the protocol. It read, “A key ceremony application creates bundles for custodians encrypted with their passphrases. Each bundle includes master key share. The master key shares are combined to store an operational master key. The operational master key is used for private key encryption during a checkout process. The operational private key is used for private key decryption for transaction signing in a payment process.

The bundles further include TLS keys for authenticated requests to create an API key for a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator.
“More about the Invention/Key Ceremony Methodology”
The secret behind Key Ceremony technology is the ability to distribute security data to a variety of custodians. According to the patent text, the program also uses an application programming interface (API) that allows for easy use of the technology via Coin base’s servers. They carry out a process of using the key ceremony application.
They security protocol enables custodians to use a key ceremony application that encrypts bundles of passphrases for safe storage. These protocol also provides the ability to transfer and share private data via Coin base. They patent explained the protocol. It read a key ceremony application creates bundles for custodians encrypted with their passphrases. Its each bundle includes master key share. These master key shares are combined to store an operational master key. Its operational master key is used for private key encryption during a checkout process.

These operational private key is used for private key decryption for transaction signing in a payment process.
These bundles further include T.L.S. keys for authenticated requests to create an API key for a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator. Do you more About the Invention/Key Ceremony Methodology. This has secret behind Key Ceremony technology is the ability to distribute security data to a variety of custodians. They have program also uses an application programming interface (API) that allows for easy use of the technology via Coin base servers.