Coinbase patents the system of secure bitcoin-payments

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3 months ago
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A Coinbase exchange has filed a patent application describing a safe method of payment for goods and services using bitcoin. It is planned to create a special payment portal, which allows people to pay bills directly from bitcoin-purse. The document is available on the official website of the US Patent and Trademark Office.

In the system called “key ceremony” it is proposed to create key shares, combined into a so-called operational master key. This key is then encrypted with a user passphrase and can be published. After use, the operation master key is deleted.

This tool is used to encrypt the private key of the user, as well as to sign the transaction at the time the payment is made.

Also, the application specifies a “freeze logic”, which assumes an automatic stop of the transaction process if the administrator suspends the system.