Coinbase Applies for Direct Bitcoin Payments System Patent

This aggregated story was originally published on this site. Follow the link in the word Story at left to read the full article.

Digital asset exchange Coinbase continues to make strides in streamlining user access to cryptocurrency payments and trading, following an application for a direct bitcoin payments system patent, filed Aug. 14. Making Bitcoin Payments More Convenient and Secure San Francisco-based startup Coinbase is seeking to solve the security issues surrounding direct bitcoin wallet payments, according to a patent. In the patent, filed Aug. 14, it states: “Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout on a merchant page and making payments using their wallets.” Coinbase plans to employ a “key ceremony” system to integrate key shares with operational master keys for encrypted, sovereign merchant transactions. The operational master key contains users’ passphrases and acts as a transaction signature for when payments are made. To ensure security, Coinbase’s patent also outlines a security measure called “freeze logic,”