The world is in a continuous state of change, this demands not only all global citizens to be on the constant alert for innovation but for them to make it their priority. Many organizations have taken this motto to heart, working tirelessly to produce more and better ways of doing things. The cryptocurrency industry was born of innovation, a method to circumvent the previous way of handling currency. Yet, event this particular invention has led to many, many more innovations. Just now news has begun to surface that Coinbase, one of the leading crypto start-ups globally, has filed for a new patent to help protect another landmark piece of technology. Let us delve into the press release.
Coinbase is a crypto exchange by default, however their recent patent will take them into other avenues as well. The patent will seek to copyright the methodology behind the action of allowing consumers to make payments straight from their Bitcoin wallet to the desired person/business. Thus, eliminating the current middle men that are obstructions within, what could potentially be, a much shorter flow.
The patent was officially filed on the 14th of August this year and will result in all payments being far more protected against threats. The document spoke on the topic of how many customers, at present, are put in a tough situation where they are required to forego much needed protection mechanisms in order to make payments. Adding that in the current frameworks, consumers are robbed of the safety of their private keys when attempting to pay on various business pages from their Bitcoin wallet.
The framework that Coinbase is proposing has a far more eloquent and less painful solution. Users and the business platform will engage in a sort of swap of keys, where the framework scrambles the consumer’s private key codes into a passphrase that is enacted for that shopping instance. After that particular transaction has been concluded, the scrambled code or masterkey is deleted for security purposes.
In addition, the framework also allows for previously unheard of items such as the ability to stop the system in its tracks if the consumer sends in a red alert that they are being scammed or a fraudster is appropriating their login details. This is known as freezing. During any stage of the process the system can be frozen; the transaction cannot be finalized when the system is frozen, but the heading to the shopping basket stage can.
Yet there is more, the patent application also detailed that the technology had an API which gave other platforms on the internet the opportunity to use the new technology. This will not only allow for additional revenue for Coinbase, but the chance for the technology to become widely used, if not the preferred technology for Bitcoin payments within the crypto industry. Obviously, the latter option would be a first prize scenario for Coinbase, however the former would be just as much of an accomplishment.
Coinbase has filed for numerous patents in the past, sometimes to the critique of other industry members, regardless of their intentions, the fact of the matter is that this technology is needed if the crypto industry truly wants to become accessible to the world.