A firm owned by the founders of Gemini virtual currency exchange, Cameron Winklevoss and Tyler Winklevoss, has been awarded a patent describing a system which aims to make digital transactions more secure. The patent application was filed last year in November and U.S. Patent and Trademark Office granted it earlier this week. Eric Winer, Cem Paya and Andrew Laucius were named as the inventors on the patent.
To enhance the security of online transactions the patent proposes the use of a common cryptographic techniques such as digital signatures and hash functions. According to the published patent the system is designed to be used in a digital asset exchange that will be based in the cloud. Though not explicitly mentioned the language used in the patent suggests that the technology could be applied with the infrastructure of the Gemini exchange.
User verification and authorization
“The present invention provides novel systems, methods, and program products to provide security in computing systems. The present invention can provide verification that a user is authorized or that a user session is authorized,” the patent reads.
Besides the company owned by the Winklevoss twins other firms which have recently filed or been granted patents relating to cryptocurrencies or blockchain technology include Intel. Last month it was revealed that the chipmaker had filed a patent application a technology meant for use in the mining of Bitcoin (BTC). The patent aims to make the mining of bitcoins more cost-effective and comes at a time when the excessive energy that is used in the mining of the digital currency has become a sticking point.
Countries such as Iceland have for instance disclosed that Bitcoin miners are using more electricity than households. Cities such as Plattsburgh, New York, which was once popular with commercial bitcoin miners, have imposed restrictions in a bid to reduce mining activity. According to Intel the technology it is seeking a patent for can cut the electricity required to mine bitcoin by up to 35%. This will make mining of bitcoin profitable again.
Another firm that recently filed for a patent with the U.S. Patent and Trademark Office is Toronto-Dominion Bank. The technology described by the TD Bank patent revolves around making payments and remittances.