nChain Patents Digital Security “Deterministic Key Generation” Technique
nChain has made some great strides this week, especially with its own recent announcement. The platform announced that the European Patent Office issued it a second patent for the invention of a digital security. This move by nChain is coupled with its desire to create an enterprise blockchain strategy.
The second patent is entitled “Determining a common secret for the secure exchange of information and hierarchical deterministic cryptographic keys.” The patent may lead to the development of an improved secure communication between two nodes or parties on a network. In addition, the key will be able to be kept secret.
According to Jimmy Nguyen, the CEO of nChain, “The Deterministic Key Generation technique will help prevent Mt. Gox-type hacks of cryptocurrency exchanges and wallets. But its potential use cases are far greater as the digital world grows with increased digitalization of assets, cloud storage of data, newer methods of digital communication, and the anticipated exposition of Internet of Things devices. The invention can provide significant security benefits for any situation in which sensitive data assets, communications or controlled resources need to be secured.”
Ngyuen further stated,
“Our team has developed some powerful new inventions. Now it’s time to implement those techniques with business partners and realize their full potential. Therefore, we are expanding nChain’s ability to provide technical support for enterprise blockchain strategy. We will work with select partners on projects to produce maximum benefit for the Bitcon Cash ecosystem.”
In Japan, nChain has already started implementing Deterministic Key Generation in conjunction with its work with SBI Bits. Further, the platform helps blockchain platforms develop applications using its Nakasendo software development kit. The first version of the kit allows for a cryptographic library, which includes patented key technology.
nChain granted 2nd European patent for BCH
DETERMINISTIC KEY GENERATION-prevent Mt Gox type hacks on exchanges/wallets. SBI is using this. Handcash will too.
1) News: https://t.co/aFX81tbHF6
2) Patent: https://t.co/8cH9dgXFQC …
Thx @crypto_daze pic.twitter.com/XGkTSkmS67
— Marianne Jett (@TweetyBirdbrain) June 26, 2018
nChain is also planning on collaborating with HandCash, a new Bitcoin Cash wallet. This wallet may be able to strength then key generation technique and other innovations by nChain.