Patent for Digital Security and Expanded Technical Support for Enterprise Blockchain
nChain, a blockchain technology research and development company, has announced the issuance of its second patent by the European Patent Office, for a digital security invention. While nChain continues its innovation program, it is also expanding technical support to help business partners implement nChain’s inventions in its enterprise blockchain strategy.
The second patent, European Patent 3268914, is entitled ‘Determining a common secret for the secure exchange of information and hierarchical deterministic cryptographic keys’. This Deterministic Key Generation technique provides for improved secure communication between a pair of nodes or parties on a network, while being able to keep their private keys secret.
Jimmy Nguyen, nChain Group CEO, explained: “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 digitisation of assets, cloud storage of data, newer methods of digital communication, and the anticipated explosion 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. 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 Bitcoin Cash ecosystem.”
nChain has already been using the Deterministic Key Generation and other techniques as part of its work with SBI BITS in Japan, the financial technology provider company that is a wholly-owned subsidiary of SBI Holdings, Inc. nChain and SBI BITS are collaborating to develop a next-generation advanced secure cryptocurrency wallet system.
In addition, nChain helps blockchain enterprises develop applications through its Nakasendo™ software development kit (SDK). Version 1.0 of the SDK provides a cryptographic library that includes the patented Deterministic Key Generation technique. Made publicly available in May 2018 and available for free usage on the BCH blockchain, the Nakasendo™ SDK can be downloaded on GitHub.
The company will also collaborate with HandCash, the new Bitcoin Cash wallet that uses near-field communication technology to further strengthen its product with the Deterministic Key Generation technique and other nChain innovations.