The Winklevoss Brothers Receive Patent For Digital Transaction Security System
The Winklevoss twins were granted a patent for a cryptographic system to provide security for digital transactions, which could be applied at Gemini crypto-exchange.
Winklevoss IP, owned by brothers Cameron and Tyler Winklevoss, has been granted a patent for a system to enhance the security of digital transactions, according to a patent document published by the US Patent and Trademarks Office (SPTO) April 10.
According to the patent, the new system is an “improvement to computer security technology” that seeks to embrace a “system, method, and program product for processing secure transactions within a cloud computing system” implementing common cryptographic encryption principles.
As the authors claim in the patent, the system would provide a secure means of data verification in order to prevent “unauthorized access of information over external data connections.”
According to the patent’s abstract, the described computing sub-system would operate the first electronic processing request, then verify and decrypt the first signed data before producing the second processing output that would be encrypted and transmitted to a second sub-system involving a second private key.
“The present invention can provide verification that a user is authorized or that a user session is authorized, such as having valid user credentials and the session not having timed out. The authenticity of any client request received from a user device, or configured to appear as if it originated from a user device, can be confirmed by the computing system. In other embodiments, communications among sub-systems of a computing system can be verified using the trust chain verified computing methods of the present invention.”
The cloud computing security system patented by the Winklevoss twins may be applied to their cryptocurrency exchange Gemini, which is set to start offering cryptocurrency block trading with large amounts of Bitcoin (BTC) and Ethereum (ETH) outside of their regular order books starting April 12.