Patent for Bitcoin security solution given to Coinbase

The patent was approved and published by the US Patent and Trademark Office (USPTO) on August 15, 2017. It is entitled Key ceremony of a security system forming part of a host computer for cryptographic transactions” and was submitted in 2015.

The document underlines the security concern for Bitcoin users that the private keys may be stolen from their wallets. Furthermore, existing systems do not provide a solution for maintaining security over private keys, while they still allow users to checkout on a merchant page and making payments using their wallets.

According to EconoTimes, the startup has filed a number of patents related to security of private keys in the past.