Method and system of conducting a cryptocurrency payment via a mobile device using a contactless token to store and protect a user's secret key
US10102510B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | May 16, 2016 |
| Grant date | Oct 16, 2018 |
| Priority date | — |
| Expiry date | Dec 31, 2036 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04L2463/082
- WIPO fieldDigital communication
- WIPO sectorElectrical engineering
Abstract
A method and system of conducting a cryptocurrency payment via a mobile device, using a contactless token to store and protect a user's secret key. A cryptocurrency wallet encrypted with the secret key is received by the mobile device from the token. A cryptocurrency payment instruction is received by the mobile device, prompting for a user credential to approve the instruction. In response the mobile device sends to the token a message comprising the encrypted wallet together with the payment instruction and the user credential. Using the secret key, the token then decrypts the cryptocurrency wallet from the encrypted wallet and creates a payment transaction by digitally signing the payment instruction, and transmitting the payment transaction to a cryptocurrency network or exchange. Confirmation of the transaction requires either a PIN, biometric or fingerprint on the mobile device, or authentication via button press, PIN or fingerprint on the token.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.