BlackBerry Ltd T.BB

bvr on crypto patent

[Digby8]

BlackBerry has a new crypto patent. BVR put together an explanation in a couple of posts on ST. I've put them together below:

I will try to explain the following granted patent in layman's terms. This patent provides a great theft protection to Blockchain application such as Bitcoin. I can see this new patent can be widely adopted in all Blockchain applications.
patft.uspto.gov/netacgi/nph...

This patent applies to all Blockchain application. It uses Bitcoin as an example.

In Bitcoin, if you lose your private key or if your private key got stolen, you are chit out of luck (SOL). Your Bitcoin is gone!

Instead of just relying on the private key and public key (two keys) in Bitcoin, BB patent invented a third entity called 'Purpose String'. This three things: public key, private and purpose key are tied together in the original key creation process and held together by cryptography.

You can look at it as a new 'Three-Key System' instead of the traditional "Two-Key System'.

You can put any information in the 'purpose string' (owner defined or bank defined or institution defined). For example, your own biometric (picture, finger print, voice), Passport number, geographic location, contact info, transaction daily limit etc. These info can be used as a two-factor authentication.

For example, to make sure I'm receiving fund from the owner and not a thief. I ask for her 'purpose string' which could be the owner passport number, or email address, or a picture. I can contact the owner by video call to check if it is her.

Hope this will help when you read the patent. This "Purpose String" and Quantum Resistance Crypto Signing can bring in significant future IP revenue IMHO

[Digby8]

Here's a little more from bvr on that BB crypto patent: bvr15m $BB Remember when we used to have a single username and password for our bank account. This turned out to be vastly inadequate and insecure. Nowadays, we have 2-FA (two-factor authentication) to sign into our bank account. When you sign in, the bank will require you to type in a verification number that they sent to