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Winklevoss Twins Won a Crypto Patent to Secure Digital Transactions

The patent describes a system to secure cloud-based blockchain networks. Such systems could be demanded more in future as computer systems continue to move to distributed computing architectures such as cloud computing.

Founders of Gemini cryptocurrency exchange Cameroon and Tyler Winklevoss have won a patent for a system that improves the security of digital transactions.

The cloud-based system will be applicable for increasing security in cloud-based digital exchange circumstances. It uses a combination of hash functions and digital signatures to improve the security of digital transactions

The U.S. Patent and Trademark Office (USPTO) granted them the patent this week on Tuesday. They filed the patent last November. However, the two are not on the list of inventors but Andrew Laucius, Cem Paya, and Eric Winer are on the list as its inventors.

As a cloud-based security system is helpful. As more computing systems continue to move to distributed computing architectures such as cloud computing. It will seek to seal holes in computer systems that the application says are susceptible to attack. However, through the introduction of malicious code or unauthorized access to information through the internet.

It is not clear in the application if Gemini exchange infrastructure will use the system.

Security a major concern

While patents filed in five most advanced countries U.S., EU, China, Japan and South Korea increased to a total of 1,248 in 2017. However, not much of them relate to security of blockchain and cryptocurrencies.

Security subject is of major concern given the many hacks reported.

Last year October, the largest Internet, and telecoms provider in Britain, British Telecommunications PLC (BT), received a patent that can improve security on the blockchain. It details a system that can, for instance, prevent a hostile force. Thus, 50 percent of total computing power, from controlling a network.

Their application also echoes the fact that malicious attacks present a threat to security and reliability of Blockchains. The system can also prevent a network against denial-of-service (DDoS) attacks that can overwhelm a miner with high number of transactions requests.

 What is your take on increase in patenting in blockchain? Is it helping the ecosystems? Share your opinions with us on Twitter and Telegram

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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