A company owned by the Winklevoss brothers, the founders of the Gemini exchange, received a patent for a system designed to enhance the security of digital transactions. This is reported by CoinDesk.
The application was filed in November, and the patent itself was issued recently by the US Patent and Trademark Office. It describes the "system, method, and program product for processing secure transactions within a cloud computing system".
The system uses a combination of common cryptographic techniques, including hashing functions and digital signatures. It is designed to ensure the security of transactions on the cloud exchange.
Although the document does not directly mention this, there are reasons to believe that the technology can be used in the infrastructure of the Gemini exchange.
The present invention is an improvement to computer security technology. Computer systems to date have been susceptible to attack, whether the introduction of malicious code or the unauthorized access of information, over external data connections, such as the Internet. As computing systems increasingly move to distributed computing architectures, such as cloud computing, external data connections are often necessary to the functioning of the computing system.
Winklevoss IP, LLC, which was awarded with the patent, owns many trademarks and 5 patents, including issued this week.