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Systems and methods for improving security in blockchain-asset exchange

A blockchain and asset technology, applied in the field of security, can solve problems such as fund theft, instructions that cannot be reversed, and cannot be traced

Active Publication Date: 2018-12-25
SHAPESHIFT AG
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

If bad actors break into the exchange and modify customer balances or steal funds, those instructions cannot be reversed
Funds can be stolen by outsiders (or insiders) without recourse

Method used

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  • Systems and methods for improving security in blockchain-asset exchange
  • Systems and methods for improving security in blockchain-asset exchange
  • Systems and methods for improving security in blockchain-asset exchange

Examples

Experimental program
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Embodiment Construction

[0021] The present disclosure is described in detail herein with reference to the embodiments shown in the accompanying drawings which constitute a part hereof. Other embodiments may be utilized and / or other changes may be made without departing from the spirit or scope of the present disclosure. The illustrative embodiments described in the detailed description are not meant to limit the subject matter presented herein.

[0022] In embodiments, the term "zero-custodial conversion" refers to a system or mechanism capable of enforcing, in whole or in part, non-custodial limit orders or market order orders for blockchain-based assets (thus enabling functional financial transaction order book). A non-custodial order is one in which neither party can take possession of the other party's assets (instead the assets are held in a decentralized multi-signature account based on a distributed blockchain), thereby eliminating potential counterparty risk for the underlying asset until th...

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PUM

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Abstract

The embodiments described herein comprise hardware and software improvements in blockchain-asset exchange technology, whereby one or more servers automatically, based on a set of predetermined rules,executes a mechanism allowing blockchain-asset exchange customers to place standing-limit or market orders for blockchain-based digital assets (e.g., cryptocurrencies) with a counter-party, but without counter-party risk. The counter-party will not receive the payment until the customer's exchange order has executed, and the customer has taken possession and ownership of the desired asset. The customer cannot reverse payment or otherwise rescind the payment from the counter-party once the customer receives the desired asset. The systems and methods use blockchain databases, multi signature keysigning procedures, and a transparent, objective, automated, rules-based software agent to manage and autonomously govern transfer of digital blockchain-based assets in a multi-party exchange scenario, without risk of asset loss and without the discretion of any human actor.

Description

technical field [0001] This disclosure relates to improving and enhancing security in blockchain asset transactions by employing automated rules and automated multi-party confirmations. Background technique [0002] Blockchain assets are digital tokens (eg, Bitcoin) that use computer cryptography to secure transactions and control the creation of new units. Crypto-currencies are a subset of blockchain assets (also known as "altcoins", "digital currencies", and "virtual currencies"). Bitcoin was the first democratized example of a blockchain asset, and in 2009 became the first decentralized cryptocurrency. There are currently numerous blockchain assets, including cryptocurrencies, digital ownership or asset tokens, tokenized stocks and securities, and more. The defining characteristic is the distributed ledger system, known as the blockchain. [0003] Blockchain assets are traded on exchanges around the world. Traditional non-blockchain asset exchanges provide efficient o...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q20/38
CPCH04L9/3247H04L63/04H04L63/06H04L2209/56H04L9/085H04L9/0894H04L9/3255G06Q20/223G06Q20/3829G06Q2220/00H04L67/53G06Q20/3823H04L9/0825H04L67/01H04L9/50
Inventor E·沃里斯
Owner SHAPESHIFT AG
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