LONDON, June 25, 2018 /PRNewswire/ -- nChain, the global leader in research and development of blockchain technologies, is pleased to announce issuance of its second patent by the European Patent Office, for a digital security invention. While nChain continues its innovation program, it is also expanding technical support to help business partners implement nChain's inventions in their enterprise blockchain strategy.
nChain's second patent, European Patent 3268914, is entitled "Determining a common secret for the secure exchange of information and hierarchical deterministic cryptographic keys." This Deterministic Key Generation technique provides for improved secure communication between a pair of nodes or parties on a network, while being able to keep their private keys secret.
nChain Group CEO Jimmy Nguyen describes the vast potential of this invention:
"The Deterministic Key Generation technique will help prevent Mt. Gox-type hacks of cryptocurrency exchanges and wallets. But its potential use cases are far greater as the digital world grows with increased digitisation of assets, cloud storage of data, newer methods of digital communication, and the anticipated explosion of Internet of Things devices. The invention can provide significant security benefits for any situation in which sensitive data, assets, communications or controlled resources need to be secured."
Nguyen also describes the next phase of nChain's work, to work with more partners on enterprise blockchain implementation:
"Our team has developed some powerful new inventions. Now it's time to implement those techniques with business partners and realize their full potential. Therefore, we are expanding nChain's ability to provide technical support for enterprise blockchain strategy. We will work with select partners on projects to produce maximum benefit for the Bitcoin Cash ecosystem."
nChain has already been using the Deterministic Key Generation and other techniques as part of its work with SBI BITS in Japan, the financial technology provider company that is a wholly-owned subsidiary of SBI Holdings, Inc. nChain and SBI BITS are collaborating to develop a next-generation advanced secure cryptocurrency wallet system.
In addition, nChain helps blockchain enterprises develop applications through its Nakasendo™ software development kit (SDK). Version 1.0 of the SDK provides a cryptographic library that includes the patented Deterministic Key Generation technique. Made publicly available in May 2018 and available for free usage on the BCH blockchain, the Nakasendo™ SDK can be downloaded on GitHub at https://github.com/nakasendo/.
nChain will also collaborate with HandCash, the new Bitcoin Cash wallet that uses near-field communication technology (http://handcash.io/), to further strengthen its product with the Deterministic Key Generation technique and other nChain innovations (nChain has invested in HandCash).
nChain works toward creating a stronger blockchain ecosystem focused on the Bitcoin Cash network. For any business seeking technical assistance with its enterprise blockchain strategy, contact nChain by email at [email protected].
ABOUT NCHAIN GROUP: The nChain Group is the global leader in research and development of blockchain technologies. Its mission is to enable massive growth and worldwide adoption of the Bitcoin network - focusing on Bitcoin Cash as the true Bitcoin.