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Cryptocurrency: Platforms


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Application US20180337774


Published 2018-11-22

Private Key Decryption System And Method Of Use

A key ceremony application creates bundles for custodians encrypted with their passphrases. Each bundle includes master key share. The master key shares are combined to store an operational master key. The operational master key is used for private key encryption during a checkout process. The operational private key is used for private key decryption for transaction signing in a payment process. The bundles further include TLS keys for authenticated requests to create an API key for a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator.



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3 Independent Claims

  • 1. A host computer system comprising: a service; a master key loader configured to store an operational master key in memory of the service; a database having an address and an encrypted private key stored in association with one another; a web application configured to receive a request for payment to a bitcoin address, the request for payment including an amount of bitcoin to be paid, generate an unsigned transaction in response to receiving the request for payment, the unsigned transaction including the amount of bitcoin to be paid in the request from payment, and request a signing of the unsigned transaction to create a signed transaction; and a payment module configured to receive the request for signing the transaction, determine the address corresponding to the bitcoin address in the unsigned transaction, determine the encrypted private key stored in association with the address, decrypt the encrypted private key with the operational master key to generate a decrypted private key, and sign the transaction with the decrypted private key to create the signed transaction, the web application configured to receive the signed transaction, and broadcast the signed transaction over the bitcoin network.

  • 7. A method of transacting bitcoin comprising: storing, by a service, an operational master key in memory of a service; and storing, by the service, the address and the encrypted private key in association with one another; receiving, by a web application, a request for payment to a bitcoin address, the request for payment including an amount of bitcoin to be paid; generating, by the web application, an unsigned transaction in response to receiving the request for payment, the unsigned transaction including the amount of bitcoin to be paid in the request from payment; requesting, by the web application, a signing of the unsigned transaction to create a signed transaction; receiving, by the service, the request for signing the transaction; determining, by the service, the address corresponding to the bitcoin address in the unsigned transaction; determining, by the service, the encrypted private key stored in association with the address; decrypting, by the service, the encrypted private key with the operational master key to generate a decrypted private key; signing, by the service, the transaction with the decrypted private key to create the signed transaction; receiving, by the web application, the signed transaction; and broadcasting, by the web application, the signed transaction over the bitcoin network.

  • 13. A computer-readable medium having stored thereon a set of instructions that, when executed by a processor of a computer carries out a method of transacting bitcoin comprising: storing, by a service, an operational master key in memory of a service; and storing, by the service, the address and the encrypted private key in association with one another; receiving, by a web application, a request for payment to a bitcoin address, the request for payment including an amount of bitcoin to be paid; generating, by the web application, an unsigned transaction in response to receiving the request for payment, the unsigned transaction including the amount of bitcoin to be paid in the request from payment; requesting, by the web application, a signing of the unsigned transaction to create a signed transaction; receiving, by the service, the request for signing the transaction; determining, by the service, the address corresponding to the bitcoin address in the unsigned transaction; determining, by the service, the encrypted private key stored in association with the address; decrypting, by the service, the encrypted private key with the operational master key to generate a decrypted private key; signing, by the service, the transaction with the decrypted private key to create the signed transaction; receiving, by the web application, the signed transaction; and broadcasting, by the web application, the signed transaction over the bitcoin network.