Winklevoss brothers file patent for system to securely store digital assets

Tyler and Cameron Winklevoss are seeking another patent, this time for a blockchain-based system designed for “securely storing digital assets” like cryptocurrency.

The Winklevoss IP, LLC patent application, titled “Systems and methods for storing digital math-based assets using a secure portal,” was revealed last Tuesday by the U.S. Patent and Trademark Office (USPTO).

According to the patent filing, the Winklevoss system will use “an isolated computer within an electronic isolation chamber.” The system can generate several digital asset accounts, with “one or more private keys and a digital asset account identifier corresponding to each of the digital accounts.”

The patent describes a method that will allow a digital asset account to be divided “into a plurality of private key segments,” paving the way for more secure technology for cryptocurrencies. It stated, “Private keys for a multi-signature account may be distributed to a plurality of users who are required to authorize a transaction together… private keys for a multi-signature account may be stored as backups, e.g., in secure storage, which may be difficult to access, and may be used in the event that more readily obtainable keys are lost.”

In the last couple of months, the Winklevoss brothers have been actively involved in blockchain and cryptocurrencies. In April, Winklevoss IP secured a patent for a blockchain-based system that implements common cryptographic principles to boost the security of digital transactions.

The Winklevoss twins filed a patent in May for an application for crypto-based asset trading that allows for the settlement of exchange-traded products (ETPs) using cryptocurrencies. However, the authorities rejected the application. A day after the decision, the matter was put under review.

Last month, the two launched a working group whose goal is to create industry standards to prevent criminal activities like market manipulation. The group, called Virtual Commodity Association (VCA), has bitFlyer, Bitstamp, and Bittrex.