London , United Kingdom – April 11, 2018 – nChain, a global leader in blockchain technology research and development, is pleased to announce the receipt of its first patent from the European Patent Office. The patent was granted by the European Patent Office on April 11, 2018, for a method for the registration and automation of blockchain-enforced smart contracts.
The patent – European Patent Office No. EP3257191 – is entitled "Method and system for securing computer software using distributed hash tables and blockchains". This invention covers a technology for anything that has an executable stage (not limited to computer software, but also music, video, and even PDF files) that checks whether an accessed resource has Get the content license and more importantly check if the license is still valid. Content producers and rights holders can use the present invention to perform digital rights management more efficiently, especially using smart contracts on blockchain applications to complete automatic contract renewal operations, which are commonly used in digital subscription services. For more information on the present invention, please visit the link on the NChain website.
The patent is based on another patent-pending invention of nChain – WO2017145016 (Deterministic Key Generation). The invention, titled "Public Secrets for the Secure Exchange of Decrypted Information and Hierarchical Deterministic Encryption Keys," provides a way for two connected nodes without a trust relationship to simply share their respective public keys and a certain format information to obtain a deterministic hierarchy of public keys from each other. But their respective private keys can still only be generated by the owner of that private key. The invention provides significant security benefits against hacking of "Mt. Gox-type" cryptocurrency wallets. Its applications extend far beyond the Bitcoin and blockchain environment, but in any situation where the protection of sensitive data, assets, communications or controlled resources is required. For more information on the method, please visit the link on the NChain website.
Dr. Craig Wright, chief scientist of nChain, was one of the original architects of Bitcoin and the key inventor of two cited inventions.
Jimmy Nguyen, CEO of nChain Group commented:
“This first patent license granted by the European Patent Office is an important milestone in nChain’s ambitious research and patent program started two years ago. We expect to receive more patents in this area in the future due to our blockchain application patents The application portfolio is world-leading.”
Nguyen also highlighted nChain’s commitment to providing intellectual property for Bitcoin Cash growth:
"nChain builds enterprise value through a portfolio of patents and is committed to using our intellectual property to benefit the Bitcoin Cash community. We intend to use our new 'nChain Public Bitcoin Cash License' on the Bitcoin Cash blockchain application Provides free and exclusive access to major intellectual property assets. This will give Bitcoin Cash a significant advantage over other blockchain applications, incentivizing businesses to operate on the BCH blockchain, which also represents Bitcoin’s original vision.” In Domestic blockchain applications are still very popular. Whether it is Internet companies Ali, NetEase, Tencent, or technology companies Baidu, Xiaomi, 360, and Yunbao, they are vigorously developing technologies related to blockchain applications. It is believed that there will be mature products soon.