crypto-news-flash.com
- VeChain Global Technology received a U.S. patent for a new blockchain-based system that uses several decentralized architecture to securely handle identity data.
- The patent builds on VeChain’s prior innovations and highlights its growing role in blockchain-based solutions.
VeChain Global Technology has achieved a significant milestone with the approval of a new U.S. patent. This new patent will help it expand its portfolio of innovations within blockchain technology. The patent, titled “Methods and Devices for Managing User Identity Authentication Data,” was granted on September 17, 2024.
The latest patent seeks to streamline the management of user identity authentication through an advanced blockchain solution. According to the patent abstract, the new system focuses on a method that “provides a management device, an authentication device, a terminal, a non-transitory computer-readable storage medium, and a computer program product” for managing user identity data.
Key Features of the Vechain Patent System
One of the primary features of the system is the secure handling of user identity data via multiple authentication devices on the blockchain. This will ensure decentralized and secure authentication processes. The core technology uses a decentralized architecture to enhance identity authentication security. Hence, the management device is responsible for:
- Receiving query requests for user identity data
- Authenticating those requests
- Determining the appropriate authentication device within the blockchain to process the request.
Once authenticated, the system sends “authorization information for the query request to the query requester.” Thereafter, upon successful authentication, the request is transmitted to the appropriate device.
An essential component of this system is the certificate functionality since it plays a crucial role in user identity validation. The VeChainThor blockchain utilizes certificates as a secure data structure for client-side self-signed certificates, per the CNF report.
These certificates essentially act as cryptographic proof of user identity and authorization. As part of this process, users sign a certificate using their private key. The signature serves as proof of ownership and identity, ensuring the validity of the transaction or access request.
It also outlines key elements such as the purpose, payload, domain, timestamp, signer, and signature. Each certificate provides “proofs of authenticity and origin for data exchanged within the VeChain ecosystem.” Thus, it can be used for attestation, identification, and verification.
Previous Patent Details
This patent builds upon VeChain’s previous innovations, including another patent approved earlier in the year. On July 2, 2024, VeChain secured a patent for a mobile automated inventory container bin and system, which also utilizes the VeChainThor blockchain, per the CNF report. The earlier patent focuses on enhancing supply chain management efficiency. Hence, it will help optimize inventory tracking and automation through blockchain.
Meanwhile, some community members are uncertain about the future of VeChain’s native token, VET. However, it’s important to note that the crypto hasn’t lost the macro trendline. Hence, analysts expect the VET price to bounce back after the current downtrend.
Moreover, today, the VET token showed a remarkable performance with nearly 8% gains after the patent news came in. At press time, the VET price soared 7.88% to $0.02397 on Friday, September 20. As per the latest CNF report, more than 100 worldwide are accepting VET payments.