RenDong Holdings Receives Patent for Digital Currency Identity Credentials, Empowering Secure Transactions

RenDong Holdings Receives Patent for Digital Currency Identity Credentials, Empowering Secure TransactionsOn July 23, 2024, according to Tianyancha information, RenDong Holdings Co., Ltd

RenDong Holdings Receives Patent for Digital Currency Identity Credentials, Empowering Secure Transactions

On July 23, 2024, according to Tianyancha information, RenDong Holdings Co., Ltd. obtained a patent for a "Method, Verification Method and System for Generating Identity Credentials for Digital Currency," with an authorization announcement number of CN114157414B and an application date of September 2020. The patent aims to provide a more secure and reliable identity authentication mechanism for digital currency transactions, effectively preventing identity theft and enhancing transaction security.

The patent abstract shows that the invention relates to the field of internet technology, mainly focusing on the design of digital currency identity credential generation, verification, and systems. Its core lies in binding user identity information to digital currency identity credentials through multiple encryption and verification steps, ensuring the uniqueness and unforgeability of the credentials.

Detailed Interpretation of Patent Technology:

The patent technology is primarily used on the authentication end, and its specific implementation steps are as follows:

1. Receive Generation Request: The authentication end receives a generation request for user identity credentials, which includes user identity information and a first digest information generated by the user's first private key signing the identity information.

2. Verify Identity Information: The authentication end uses the first public key corresponding to the first private key to verify the first digest information, ensuring the authenticity and integrity of the identity information.

3. Generate Identity Credentials: After the identity information is verified, the authentication end uses the second private key to sign the identity information and the first digest information, generating the second digest information.

4. Generate and Send: The authentication end generates a user-specific digital currency identity credential based on the identity information, the first digest information, and the second digest information, and sends the credential to the user.

Advantages of Patent Technology:

The patent technology ensures the uniqueness and unforgeability of identity credentials by binding user identity information to digital currency identity credentials, effectively preventing the misuse of user identities. Specifically, the technology has the following advantages:

• Double Verification: By signing the identity information twice and using the public key for verification, it effectively prevents identity information forgery and tampering, ensuring the authenticity and reliability of the identity information.

• Identity Binding: Binding user identity information to digital currency identity credentials ensures the uniqueness and non-transferability of the credentials, preventing others from impersonating identities for transactions.

• Enhanced Security: Multiple layers of encryption and verification mechanisms effectively enhance transaction security and user privacy protection, providing users with a more secure and reliable digital currency trading environment.

Future Outlook:

As digital currency transactions continue to develop, security and privacy protection become paramount. The patent obtained by RenDong Holdings will provide a more secure and reliable identity verification mechanism for digital currency transactions and effectively prevent identity theft, creating a safer and more convenient digital currency trading experience for users. In the future, RenDong Holdings will continue to increase research and development investment, continuously enhance its technological innovation capabilities, and contribute to the healthy development of the digital currency industry.