Leading cryptocurrency firm Coinbase has filed a patent application for a security system of bitcoin private keys, CoinDesk reported.



According to the application published last month by the US Patent and Trademark Office (USPTO), Coinbase aims to patent a “Security System Forming Part of a Bitcoin Host Computer”. The application names software engineers Andrew Alness and James Hudon listed as inventors.



“It may be a security concern for users that the private keys of their Bitcoin addresses may be stolen from their wallets. Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout on a merchant page and making payments using their wallets”, the application reads.



According to USPTO website, several companies have applied for blockchain- and digital currency-related patents in past couple of months. This includes credit card giant MasterCard, Blockstream, ShoCard, Nasdaq, Digital Asset Holdings and others.



Recently, a federal court in the Northern District of California authorized the Internal Revenue Service (IRS) to serve a “John Doe” summons on Coinbase, seeking information about U.S. taxpayers who conducted transactions in a convertible virtual currency during the years 2013 to 2015.

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