News

2024.10.10News Release

BLOCKSMITH&Co. receives patent related to Face Recognition Web3 Wallet

BLOCKSMITH&Co. (Head office: Minato-ku, Tokyo; CEO: Tetsuya Sanada) is pleased to announce that it was granted a patent (No. 7561470) on September 26, 2024 for its Web3 Wallet utilizing facial recognition technology. Wallets utilizing this patent are expected to be available beginning in the fall of 2024.


About the Facial Recognition Web3 Wallet

Traditional cryptocurrency wallets require users to manage their private keys or seed phrases, making recovery difficult in case of loss. To address this issue, BLOCKSMITH&Co. has developed the "BLOCKSMITH WALLET," which leverages facial recognition and MPC (Multi-Party Computation) technology.

This wallet prioritizes user asset security by employing MPC technology's "secret information refresh" feature. This allows for the secure restoration of secret information (private key fragments) stored across backup servers, user devices, and signature servers without revealing them to each other. Consequently, even if a device is changed or lost, users can update secret information without altering public information, ensuring long-term asset safety. The wallet is scheduled to be available as a feature within the QAQA app starting in the fall of 2024.


Patent Details

  • Patent Number: 7561470
  • Invention Title: Technology for Secretly Refreshing Private Key Fragments While Maintaining Multi-Signature Verification Public Keys
  • Registration Date: September 26, 2024
  • Patent Holder: BLOCKSMITH&Co.

 

The patented technology enables users and servers to update their respective private key fragments secretly while maintaining the public key, allowing for secure restoration without mutual disclosure. This ensures asset safety even in cases of device changes or losses.
 

≪About BLOCKSMITH&Co.≫

Company Name: BLOCKSMITH&Co.
President and CEO: Tetsuya Sanada
Establishment: April 1, 2022
Capital: 14,999,950 JPY
Head office: Roppongi Hills Mori Tower, 6-10-1 Roppongi, Minato-ku, Tokyo, 106-6122
Business: Development and distribution of products such as blockchain technology and crypto assets utilising NFTs
URL:https://www.blocksmithand.co.jp/en/ 


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