Digital payment company, PayPal, recently secured a patent that could potentially safeguard users from cryptocurrency ransomware theft and stealing. This announcement was officially published on 16 April by the United States Patent and Trademark Office (USPTO). The patent has been long overdue as it was first filed in September 2016.
The said patent discusses how making use of the already existing data could help detect and prevent ransomware from locking up users’ data files.
What does Paypal’s crypto ransomware patent state?
Ransomware attacks to be fairly described quite literally mean demanding a ransom. The malware takes over complete possession of a user’s computer, encrypts the data and files and demands a ransom to access those stolen files freely. The ransom demands are usually made in cryptocurrency and refusal to meet those demands means the inaccessibility of the files forever. Due to this, major companies have been piling up Bitcoin to process payments just in case of a ransomware attack.
The document states that enterprises and users could prevent data loss by securing and backing up the data. Detection of ransomware at an early stage could help reduce the damage loss.
The patent by PayPal describes a technique which would differentiate between two sets of data in the computer’s cache system. It will then make a comparative analysis to check if the data has been encrypted. If there is a detection of encryption, the unaltered version would be saved by the system which would be accessible by the user in contrast to its counterpart.
PayPal’s other patents
This isn’t the company’s first foray into patents. In 2018, PayPal filed another patent at the USPTO for the increment of crypto payment processing speed by the use of secondary private keys to bring in the reduction of transaction time between consumers and sellers. PayPal had earlier joined the blockchain party by investing in a startup, Cambridge Blockchain.