Nigerian Startup Secures Patent For Blockchain Technology

Hyperspace Technologies Limited, a Lagos-based Web3 startup, has secured its second patent and trademarks for cipherCHIP tap2verify, a blockchain-integrated contactless product authentication and verification system.

Developed within Hyperspace Technologies Limited’s research and development (R&D) division, the “cipherCHIP tap2verify” system presents a novel approach to product authentication by integrating Near Field Communication (NFC) tags, Non-Fungible Tokens (NFTs), and blockchain technology.

Recall that the startup had secured a patent in August this year for cipherKEY tap2sign™️ Multi-Factor Authentication (MFA), a next-generation security system designed to leverage the decentralised nature of blockchain, the robustness of public/private key cryptography, and the convenience of Near Field Communication (NFC) technology to provide an unprecedented level of security against identity theft, phishing, and social engineering attacks.

The trademark for cipherCHIP tap2verify was granted on October 20, 2023, under the Class of Scientific, nautical, surveying, electric, photographic, cinematographic optical, weighing, measuring, signalling, checking (Supervision), life-saving, and teaching apparatus and instruments; apparatus for recording transmission in reproduction of sound or images; magnetic data carriers recording disc; automatic vending machines and mechanism for coin-operated apparatus; cash registers, calculating machines, data processing equipment, and computers; free-extinguishing apparatus.

Commenting on the journey to securing the patent and trademark, the lead inventor of the MFA, Dr. Oluseyi Akindeinde, highlighted its potential to revolutionise product provenance and authentication.

“In an era where counterfeiting has become increasingly sophisticated, ensuring product authenticity is paramount. cipherCHIP tap2verify addresses this challenge by combining the unique identification capabilities of NFC tags with the immutable nature of blockchain technology, further enhanced by the uniqueness of NFTs,” Akindeinde averred.

Akindeinde posited that cipherCHIP tap2verify offers a groundbreaking solution to product authentication challenges. By seamlessly integrating NFC tags, NFTs, and blockchain, it provides an unbreakable chain of trust from manufacturers to consumers, he added.