American bank holding corporation Capital One has filed a patent application for a blockchain-based authentication system, as indicated by a documenting distributed by the U.S. Patent and Trademark Office (USPTO) on August 16.
According to the USPTO application, the recording of users’ personal information in blockchain can enable individuals from the authentication system to recover user identification information from a database utilizing the authentication data. The document gives a use case of the system for authentication with regards to a business procedure subject to statutory or administrative requirements, for example, ‘Know Your Customer’ (KYC) requirements.
The patent further clarifies that such kinds of authentication requirements can force time and asset troubles on the foundations. Users may resent to rehashed authentication requests as they navigate between computer system linked with various organizations. Establishments and users may, therefore, benefit from a collaborative authentication system that handles authentication interactions for different foundations.
It is indicted that the inquiry is a continuation of a patent application submitted by Capital One to the USPTO in June 2017. The proposed framework is intended to receive, store, record and retrieve authentication information for a user in different blockchain-based member platforms.
The proposed system would be non-repudiable keeping in mind the end goal to keep users or institutions from “later difficult authentication records as a false or off base.” Additionally, the framework will restrain the sharing of personal information amongst users and institutions.
Why USPTO Application?
As reported by Cointelegraph, in 2016, Capital One joined forces with LA-based blockchain organization Gem in order to take care of the issue of health providers’ long hold up of getting paid by insurance agencies. Capital One said then that blockchain technology connects the ecosystem to universal infrastructure, and shared system permits global standards that don’t compromise protection and security.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]