Barclays files Patent for crypto transfer and blockchain data storage

Barclays files Patent for crypto transfer and blockchain data storage

Barclays has filed two patent applications with the U.S. Patent and Trademark Office (USPTO) for crypto transfer and blockchain data storage. The publication of these patents has been on 19th July, 2018. According to a report by BCFocus, Mastercard, one of the significant payment companies of the world, has also received a patent, recently for speeding up crypto transaction.

The application of the first patent sheds light on the transferring system of digital currency from the payer to the receiver. This would lead to a secured authentication of both the identities. In the upcoming times, it will also assist in the validation and recording of transactions, leveraging a cryptocurrency ledger and cryptography based on public key.

See also: Barclays testing the waters for Cryptocurrency trading desk

Apart from the transfer of digital currency, the patent elucidates a number of cases for securely processing data, quite trustlessly utilising blockchain. An illustration explains the manner in which the attestations can be made verifiable on blockchain system. This can be accomplished by making use of the examples related to insurance claims and credit status.

Beneficiaries of the blockchain system

The potential beneficiaries of the system, as per the vision of Barclays happen to be enterprises, banks, authorities and individuals. It also includes the probable products to which the digital wallets can get assigned like Internet of Things (IoT). The patent explains the upper edge that can be achieved by utilising Merkle Tree Structure for storing blocks. This storage of blocks helps to simplify the process of data validation and increase efficiency.

The application of the second patent is more concerned towards the storage and endorsement of data. It equally involves claiming of certain entities by making use of the personal data verification for the Know your Customer (KYC) norms.

See also: Blockchain based medical record system patented by Walmart

In this spring there were rumours about the assessment of the client interest conducted by Barclays. It was carried out to understand whether the inclination of the client was sufficient to establish a trading platform concerning cryptocurrency.

However, the CEO of Barclays, Jes Staley soon refused these claims even when the reputed bank continued assisting its client resolving matters on future contracts of Bitcoin [BTC]. The derivative exchanges like CBOE Global Markets Inc. and CME Group Inc. have been offering these Bitcoin [BTC] future contracts.

Barclays happens to be the first banking institution in U.K. for opening an account related to crypto exchange. Eventually, this has led to the formation of a partnership with Coinbase, a popular exchange of U.S. and provider of wallet.

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