Barclays Bank Files Two New Patents with USPTO
The USPTO has published two patents on the 19th of July submitted by Barclays. One application discusses cryptocurrency transfers and the other relates to data storage on blockchains.
The first patent submitted by the bank discusses a new method of transferring cryptocurrencies between customer and payer which would validate the identities of both participants in a secure manner. Additionally, it’ll authenticate and register any transactions through public cryptography and a DCL.
The patent additionally explains several case use solutions regarding secure and confidential information processing without the need for trust through a utilized blockchain. An example of a valid verification process would be a user’s credit record.
The bank looks forward to several positive outcomes of a system like that, including standalone clients, official authorities, banks and others with an assigned crypto-wallet. A concept called a Merkle Tree is another consideration and benefit according to the patent and explains it as a much more secure and transparent storage method.
The other application by Barclays to the USPTO focuses more on data storage and support and highlights the KYC solution as an essential example for authenticating identification and private data. Earlier, rumors began circulating and stating that the bank was monitoring and researching client interest as a means to ensuring the efficiency of a Crypto-trading desk.
Jes Staley, the banks head executive denied all rumors despite the bank's consistent assistance of BTC futures contract settling for clients available on different digital currency exchanges like CME and CBOE. It was also the first owner of a digital exchange account as a financial holder and collaborated with Coinbase as well.