20 July, AtoZ Markets – Reportedly, Barclays Bank is considering Blockchain technology for streamlining fund transfers and know-your-customer processes. The freshly released patent applications from the US Patent and Trademark Office feature two filed documents from the second largest bank of the UK.
Barclays Bank Files Two Blockchain-related Patents
Both the applications involve security matters, with one of them outlining a Blockchain platform which would facilitate cryptocurrency transfers. The bank has also suggested streamlining know-your-customer processes. The latter patent proposes storing the identifying data on a private Blockchain.
While the filing of a patent application does not necessarily imply that the bank is planning to develop a particular product with the help of this emerging technology, the releases mention that the bank members are looking into the Blockchain. One of the document states:
“The use of a blockchain provides at least several benefits. These include its public nature, allowing any other party or entity from viewing the data and cryptographic verification of the data enabled by the digital signatures, hashing and layered nature of the blockchain. The transaction is a complete and verified unit of data in a form that may be added to the blockchain … Further or duplicate checks and work may be avoided, which can improve the efficiency of computer networks.”
How can Barclays’ Patent Improve Telecommunication Processes?
Barclay’s suggestion would give “a more reliable form of verification without substantially increasing technical overheads and improves the operation of computing environments and telecommunications networks.”
The application also noted a “super” user authority, which would be empowered to migrate the old information to present blocks. Moreover, it might be even possible to delete the old blocks with the sufficient support of other user authorities in the system. This could allow for Blockchain size alteration and storage issues.
The other patent proposes the generation of a Blockchain that would transfer “digital currency from a payer to a recipient.”
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