Capital One eyes Blockchain for user data authentication management. Company states that recording of users’ personal data in Blockchain can “enable members of the authentication system to retrieve user identification data from a database using the authentication information.”
20 August, AtoZ Markets – Capital One has applied for a patent that looks into the implementation of Blockchain technology in user authentication. The filing by the US Patent and Trademark Office (USPTO) has confirmed that.
Capital One Eyes Blockchain for User Data Authentication Management
As per the document, the inquiry emerges as a continuation of a patent application that has been submitted by Capital One to the USPTO back in June 2017. The suggested system is created to receive, record, store and retrieve authentication data for a user in a number of Blockchain-based member platforms.
The filing notes that recording of users’ personal data in Blockchain can “enable members of the authentication system to retrieve user identification data from a database using the authentication information.”
The document suggests a use case example of the system for “authentication in the context of a business process subject to statutory or regulatory requirements, such as ‘Know Your Customer’ requirements.”
Capital One on Blockchain
Furthermore, the patent explains that such types of authentication requirements “can impose time and resource burdens on the institutions.” The company adds:
“Users may resent having to respond to repeated authentication requests as they navigate between computer systems associated with different institutions. Institutions and users may, therefore, benefit from a collaborative authentication system that handles authentication interactions for multiple institutions.”
As per the document, the suggested system would exist as non-repudiable one. This would be done in order to prevent participants from “later challenging authentication records as false or inaccurate.” In addition, the system will be designed to limit the sharing of personal data between users and institutions.
Back in 2016, Capital One has partnered with the US-based Blockchain firm called Gem. The alliance has aimed to solve the problem of a long wait for repayment by insurance companies for health providers. Capital One has stated at that time that “blockchain technology connects the ecosystem to universal infrastructure, and shared infrastructure allows global standards that do not compromise privacy and security.”
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