U.S. banking giant Capital One is working on using blockchain technology to usher in more convenient and secure user authentication methods for instances such as banking security.
In a continuation of a patent application submitted to the U.S. Patent and Trademark Office back in June 2017, Capital One sets out a blockchain system that will receive, store and retrieve encrypted user authentication data, according to a filing released Thursday.
The proposed idea is described as "a distributed, non-reputable record of authentication interactions" that allows users to authenticate themselves across multiple platforms, but limits how much personal information is shared between them.
In effect, the method retrieves identification data on a user when they commence the authentication process.
The system will authenticate or reject the user based on the received authentication information, but the user data itself is kept securely on the blockchain.
The claimed invention is said to potentially reduce "Time and resource burdens" for institutions when on-boarding new clientele.
The filing adds, it would be a boon for users that may "Resent" having to repeatedly authenticate themselves as they move between different institutions.
Thus, Capital One says, both institutions and clients "May therefore benefit from a collaborative authentication system that handles authentication interactions for multiple institutions."
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Capital One Seeks Blockchain Patent for 'Collaborative' Authentication Tool
gepubliceerd op Aug 17, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.