Barclays introduces blockchain patent applications

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Barclays introduces blockchain patent applications
2018-07-21 in BLOCKCHAIN

On Thursday, July 19, two applications of the British banking giant Barclays were published on the website of the US Patent and Trademark Office. They affect the exchange of digital currencies and the storage of data in blockchain.

The first patent application describes a system for transferring a digital currency from a payer to a recipient that will be able to identify both parties to a payment and confirm transactions using cryptographic information security. All transactions will be recorded in the digital register.

The patent application is not limited to the transfer of digital currencies and describes various options for using the solution for secure processing of data using blockchain. An example is the system for requesting credit status and insurance claims.

Barclays notes that such a system can be used by individuals and legal entities, as well as be attached to objects like a digital wallet. The application also describes the possibility of using a binary tree of hashes to store blocks, which will increase the efficiency and simplify the confirmation of records.

The second patent application relates to the storage and validation of data in a distributed registry system. As an example, personal data used to verify the identity are given.

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