Friday, August 17, 2018 6:52:18 PM
American bank holding corporation Capital One has filed a patent application for the implementation of blockchain technology in user authentication, according to a filing published by the U.S. Patent and Trademark Office (USPTO) August 16.
According to the document, the inquiry is a continuation of a patent application submitted by Capital One to the USPTO in June 2017. The proposed system is designed to receive, store, record, and retrieve authentication information for a user in multiple blockchain-based member platforms.
The filing says 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 provides 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.”
The patent further explains that such types of authentication requirements “can impose time and resource burdens on the institutions,” adding:
“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.”
Per the document, the proposed system would be non-repudiable in order to prevent users or establishments from “later challenging authentication records as false or inaccurate.” Additionally, the system will limit the sharing of personal information between users and institutions.
In 2016, Capital One partnered with LA-based blockchain company Gem in order to solve the problem of health providers’ long wait of getting paid by insurance companies. Capital One said then that “blockchain technology connects the ecosystem to universal infrastructure, and shared infrastructure allows global standards that do not compromise privacy and security.”
Recent XRPUSD News
- XRP, Solana, Cardano, Shiba Inu Braced For $4 Trillion Altcoin Market Earthquake • ZyCrypto • 05/05/2024 09:02:21 PM
- XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation? • NEWSBTC • 05/05/2024 05:30:48 PM
- The $1,000 XRP Price Dream — How Ripple’s Solution For $300 Trillion Cross-Border Payments Could Propel It • ZyCrypto • 05/04/2024 07:39:52 PM
- Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price • NEWSBTC • 05/04/2024 12:05:18 AM
- XRP Forms On-Chain Signal That Led To 16% Crash Last Time • NEWSBTC • 05/03/2024 11:00:48 PM
- Price analysis 5/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB • Cointelegraph • 05/03/2024 07:45:00 PM
- Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News • IH Market News • 05/03/2024 07:26:30 PM
- Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000 • NEWSBTC • 05/03/2024 03:00:38 PM
- TON Price Soars 9% On Pantera Capital’s Investment, Capitalizing On Telegram User Potential • NEWSBTC • 05/03/2024 03:00:08 AM
- Massive SHIB Movement Ignites Market Speculation: Is A Big Surge On The Horizon? • NEWSBTC • 05/03/2024 01:00:18 AM
- Eclipse And Neon EVM Drive Solana-Ethereum Integration For Blockchain Interoperability • NEWSBTC • 05/02/2024 11:00:46 PM
- Crypto leaders should stop flirting with CBDCs • Cointelegraph • 05/02/2024 09:55:21 PM
- XRP to Replace the Dollar? Crypto Pundit Predicts Major Role for Ripple’s XRP Ledger in Japan • ZyCrypto • 05/02/2024 06:58:37 PM
- Ripple Unlocks 1 Billion XRP From Escrow – How Will This Impact Price? • NEWSBTC • 05/02/2024 03:00:45 PM
- Ripple CTO Clears The Air On How Much XRP He Actually Owns • ZyCrypto • 05/02/2024 01:37:49 PM
- Ripple Unlocks Half A Billion XRP Tokens From Escrow, Stoking Price Drop Fears • ZyCrypto • 05/01/2024 07:38:57 PM
- Ripple Forms Partnership With Tokyo Unit of $1,200,000,000 Firm To Push for XRPL-Powered Solutions in Japan • The Daily Hodl • 05/01/2024 04:55:44 PM
- Price analysis 5/1: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB • Cointelegraph • 05/01/2024 04:51:08 PM
- Ripple Plans Massive XRP Adoption Push as It Expands Footprint in Japan with New Partnership • ZyCrypto • 04/30/2024 08:25:54 PM
- Bitcoin, Ether Drop After Lackluster Hong Kong ETF Debut; Alliance Resource generates $30M in BTC, and More Crypto News • IH Market News • 04/30/2024 02:27:52 PM
- Ripple CTO and Cardano Founder Spar Over XRP’s Regulatory Challenges • ZyCrypto • 04/30/2024 12:22:55 PM
- XRP Price On Watch: Can This 23 Million Token Purchase Spark A Rally? • NEWSBTC • 04/30/2024 12:00:03 PM
- Ripple breaks ground in Japan, SBI Group to use XRPL for supply chain solutions • Cointelegraph • 04/30/2024 08:44:12 AM
- XRP Price Edges Up As Ripple Forms Major Partnership In Japan • NEWSBTC • 04/30/2024 07:30:52 AM
- XRP Price Prediction – Will Bearish Trend Push Prices Under $0.50? • NEWSBTC • 04/30/2024 05:34:47 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM