The American Bank Holding Organization, Capital One Has Documented A Patent Application For The Usage Of Blockchain Technology In Client Validation

According to a filing published by the U.S. Patent and Trademark Office (USPTO) August 17, Capital One Applies for Blockchain-Based Collaborative Authentication System Patent

As indicated by the record, the request is a continuation of a patent application presented by Capital One to the USPTO in June 2017. The proposed framework is intended to get, store, record, and recover validation data for a client in numerous blockchain-based member stages.

The patent states that when users’ data are being stored on the blockchain, will “enable individuals from the validation framework to recover client recognizable proof information from a database utilizing the verification data.” The archive gives an utilization case of the framework for “confirmation with regards to a business procedure subject to statutory or administrative prerequisites, for example, ‘Know Your Customer’ necessities.”

The patent further clarifies that such kinds of confirmation necessities “can force time and asset troubles on the said institute,” including:

“Clients may detest responding to rehashed confirmation asks for as they explore between PC frameworks related with various establishments. Establishments and clients may in this manner gain from a shared validation framework that handles confirmation associations for various organizations.”

Per the report, the proposed framework would be non-repudiable with a specific end goal to keep clients or foundations from “later difficult confirmation records as false or off base.” Additionally, the framework will restrain the sharing of individual data amongst clients and establishments.

In 2016, Capital One partnered with LA-based blockchain organization Gem keeping in mind the end goal to take care of the issue of wellbeing suppliers’ long hold up of getting paid by insurance agencies. Capital One said then that

“blockchain innovation associates the biological community to widespread foundation, and shared framework permits worldwide principles that don’t trade off protection and security.”