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UK’s Barclays Bank Files Two Cryptocurrency Patents

BARCLAYS BANK – The 300 Year-Old UK Legacy Bank, is arguably the most powerful international corporate bank in the world, filed two crypto-related patents this week.

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Barclays Bank may be looking to blockchain to streamline fund transfers and know-your-customer processes, according to newly-released patent applications.

On Thursday the U.S. Patent and Trademark Office published two applications by the U.K.’s second-largest bank, both of which revolve around account security.

It could be however, an application for a patent which outlined a blockchain-platform which could facilitate cryptocurrency transfers. The bank also proposed streamlining know-your-customer processes by storing identifying information on a private blockchain.

Though the existence of a patent application does not necessarily mean the bank is planning to develop any products with the technology, the releases indicate members of the bank are examining the nascent technology.

Also Read: Crypto Investors: Cryptocurrency Market Price Expectations are High

As one document explains: “The use of a block chain provides at least several benefits. These include its public nature, allowing any other party or entity from viewing the data and cryptographic verification of the data enabled by the digital signatures, hashing and layered nature of the block chain. The transaction is a complete and verified unit of data in a form that may be added to the block chain … Further or duplicate checks and work may be avoided, which can improve the efficiency of computer networks.”

 

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Written by Russell

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