One of the world’s most powerful banks applies for two patents about blockchain

Barclays Bank, the bank with 300 years history and probably the most powerful banking and financial conglomerate in the world, has recently filed two patents that involve blockchain technology. According to patent applications published by U.S. Patent and Trademark Office (USPTO) on July 19, both forms are under the topic “Customer Account’s security”.

2 new patents regarding blockchain technologies were granted for the Barclays bank

2 new patents regarding blockchain technologies were granted for the Barclays bank

The first patent is called “Secure digital data operations” and describes a “Method and system for transferring digital currency from a payer to recipient comprising receiving an identifier of data describing the first entity.” Barclays’ second patent, “Data Validation and Storage” is described as “method and system for recording data describing the first entity, the data validated by a second entity comprising the second entity authenticating data describing the first entity, in which an identifier is linked with the data, the identifier being generated from a public key of the first entity.”

The blockchain technology will empower the fund transfer as well as know-your-customer verification process of the bank. Last two years, Barclays has been noticeably active on the cryptocurrency and blockchain scene. It was the first UK bank that agreed to open an account for cryptocurrency exchange Coinbase this March.

Recently several blockchain-related patents were granted by the USPTO. Mastercard won a patent July 17 for a “method and system for linkage of blockchain-based assets to fiat currency accounts.” The blockchain R&D firm Nchain obtained three patents earlier in July. The most significant number of cryptocurrency patents currently belongs to Bank of America – the bank has filed 45 patent applications related to the blockchain.