Barclays Bank, which is one of the leading banks in U.K has recently filed two patents about the transfer of digital currency and blockchain data storage. After this move, MasterCard will also file crypto patents this week. This simply means that the larger banking firms want to jump into the field of cryptocurrency and blockchain industry.
Crypto Industry is growing exponentially, hence the popular banking firms are in the fear of missing out the great economic and financial revolution. However, we all know that how banking and financial systems work and this would never happen until Barclays filed patent this week.
Crypto Patents for Banking Companies
Barclays Bank is basically a 300-year old banking company in the United Kingdom and most probably the biggest corporate bank in the world. Barclays enthusiastically filed the crypto patents that include distributed data storage and digital currency transfers. The patents were boldly filed in the United States Patent and Trademark Office this week.
The first patent defines a system for transferring cryptocurrency from payer to recipient which would securely validate the identities of both, along with authenticating and recording transactions with the help of public-key cryptography and blockchain.
Apart from currency transfer, the patent also defines a numerous number of use cases for securely and privately processing data in an unsure way using blockchain system. For instance, how claims and confirmations could be verified on the blockchain system, consider the example of credit status and insurance claims.
Barclays anticipates that the potential recipients of such a system could be individuals, authorities, banks, and also the objects to which crypto wallet might be allocated. For instance, consider the Internet of things (IoT). The patents also mention the benefits of using Merkle Tree Structure to increase efficiency and data validation.
The second patent is about blockchain data storage. Here there is a system for storing data describing the first entity, the data approved by a second entity consisting the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier is generated from a public key of the first entity.
Earlier also, Barclays bank has shown a lot of interest about Cryptocurrency and the bank was keeping proper knowledge about crypto in the last two years. But last year, the bank has raised certain issues about cryptocurrency. Before few months, it was also reported that Bank has teamed up with Coinbase.