Capital One, the American bank possessing corporation recently applied for a patent application. The US-based banking giant has come up with a new way of incorporating blockchain technology in the most needed and imperative user authentication methods. The idea and application were purported following the filing of the patent to the U.S. Patent and Trademark Office (USPTO) on Thursday, August 16, 2018.
As per the details and derivatives of the document, the anticipation of the report is an add-on of the earlier application submitted last year around June 2017 by Capital One to the U.S. Patent and Trademark Office. The patent for the technology is going to be used and adapted in various mundane projects. The proposed application is structured in a way that it is capable of storing, receiving, recording and retrieving authenticated data and information for a particular user. The database will help to authenticate identity and further store it in a multiple facet blockchain-oriented platforms of members needing them.
All the details and peripheries used to identify the person uniquely would be recorded on a blockchain which will work as a distributed ledger. The personal data stored is going to enable higher precision and security. “It will enable all added members of the system used for authentication to fetch user details and unique keys from the database by using the authentication data.”
The patent application added that these improvisations of having a centralized database for fetching authenticated information can be very efficient and dispose of burdens of time and resources for various institutions and users.
The report mentioned, “the users may go through a lot of efforts consuming procedures for authentication let alone repetitive activities and windows that conclude for the same subject. The users lose interest while going through various windows, one popping to other with all windows associated with varied institutions each having an authentication factor. The institutions, as well as all users, might use this new advancement as a rescue, they can benefit with it when all institutions fetch from a collaborative database of authentication details and help users save their time and resources of the institution.”
The blockchain here acts as a distributed ledger among all organizations. The reason for using the blockchain as a foundation is reported to be the infallible risk of information leak and higher induced security. This centralized database based on blockchain can handle all interactions initiated by various institutions.
According to the document, the system will be consisting of features being non-repudiated. They add this is to avoid and prevent any user from drawing conclusions for records to be false or irrelevant. The system will also provide additional limitation of resource sharing among the institutions and the users.
Back in the year 2016, the Capital One joined hands with Gem an LA-based blockchain company and tried to resolve the issue of delayed payment served by the insurance companies to all health service providers. The initiative aimed to speed up the existing process and help health providers seek their payments faster.
Capital One added, “the blockchain implementations in various sectors binds up the ecosystem of universal organizations and practices a very secure, safe and precisely distributed service. The platform enables higher sophistication and standards without compromising on security and privacy.”