Barclays Files Patents for Two Cryptocurrencies and Blockchain with US Patents and Trademark Office (USPTO)
Barclays, an investment service company has filed patent applications for two of its cryptocurrencies with respect to their transfer and blockchain data storage. The patents were published by the US Patent and Trademark Office (USPTO) on July 19.
The first patent refers to a system for making a secure transaction of digital currency between both the parties (seller and the buyer) that would securely authenticate the identities of the concerned parties. Further, the transactions will also be recorded and validated using the public key cryptography and a digital currency ledger.
Apart from the basic currency transfer, the patents also describe a wide range of cases, of processing data securely and privately using the blockchain system. According, to Barclays, individuals, authorities, banks and enterprises would reap great benefits out of such a system. Additionally, it can also be useful for the objects to which digital wallet can be assigned for example an (IoT) internet of things item. The patent also provides steps of using a Merkle Tree Structure, which is useful in storing blocks, which in turn adds efficiency and eases out the data
validation process. The second patent mainly deals with storing and endorsing data along with claims relating to specific entities through validation of personal information for KYC (Know your customers) checks.
It was speculated that the investment company was gauging whether the client’s interest was viable enough to set a dedicated cryptocurrency trading desk. However, such speculation was put to rest by Jes Staley, CEO of Barclays. Keeping aside all the speculation, the bank still assists clients to settle Bitcoins future contracts which are offered on derivative exchanges suc as CME group inc and CBOE Global market inc.
Earlier in March, Barclays became the first UK bank to open an account for a cryptocurrency exchange in assistance with a U.S major exchange service and wallet provider Coinbase.