Barclays Bank registers two crypto patents

Founded in 1690, Barclays Bank has filed two patents with the US Patent and Trademark Office (USPTO). It patented the transfer of funds using cryptocurrencies and the secure storage of data in the blockchain.

On July 19, the United States Patent and Trademark Office (USPTO) issued two patents, both filed by the London Barclays Bank. A patent describes its own method for transfers using cryptocurrencies. The identity of sender and receiver is verified by means of cryptographic keys and the digital recording of the transfer. The patent is not limited to transfers. You can apply it to many areas. So you can check via Blockchain insurance claims or, for example, the credit status of a customer. The patent is not limited to its own customers, it should also be applied to devices from the Internet of Things (IoT).

The second patent deals with the secure storage of data within the blockchain. By way of example, a system for checking according to the know-your-customer (KYC) system is named.

As late as August 2017, the former Barclays boss said that banks are much too slow and slow to implement blockchain technology compared to start-ups. Also in the areas of cloud storage, artificial intelligence and big data, according to Antony Jenkins, there is an “enormous need to catch up”. Apparently, Barclays Bank has already begun to catch up.

That being said, this ancient English financial institution has always been open to crypto topics. Its employees also trade bitcoin futures for clients, which are offered on the US stock exchanges. Already in March, they signed a contract for cooperation with the online trading center Coinbase. Barclays was also the first bank in the UK to offer its customers a cryptocurrency account. But the company has been dealing with this topic for some time now. In June 2015, they announced their own proof of concept for the use of blockchain in the banking sector.

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