Capital One Applies for Blockchain Patent User Authentication

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According to a patent application published by the U.S. Patent and Trademarks Office (USPTO) on Thursday, August 16, the US bank holding corporation Capital One has filed a patent application to implement a Blockchain based user authentication system.

According to this application, the proposed new system is going to be developed to receive, record, store as well as retrieve a user’s authentication information in various Blockchain powered member platforms.

The document provides a use case example of the system for “authentication in the context of a business process subject to statutory or regulatory requirements, such as ‘Know Your Customer’ requirements.”

From the patent

“A preferable authentication system would track authentication interactions for users attempting to access the computer systems of the participating institutions. Such an authentication system would be non-reputable, preventing users or institutions from later challenging authentication records as false or inaccurate. Furthermore, a preferable authentication system would limit sharing of personal information between the users and the institutions.”

Per the document, the proposed system would be non-repudiable in order to prevent users or establishments from “later challenging authentication records as false or inaccurate.” Additionally, the system will limit the sharing of personal information between users and institutions.

Read More: https://news.bitzamp.com/capital-one-applies-for-blockchain-patent-user-authentication/