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Capital One Will Use Blockchain To Verify User Identity

The banking sector is the one industry which has been making ties stronger with the blockchain tech. One of the major firms of the sector, Capital One is looking forward to using this new technology and has filed for a patent to probably develop a blockchain system that will perform the user verification in a secure way.

The need for security comes naturally as Capital One is a financial services company known for their specialization in bank loans and credit cards. The patent got applied for in Virginia, USA and was titled “Blockchain Systems and Methods for User Authentication.” The inventors of the authentication system as mentioned in the patent were Jonathan Weimer and Ryan Fox.

According to the compendium of the documents, the project includes a blockchain- mediated user verification supported by computer-implemented systems and methods. The newly created system prioritises the secrecy of user by incorporating authorization code that will be sent by the root system to the user as a part of a verification message.

The patent will consist of

“At least one processor; and at least one non-transitory memory containing instructions that, when executed by the at least one processor, cause the authentication system to: publish a root system block for a user to a private blockchain.”

The patent is allegedly a continuation of yet another patent that was published by Jonathan Weimer last year in July indicating that the company has been working on the project for quite a long time. The initiative has been taken in order to relieve the burden of computer systems handling authenticating operations of multiple corporations single handedly, making it cumbersome for the users too who are compelled to respond to repeated authentication requests of various corporations.

“The authentication system would also be constructed in a way that encouraged the participating institutions to trust in the validity of the authentication records,” the patent read.

The demand for blockchain technology is apparently on the rise as it makes its way to several diverse industries. Capital One is one of the first banking services institution to have integrated blockchain into their regular operations.