Blockchain has received a good amount of reception in the banking sector which is further propelled by the current announcement by Capital One. The firm is pursuing a patent to develop a blockchain system for new user authentication.
Capital One Financial Corporation is a bank holding company specializing in credit cards, auto loans, banking and savings products headquartered in McLean, Virginia. This week, the firm has applied for a patent which is titled “Blockchain Systems and Methods for User Authentication.” The patent has been fled by Johnathan Weimer and Ryan Fox.
Further clarity regarding the patent can be taken from the abstract which states that, computational process and systems are provided for blockchain-mediated user authentication and going on to list potential applications, which would include user verification further indicating the successful authentication of user by root system and would also include an authorization code for receiving, from the root system, which would be securely saved as a root system secret.
In an official statement,
“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.”
Interestingly, the aforementioned patent is actually in succession to a patent filed in June 2017 by Johnathan Weimer, which establishes the firms dedication in pursual towards the blockchain tech, and is seemingly designed to decongest computer systems by streamlining authentication while improving user experience, citing the resentment felt by users forced to respond to repeated authentication requests associated with different institutions as one of the use cases for merging them all into a collaborative authentication system that handles authentication interactions for multiple institutions.
Having said that, the patent would require further collaboration to complete the execution.
An excerpt from the patent states,“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.”
Capital One would be added to the list of financial institutions seeking blockchain for solving and enhancing some critical functional areas. Multiple Chinese banks, MUFG, Japan’s biggest bank and Barclays have been noted earlier for their intrusion into blockchain sphere.