Cryptocurrency & Blockchain Business

Barclays files patents on digital currency and blockchain

Barclays has filed with the US Patent and Trademark Office (USPTO) two patent applications relating to the transfer of digital currency and blockchain data storage.

The first patent presents a system for transferring digital currency from payer to recipient that would securely authenticate the identities of both, as well as validating and recording transactions using public-key cryptography and a digital currency ledger.

The bank envisions the potential beneficiaries of such a system to be individuals, authorities, enterprises, and banks, as well as objects to which a digital wallet could be assigned, such as an Internet of Things (IoT) item.

Currently, the bank helps its clients to settle Bitcoin (BTC) futures contracts that are offered on derivatives exchanges such as CME Group and CBOE Global Markets, according to Coin Telegraph. Moreover Barclays was also the first UK bank to open an account for a cryptocurrency exchange, making a deal with US exchange service and wallet provider Coinbase in March 2018.

The second patent relates more narrowly to storing and endorsing data and claims relating to specific entities, using the validation of personal information for Know Your Customer (KYC) checks as a key example.

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