Capital One has filed a patent application for the application of blockchain technology in user verification.
This information comes from a filing published by the U.S. Patent and Trademark Office (USPTO).
The document revealed that the inquiry is an extension of a patent application forwarded by Capital One to the USPTO last year. The planned system is made to receive, store, record, and obtain authentication data for a user in multiple blockchain-based member platforms.
The filing of Capital One claims that documentation of users’ personal data in blockchain could “enable members of the authentication system to retrieve user identification data from a database using the authentication information.” The document offers a use case example of the scheme for “authentication in the context of a business process subject to statutory or regulatory requirements, such as ‘Know Your Customer’ requirements.”
The patent also explained that these kinds of authentication requirements “can impose time and resource burdens on the institutions,” saying:
“Users may resent having to respond to repeated authentication requests as they navigate between computer systems associated with different institutions. Institutions and users may therefore benefit from a collaborative authentication system that handles authentication interactions for multiple institutions.”
Capital One’s proposed system would be non-repudiable to keep users or establishments from “later challenging authentication records as false or inaccurate.” In addition, the system would restrict the sharing of personal data between users and institutions.
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