There have been more and more attempts to bring blockchain closer to the banking industry. In the latest news, Capital One, which is a bank holding company that focuses on credit cards and bank loans, has applied for a patent that will help it authenticate the new users in a secure manner – on the blockchain.
The company has recently applied for a patent named “Blockchain Systems and Methods for User Authentication” which was filed in Virginia (USA). The inventors of the authentication system (as listed) are Johnatan Weimer and Ryan Fox.
In the abstract of the patent, the project is explained in more detail. As it says, the computer-implemented methods and systems will focus on blockchain-based user authentication where users will be listed in a special system that will include verification messages and authorization codes for the root system.
As such, the authentication system will comprise 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.”
Meanwhile, this patent is a continuation of a patent that Weimer filed in June 2017, which shows that Capital One has been working on the technology for some time now. More importantly, it is another proof that a banking company like this sees blockchain as the best technology for responding to authentication requests associated with different institutions and potentially merging them all into a collaborative authentication system that will handle everything.
As the authors concluded:
“The authentication system would also be constructed in a way that encouraged the participating institutions to trust in the validity of the authentication records. A need therefore exists for an authentication system architecture that addresses these technical problems.”
With this, Capital One is the latest company to file for blockchain patents and integrate the technology into their business model.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Huobi Re-Launched As Fully Licensed Platform In Japan
$1 Billion In Transactions Reported For 2018 By BitPay
WordPress Is Launching A Publishing Platform With Blockchain Features
Join us on Facebook
- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
- Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
- 21-Year Old Accused Of Stealing More Than $24 Million Worth Of Crypto
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News3 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News5 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News5 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams3 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Blockchain News5 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid