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.
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
IBM’s Now-Live Blockchain Network Wanted By Six International Banks
"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
Join us on Facebook
- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?
Blockchain News5 days ago
Vitalik Buterin: Non-Financial Blockchain Use Cases Are A “Harder Pitch”
Bitcoin News5 days ago
TRON CEO: ‘Bitcoin Is A Technology – Not A Business Opportunity’
Altcoin News5 days ago
Bitcoin And Altcoin News: Tokens Trading Near Infection Point
Bitcoin News4 days ago
Two Thirds Of Crypto Investors Are Bitcoin (BTC) Maximalists: Poll
Altcoin News5 days ago
Universal Bitcoin (UPBTC): The New Tokenized Bitcoin Coming To Ethereum
Bitcoin News4 days ago
BTC Is Cheap Until April, $3,000 Price Won’t Be Seen Again: Trader
Altcoin News3 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green