In the evolving crypto industry, major banking establishments are missing out the revolution of the finance and economic. It actually proved while UK banking giant, Barclays filed two cryptocurrency patent, reported by US patent and Trademark Office (USPTO).
However, the first patent portrays a method to transfer cryptocurrencies from seller to buyer with secured authentication. Also, it includes examining and record of transactions with public-key cryptography and crypto ledger.
On the other hand, the patent explains the widely use case scenarios for secured and privately processing data using blockchain system.
However, the second crypto patent describes; “and system for recording data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity”.
It means straight to store and accessing data also and also claims particular specific entities. Besides, it uses key example the validation of personal info from Know Your Customers (KYC) checks.
With the main intentions to benefits of using such system to be authorities, individuals, enterprises and banks, also wallets like loT.
Well! Barclays Bank has already showing its interest in crypto from two years. The bank had raised concerns over crypto threat to the banking industry. Earlier this, Barclays had announced that it had teamed up with Coinbase. In addition, recently Barclays was assessing to start their own crypto trading desk.
Recently, the credit card company, MasterCard files a crypto patents that ‘could’ allow bitcoin transaction. The company is aiming to be positioned in an evolving crypto and blockchain industry.
However, the Barclays following two cryptocurrency patents seems to be a great news only when it could have detrimental effects on long term bases.
Image Source: Barclays Bank