A document published this week indicates the Patent title as “Blockchain Systems and Methods for User Authentication”. The patent filed in Virginia, USA for a blockchain system invented by Johnathan Weimer and Ryan Fox.
Credit Card and Bank Loan Company Capital One Steps into Blockchain
The blockchain is getting a hold of the banking industry with hundreds of bank related institution either directed developing or adapting blockchain systems. The latest in the queue is the bank holding company Capital One specializing in credit cards and Bank Loan. Capital one has filed for a patent to develop a blockchain powered user authentication system.
According to the abstract of the Patent, the project as computer-implemented methods and systems for blockchain mediated user authentication. The potential application of the user system listed in the patent abstract includes verification messages indicating that the root system successfully authenticated the user. An Authorization code would be including for receiving the message from the root system. The patent Abstract summarized the system operation that,
“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.”
However, this patent follows a patent filed in June 2017 by Johnathan Weimer indicating that the company has been working to develop the technology. The main purpose of this system if successful would be to decongest computer systems by streamlining authentication while improving the user experience.
Do we really need a Blockchain user Authentication System?
According to Jonathan Weimer, users presented resentment after they were required to repeat the authentication request for different accounts. Thus, he believes that merging all user authentication data into one secure platform. It would help prevent the necessity of entering it several times into different systems. The user would authorize once and data would be shared with all the institutions the user signed up to.
A preferable authentication system would track authentication interactions for users attempting to access the computer systems of the participating institutions. Such an authentication system would be non-reputable, preventing users or institutions from later challenging authentication records as false or inaccurate. Furthermore, a preferable authentication system would limit the sharing of personal information between the users and the institutions.
“The authentication system would also be constructed in a way that encourages 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,” the authors continued.
Many financial institutions and financial services companies have already filed for patents relating to blockchain technology into their business models. These include Barclays bank and a series of Chinese Public Banks.