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U.S .. The banking giant Capital One is working on the use of blockchain technology to introduce more convenient and secure user authentication methods for instances such as banking security.
In a continuation of a patent application filed at the United States Patent and Trademark Office (USPTO) again in June 2017, Capital One presents a blockchain system that will receive, store and retrieve authentication data from encrypted users, according to a deposit published Thursday.
The proposed idea is described as "a distributed and unreliable record of authentication interactions" that allows users to authenticate across multiple platforms, but limits the amount of personal information shared between them.
In effect, the method retrieves identification data on a user when the authentication process begins (assuming that the user has a set profile). The system will authenticate or reject the user based on the authentication information received, but the user's data will be stored securely on the blockchain.
It is said that the claimed invention potentially reduces the "time and resource burdens" for institutions during the hiring of new customers. In addition, adds the file, it would be an advantage for users who could "resent" having to repeatedly authenticate while moving between different institutions.
Thus, Capital One says, both institutions and customers "can therefore benefit from a collaboration authentication system that manages authentication interactions for multiple institutions."
A case of use focused on business activity for the invention is declared compliant with "legal or regulatory requirements, such as customer requirements", that most financial institutions around the world are legally obliged to meet the risk of money laundering .
Capital One image via Shutterstock
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