Thus, the bank has filed for three new blockchain patents with the US Patent and Trademark Office. First filed in February 2016, the details of the three applications were made available to the public at the end of July 2017.
The first patent cites a process for using a blockchain to track and validate user identification. The document details how a distributed database system would be able to update a new users identification information, and subsequently store and timestamp additional details as time progresses. Authentication questions would then be generated based on a timeline, which could also be deployed by a third-party service to enable access for users.
A second patent application advances a design that enables the validation of changes to user identity, allowing the system to update and evolve that information over time. The third one is designed to convert unsecured “instruments” through a validation process.
Consequently, the applications suggest the US-based bank is looking to blockchain as a way to validate the information within it as well, not only the people who are using a system. So far, however, no patents have been awarded, according to public data.
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