In a continuation of a patent application submitted to the US Patent and Trademark Office (USPTO) back in June 2017, Capital One sets out a blockchain system that will receive, store and retrieve encrypted user authentication data, according to a filing released on August 16.
The proposed system uses distributed ledger technology to allow users to authenticate themselves across multiple platforms, but limits how much personal information is shared between them. In effect, the method retrieves identification data on a user when they start the authentication process (assuming the user has a profile set up). The system will authenticate or reject the user based on the received authentication information, but the user data itself is kept securely on the blockchain.
The proposed solution has potential for on-boarding new clientele, and it would be a boon for users that may “resent” having to repeatedly authenticate themselves as they move between different institutions.
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