Capital One Presents Blockchain Patent for Content Validation
The bank holding corporation contributes to its existing blockchain efforts, which last year included a user authentication application.
The US bank holding corporation Capital One has actually won its newest blockchain-related patent, this time incorporating the innovation in a material validation system. Documents from the U.S. Patent and Trademark Office launched the patent on April 2.
Initially, Capital One, the nationwide bank, submitted a patent application with the U.S. Patent and Trademark Office last June to utilize blockchain for protecting user authentication techniques for banking security. The filing on that patent application launched in June of last year described the effort as a “distributed, non-reputable record of authentication interactions” that lets users authenticate themselves across different platforms — while the amount of personal information shared would be limited.
Now, Capital One wants to utilize it as part of a wider network involving content providers.
“A device may receive first content data from a content provider, the first content data including data identifying content,” an extract from the patent’s summary reads. The summary continues:
“The device may generate second content data based on the first content data, the second content data including information that causes content validation to be performed on the content.
The device may also provide the second content data to a content validation node, the content validation node being included in a content validation network implementing a blockchain network that includes executable instructions for performing content validation.”
Capital One has actually shown interest in blockchain for a number of years. In 2016, the company was currently delving into how to use the innovation to resolve payments problems, at the time connected to health insurance.
Last year, Gill Haus, Capital One's senior vice president, retail and direct bank chief information officer, told Forbes about the continuous bullish mood.
Blockchain Security Built In
“The benefit that we see with blockchain is that security is inherently built in,” he said. Haus continued:
“You know who is contributing to that blockchain, you have an immutable record, and you can make sure that the system and the protocol assemble easily.”
Within the banking sector more broadly, blockchain has also made something of a comeback this year, in spite of previous concerns its impact had actually been overhyped by the industry.
According to last year's reports, which cited the patent that was submitted last June, Capital One intended to develop a blockchain-based system that receives, stores and retrieves encrypted user authentication data. The filing on the new patent application was released late last week. According to Coinbase, the business's patent application explains the effort as a “distributed, non-reputable record of authentication interactions” that allows users to authenticate themselves across various platforms — while limiting the amount of personal information shared.
Reducing Resource Burdens
The system would authenticate or reject the user based on the data, which is kept securely on the blockchain. Capital One said the platform would reduce the time and resource burdens for institutions when bringing on new clients and would please users that “resent” having to authenticate themselves as they move between different financial firms.