UK Barclays Corporate Bank Files Two Crypto Patents

By Daniel Zo Barclays, Blockchain, Crypto, Patent

According to recent reports, the U.K Barclays bank, which is likely the biggest international corporate bank, has filed two crypto-related patents with the United States Patent and Trademark Office. The decision showcases the existence of a trend among companies, which are actively trying to gain exclusivity over future crypto market technologies.

With this in mind, the first patent is related to ‘a system for transferring cryptocurrency from a payer to a recipient, comprising receiving an identifier of data describing the first entity’. On the other hand, the second patent represents a method and system that ‘records data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity.’

Barclays

There are several rumours stating that Barclays is actively considering a shift towards crypto and blockchain-related services. For instance, it has signed a partnership with Coinbase, hence allowing the exchange to open up a bank account for crypto purposes. Additionally, there is also word that Barclays is considering launching its very own crypto trading desk.

To put things better into perspective, as part of the Secure Digital Data Operations patent, Barclays will be able to retrieve blockchain entries via the received identifier, whereas entries can be authenticated via the public key belonging to the second transactional entity. Secondly, the Data Validation and Storage patent, will cryptographically sign data describing the first transactional entity by using the private key belonging to the second entity. In other words, the two patents increase security, and allow for a better transfer of digital assets, across Barclay’s blockchain system.

At this moment in time, there is no clear description as to how the two patents will be implemented in the bank’s future products and services. However, it is likely that it will take a while before Barclays launches blockchain-based services to the public. Yet, the patents offer the corporate bank exclusivity over the technology.

Based on everything that has been outlined so far, what are your thoughts on the recent blockchain and crypto patent trend undertaken by banks and other major corporations? Let us know in the comment section below.