This week, Barclays Bank UK filed three patents to the US Patent & Trademark Office. All three patents were related to the use of digital currencies and blockchain technology. This makes Barclays Bank the latest banking institution to show an interest in utilizing blockchain technology for banking operations. Many businesses and financial institutions have been declaring similar interests, the last being the People’s Bank of China, which also expressed their interest in utilizing blockchain technology earlier this week.
Barclays Bank Files for Three Patents
Several news broadcasts were made this week after the US Patent & Trademark Office published details regarding three patents made by Barclays Bank UK. The first two patents that were filed by Barclays Bank describe the transference of digital currencies, while they describe a blockchain application that would be utilized for the storage and validation of data.
Here is an overview of the patents that were filed by the bank:
Even though these two patents were originally filed earlier this month, the US Patent & Trademark Office first published the requests only on the 19th of July.
The initial two patents filed for the approval of an application that essentially facilitates the transference of digital currency. Through the application, the currency should be transferred from a payer toward the account of a recipient. An identifier will generate based on certain protocols that describe the payer. A public key would also generate to identify the recipient. Blocks within a blockchain-based application will store these values automatically. For authentication to be possible, both of these “key” values would be needed.
A third patent was submitted for the approval of an application that would essentially store the data of users but could be extended to store other types of data sets as well. The examples provided in the patent include authorizing a user’s age when initiating a transaction in exchange for items, subscriptions or services that require a minimum age. The patent suggests the use of Know-Your-Customer for the collection of users’ data, which would provide more accurate data for validation purposes.
Barclays Not The Only Bank Interested In Blockchain Technology
While this is a first for Barclays Bank, other banks have also shown an interest in blockchain technologies and even cryptocurrencies recently.
After a recent survey by Accenture, the company revealed that as much as 90% of people with an executive position at a financial firm reported looking into the use of blockchain at the time of the survey. On July 20, 2018, New Zealand Bank SBS Bank also revealed their interest in using blockchain technology very soon. The bank also revealed that they would be looking at virtual currencies in the near future.
Another substantial movement in favor of blockchain and cryptocurrencies is a recent announcement from a Swiss bank. Swissquote, a particularly popular bank in Switzerland, reported having plans to use blockchain in banking, including the possible launch of a crypto asset trading platform. Furthermore, the country has also announced that they may be looking at implementing blockchain technology in its voting systems.
Barclays is the latest bank to join the movement towards blockchain and digital currencies. While their project is not yet ready for launch, the bank has officially submitted their patents to the US Patent & Trademark Office. As more financial institutions become interested in these technologies, the world is slowly moving to an era of digitalized commerce. At the same time, the need for physical cash is slowly becoming a thing of the past.