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  • Mon, Jul 23, 2018 British veteran bank Barclays applied for cryptocurrency patent


    Barclays, the world's most powerful international commercial bank, applied for two patents related to cryptocurrencies this week. The 300-year-old traditional bank is grabbing patents on cryptocurrency transfers and distributed ledger data storage. There seems to be a trend now that companies inside and outside the ecosystem have to lock in the future potential of money.

    Barclays applied for two cryptocurrency patents, perhaps this is a sign of what is going to happen. Barclays Bank, founded in London in the late 17th century, applied for two patents to the US Patent and Trademark Office this week. One is about "a method and system for transferring digital currency from a payer to a recipient, including receiving a data identifier describing the first entity," Patent Application No. 1511964.7.

    The other is "a method and system for recording data describing the first entity, the data describing the first entity being verified by the second entity, wherein the identifier is associated with the data, the identifier being generated by the first entity public key." Inventor Julian Wilson and David Fulton are both from Cheshire, England. No institution has more financial heritage than Barclays. It is an important member of the British Stock Exchange and has a place on the New York Stock Exchange. A study published a few years ago shows that it is the most powerful bank in the world. In the past two years, the bank has been particularly active in the field of cryptocurrency. Last summer, it publicly worried about the threat of cryptocurrency technology to its industry. This spring, it partnered with Coinbase and there are rumors that it is considering its own cryptocurrency trading platform. The above patents only increase speculation that the bank is positioning its future finances.

    All related specialties, MasterCard seems to be applying for cryptocurrency patents. The eco-company Nchain has steadily embarked on this path and recently won three more patents. Another bank, Bank of America, officially became the king of cryptocurrency patents this year. Barclays' patent, "Secure Digital Data Operations," refers to the retrieval of accounts on a blockchain based on received identifiers. The account is verified with the public key of the second entity. Data describing the first entity is extracted from the retrieved entry, and a block on the blockchain containing the account is verified using the public key of the third entity.

    Its other patent, "Data Validation and Storage," appears to use at least one private key of a second entity to verify and store cryptographic signature data describing the first entity. Submit the transaction to the blockchain containing the encrypted signature data. This is a method of obtaining data describing the first entity, which is endorsed by the second entity. An identifier that describes the data describing the first entity. Retrieve the account on the blockchain based on the received identifier. Verify the account using the second entity public key. Data describing the first entity is extracted from the retrieved entries.