Capital One Expands Blockchain-Based Authentication Patent
US bank Capital One is continuing work on a blockchain system that will receive, store and retrieve encrypted user authentication data. The solution is described as a “distributed, non-reputable record of authentication interactions” in an August 23 filing with the US Patent and Trademark office.
According to the documents, it allows users to authenticate themselves across multiple platforms and to do so securely, by limiting the amount of personally identifiable information stored between them.
The system receives a user’s personal data when they commence the authentication process. The data is then used to identify and authenticate the user and kept securely on the blockchain. Using this method, Capital One can allow users to log into their banking applications without holding any personally identifying data. The solution can also be applied to other instances, however.
It is claimed to reduce resource and time issues for organisations when onboarding new customers. Capital One also touted its potential to reduce client frustrations around having to repeatedly authenticate themselves when moving between different institutions’ platforms.