Capital One Plans to Authenticate Blockchain Users

Recent findings suggest that Capital One has applied for a patent for the development of a blockchain system which helps in authenticating new blockchain users securely and safely. This new application sheds light on the evolving and reliable use of blockchain in the banking sector primarily.

Capital One is a banking institution that provides specialization in bank loans and credit card and counts security as its primary concern. The patent application under the title “Blockchain Systems and Methods for User Authentication” which was reportedly proven by several documents mentioned last week. It filed in Virginia USA, with Ryan Fox and Johnathan Weimer as its authentication system for investors.

The abstract patent talks are more in-depth about what this new system will entail. It will include computer implementation methods and similar systems that are for blockchain-mediated user verification. It also discusses the authentication application meant for the user use that will allow them to verify using messages.

It is the root system which allows the user to authenticate their blockchain entry with an authorization code with they will receive from the root system as a root system secret code which will approve their identity.

This authentication system will include at least one processor, one non-transitory memory comprising of the instructions. These are the steps when executed by the processor will allow the authentication system to publish a custom root system block meant for the user to a private blockchain.

The same patent was filed back in June 2017 by Weimer, and the recent application is in the continuation of the previous appeal. It proves that the company is working with the idea of this for quite a long time and is designing it to streamline authentication using computer systems and enhance the user experience.

It was after complaints and resentment of various users and their annoyance towards frequently asked authentication requests and ruining their experience. But with this new addition of authentication, the system will automatically merge their verification with all other interactions to deduce the chances of repeated occurrences.

The blockchain user authentication will merge with all other institutions too so that their one-time authentication using blockchain technology will approve of their identity through all institutions.

However, the continued patent still shows some sign of technical problems and requires collaboration with proper service providers to overcome this obstacle. An ideal authentication system is the one where it can track the verification interactions for the users who access the computer of any participating institutions.

It will then be a non-reputable institution which prevents the users and institutions from challenging the records and attempting inaccurate or false information. A preferable authentication system shall limit sharing personal information from users to the institutions. It should also be in a way which motivates the institutions to trust these records.

That is why there are still some changes needed to make this idea transform into a preferable and solid authentication system. It is understandable considering the major reputation of Capital One as a financial institution that hopes to implement the efficient blockchain technology into the banking world.

Margi Brambhatt

Margi has done diploma in Mass Media & Journalism. She has previously worked as a freelance reporter for various famous Finance media platforms. When she is not writing or editing others reports, you can find her engulfed in reading books. She believes in reporting content which is 100% well researched. You can also mail her at [email protected] to discuss anything related to her reports.

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