Bitcoin, Crypto currency, Blockchain

Barclays Bank reports two crypto patents

The 1690 based Barclays Bank has filed with the U.S. Patent and trademark office (USPTO) on two patents. The Transfer of funds, currencies by means of Cryptographic and secure storage of data in the Blockchain patented.

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19. July published by the United States Patent and Trademark Office (USPTO) on two patents, both of which were filed by the London-based Barclays Bank. A Patent describes currencies as a method for Transfers using Crypto. The identity of the transmitter and the receiver by means of the cryptographic key and the digital recording of the Transfers will be checked for sure. The Patent but is not limited to Transfers. You can use it for numerous areas. You can check via Blockchain insurance claims or, for example, the credit status of a customer. The Patent but will not be limited only to its own customers, it should also be on devices from the Internet of Things (IoT).

The second Patent deals with the safe storage of data within the Blockchain. An example if you rename a System to Review the Know-Your-Customer(KYC) System.

Barclays: Huge pent-up demand for crypto topics

In August 2017, the former head of Barclays gave to understand that the banks are compared to Start-ups is far too slow and sluggish in the implementation of the Blockchain technology. Also in the areas of Cloud storage, artificial intelligence and Big Data, according to Antony Jenkins, is a “huge pent-up demand“. Apparently, the Barclays Bank has already started to catch up.

Of this ancient English financial institution apart has always been open to crypto topics. Your employees act for the customers Bitcoin Futures offered at the American stock exchanges. Already in March it concluded a contract on cooperation with the Online trading platform Coinbase. In addition, Barclays was the first Bank in the UK, which has offered its customers an account for crypto-currencies. However, the company has been in this area. In June 2015, it announced a feasibility study (Proof of Concept) for the use of the Blockchain in the banking sector.

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