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Barclays is Eyeing Blockchain Technology to Make More Efficient Fund Transfers and Know-Your-Customer (KYC) Processes

U.K.’s second-largest bank is eyeing blockchain technology to make more efficient fund transfers and know-your-customer (KYC) processes, according to newly-published patent applications by the U.S. Patent and Trademark Office (USPTO).

On Thursday, July 19, USPTO published two patents application by Barclays, Customer Account’s Security was a recurrent theme in both patents.

The first patent “application number 1511964.7” describes a method “and system for transferring cryptocurrency from a payer to a receiver comprising receiving an identifier of data describing the first entity.”  The system will securely verify the identities of both the payer and the recipient using public-key cryptography and store the transaction data in a decentralized ledger.

Also, the document further describes various use cases for securely and privately processing data in a trustless manner using a decentralized ledger technology-based system.

The second patent describes a method “and system for recording data describing the first entity, the data validated by a second entity comprising the second entity authenticating data describing the first entity, in which an identifier is linked with the data, the identifier being generated from a public key of the first entity.”

Barclays has been particularly active in the cryptocurrency and blockchain space for the previous two years. On April 16, the bank announced its initiative to review the possibility of opening a cryptocurrencies trading desk. One month earlier the bank announced a partnership with premier U.S. cryptocurrency exchange Coinbase.

Just yesterday, Tokens24 reported MasterCard won a patent to manage cryptocurrency “fractional reserves.” 

According to a report published by Bitcoin Patent Report News earlier this year, 50 percent of all cryptocurrency related patents come from China with 910, trailed by the U.S. with 676, U.K. came third with 112, and South Korea came forth with 98.


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