300 Year Old UK Bank, Barclays Files Cryptocurrency Patents
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300 Year Old UK Bank, Barclays Files Cryptocurrency Patents

Barclays, one of the most powerful financial institution in the world, filed two crypto related patterns this week. These patents are related to exclusivity over cryptocurrency transfers and distributed ledger data storage.

The 300 year old bank filed these patents with the United States Patents and Trademark Office. One of them is about  a method “and system for transferring digital currency from a payer to recipient comprising receiving an identifier of data describing the first entity” according to the application filed.

The second one is about, a method “and system for recording data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity”.

The fact that Barclays has filed these patents is a big step towards the wider acceptance of cryptocurrency. At least one study published a few years ago awarded it the title of the most powerful bank in the world.

In the past two years, the bank has been particularly active in the cryptocurrency world. Last summer, it expressed its concerns about crypto’s threat to the banking industry. In spring of this year, Barclays teamed up with Coinbase and there were speculations that it is considering its own cryptocurrency trading desk.  These patents only add to the fact that the bank is securing its position for a future that is bound to involve cryptocurrency in much greater capacity.

Barclays’ first patent “Secure Digital Data Operations” involves

Retrieving an entry from blockchain based on the receiver identified. Authenticating the entry using a public key of the second entity. Extracting the data describing the first entity from the retrieved entry. Authenticating a block in the block chain containing the entry using a public key of a third entity.

The second patent,“Data Validation and Storage,” is about

Cryptographically signing data corresponding with the data describing the first entity using at least a private key of the second entity. Posting a transaction to a block chain including the cryptographically signed data. Method and system for obtaining data describing a first entity the data endorsed by a second entity comprising. Receiving an identifier of data describing the first entity. Retrieving an entry from a block chain based on the received identifier. Authenticating the entry using a public key of the second entity. Extracting the data describing the first entity from the retrieved entry.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.