Barclays Files Blockchain Data Storage & Digital Currency Transfer Patents

UK-based, Barclays Pursues Two Blockchain-based Patents With USPTO

Barclays is currently seeking two patents, which the U.S Patents and Trademark Office (USPTO) has published on their webpage. It appears that the two patents of interest include the transfer of digital currencies and blockchain validation and storage.

Transfer of Digital Currencies

The first patent involves transferring cryptocurrencies from a

“payer to recipient comprising receiving an identifier of data describing the first entity”

It appears that several steps have also been mentioned, which mainly emphasizes identifying both parties participating in a transaction.  Furthermore, doing so with a public key and a ledger was mentioned for recording purposes. Several examples were also given – one being that a person can only make purchases given that he or she can prove that they satisfy the age limit.

Blockchain Data Validation and Storage

The second patent focuses on efficient ways of storing data belonging to a person or company. In particular, the Know-Your-Customer (KYC) was suggested as a way to confirm personal information. Many methods seem to address the use of “blocks” and “blockchain technology”. For example, the USPTO stated that a method worth considering is that of “adding a block containing one or more posted transactions to the blockchain.”

Barclays’ has been faced with a rumor some time ago, in which they were thought to have considered a possible cryptocurrency trading desk given that consumer interest still prevails. However, the firm’s CEO, Jes Staley was quick to refuse any assumptions. Now that their interest in patents have been made public, whether or not Staley was truthful in his response remains dubious.

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