Based out of the United States, the bank holding company and credit card provider, Capital One has announced that it has managed to secure its new blockchain related patent, with the submission proposing the incorporation of blockchain technology to support a new kind of content validation system.
This news was made public thanks to documents from the United Stats Patent and Trademark Office, which since made these patents publically available for viewing as of April 2nd.
The America based company, Capital One, having previously placed a great deal of its focus on the protection of intellectual property and content, especially in which blockchain can prove useful for user authentication and validation. It has since turned its focus to making use of blockchain as an essential piece of a broader framework directly involving content providers of all sizes.
“A device may receive first content data from a content provider, the first content data including data identifying content,” an excerpt from the Capital One patent summary specifies. The summary goes on to state the following.
“The device may generate second content data based on the first content data, the second content data including information that causes content validation to be performed on the content.” The patent goes on in further detail.
“The device may also provide the second content data to a content validation node, the content validation node being included in a content validation network implementing a blockchain network that includes executable instructions for performing content validation.”
Blockchain technology has been a type of innovation that Capital One has been interested in for a span of several years. Back in 2016, for example, the company had been delving into ways in which blockchain could be applied in order to resolve existing issues with payments solutions, especially where it was linked to the world of health insurance payments
Even during the course of last year, when the cryptocurrency market was undergoing its most bitter period of reversal. The senior Vice President for Capital One, as well as its retail and direct bank Chief Information Officer, Gill Haus, explained that, for the company, the mood was one of bullish enthusiasm.
“The benefit that we see with blockchain is that security is inherently built in,” he said. Haus continued:
“You know who is contributing to that blockchain, you have an immutable record, and you can make sure that the system and the protocol assemble easily.”
Blockchain technology, in spite of undergoing some shorter living setbacks over 2018, has made a spectacular kind of comeback for the world of finance and banking. This is in spite of previously cited concerns of it being an overhyped kind of technology.