Thomson Reuters Awarded Blockchain Patent For Identity Management
Thomson Reuters, a Canadian mass media and information company, has gotten its blockchain technology patent application for identity management solution approved by the United States Patent and Trademark Office (USPTO), according to public documents released April 2, 2019.
Reuters Bags Secures Blockchain Patent Approval
Per sources close to the matter, the patent was filed in December 2015, and it aims to solve identity challenges with distributed ledger technology (DLT) by storing identity-related data received from an identity provider system and then storing it securely on the blockchain in an identity token.
Accordingly, the identity data will only be accessible by authorized third-parties, as the transaction can either be powered by smart contracts or hashed to prevent unauthorized access.
In our fast evolving world, the importance of robust identity management solutions cannot be overemphasized.
As such, Reuters is looking to fix all loopholes present in the current identity management ecosystem, to make the menace of identity theft and other unlawful practices, including identity forgery, a thing of the past.
Founded in 2008, Thomson Reuters delivers critical information pertaining to a vast array of markets, including financial, legal, science and several others.
In June 2018, the firm collaborated with MarketPsych Data LLC to launch the TRMI Cryptocurrency Sentimental Package (TRMI 3.1), a system that scan news sites and social media platforms in a bid to find and evaluate sentimental posts related to the top 100 cryptos.
Explaining the motive behind the development of the innovative solution, Pradeep Menon, global head of investing and advisory at Reuters, reiterated that the primary aim of the system is to “provide its clients with critical insights that may help them make strategic investment decisions.”
Blockchain Technology Slowly Going Mainstream
Despite the nascent nature of blockchain technology, it's worth noting that several forward-thinking firms across the globe have started looking towards the direction of the groundbreaking tech.
In February 2018, leading US-based financial institution, JP Morgan announced plans to launch its blockchain-based cryptocurrency.
In related news, on April 6, 2019, Bitcoin Exchange Guide reported that Okta, a Nasdaq-listed identity management company had launched Okta Ventures Fund, which is a $50 million fund focused on investing in startups building highly functional solutions powered by blockchain technology, machine learning, and others.
“In line with Okta's vision of enabling any organization to use any technology, Okta ventures will invest in the growing ecosystem of startups tackling issues like identity, security, and privacy,” said Frederic Kerrest, co-founder of the firm, at the time.
Okta Ventures has invested an undisclosed amount in Trusted Key, a DLT-based identity firm to enable the latter to expand its operations.