Barclays, U.K.’s legacy bank files two Cryptocurrency patents

On 19th July, as per the U.S. Patent and Trademark office, Barclays, the British multinational investment bank, and financial services company filed two-cryptocurrency related patents.

The 300-year-old heritage bank chose to be selective over digital money exchanges and distributed ledger data storage. There seems to be a pattern for financial organizations, as they are taking up the technology and the vast possibilities of the crypto-world.

Apart from investment banking, Barclays is organized into four core businesses: personal banking, corporate banking, wealth management, and investment management.

Barclays has been entitled to two patents, the ‘Secure Digital Data Operations’ and the ‘Data Validation and Storage’. Both patents are considered to be a part of the crypto verse.

As the application number 1511964.7 read, one concerns a method “and system for transferring digital currency from a payer to recipient comprising receiving an identifier of data describing the first entity,”

Secure Digital Data Operations

Barclays Secure Digital Data Operations patent abstract | Source: U.S. Patent and Trademark

Barclays Secure Digital Data Operations patent abstract | Source: U.S. Patent and Trademark

Barclays ‘Secure Digital Data Operations’ is a method for transferring digital currency from a payer to a recipient.

The method comprises of:

  • Accepting an identifier of information depicting the principal substance [First entity]
  • Recovering an entry from a blockchain in light of the receiving identifier
  • Verifying the section utilizing an open key [Public key] of the second element [Second entity]
  • Extricating the information portraying the primary entity [First entity] from the recovered data
  • Validating a block in the blockchain containing the section utilizing an open key of a third element [Third entity]
  • Acquiring wallet open key information related to the beneficiary
  • Generating transactions using the wallet public key data, and a currency public key for the total amount of digital currency to be transferred to the recipient
  • Generating transfer data comprising the currency public key data and a value for the amount of digital currency to be transferred to the fourth element [Fourth entity]

Data Validation and Storage

Barclays Data Validation and Storage patent abstract | Source: U.S. Patent and Trademark Office

Barclays Data Validation and Storage patent abstract | Source: U.S. Patent and Trademark Office

Barclays ‘Data Validation and Storage’ is a method for recording data describing a first entity and data endorsed by a second entity.

The method consists of the following steps:

  • The second element [Second entity] approves information portraying the main element [First entity], wherein an identifier is associated with the information. The identifier is produced from an open key of the primary substance [First entity]
  • Cryptographically marking information related to the information depicting the primary substance utilizing no less than a private key of the second element
  • Presenting an exchange on a blockchain including the cryptographically signed information

Barclays has been particularly active in the world of cryptocurrencies for the past two years. In 2017, it openly worried about cryptocurrency’s threat to its industry.

In 2018, the cryptocurrency world saw Barclays team up with Coinbase, and the rumors are that they are working on the launch of their own crypto trading desk.

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