The first patent describes a device for moving virtual forex from payer to recipient that might securely authenticate the identities of each, in addition to validating and recording transactions the use of public-key cryptography and a virtual forex ledger.
Beyond forex switch, the patent is going on to explain a variety of use circumstances for securely and privately processing information in a trustless method the use of a blockchain device. One representation outlines how claims and attestations may well be verified at the blockchain, the use of the instance of credit score standing and insurance coverage claims.
Barclays envisions the prospective beneficiaries of any such device to be folks, government, enterprises, and banks, in addition to gadgets to which a virtual pockets may well be assigned, reminiscent of an Internet of Things (IoT) merchandise. The patent additional outlines the high quality step of the use of a Merkle Tree Structure to retailer blocks in an effort to maximize potency and ease information validation.
The 2d patent relates extra narrowly to storing and endorsing information and claims in relation to particular entities, the use of the validation of private knowledge for Know Your Customer (KYC) assessments as a key instance.
This spring, it used to be rumoured that Barclays used to be assessing whether or not shopper hobby used to be enough to warrant putting in a devoted cryptocurrency buying and selling table. The claims had been quickly refuted by means of Barclays’ CEO Jes Staley, despite the fact that the financial institution particularly continues to assist its shoppers to settle Bitcoin (BTC) futures contracts which are presented on derivatives exchanges reminiscent of CME Group Inc. and CBOE Global Markets Inc.
Barclays used to be additionally the primary UK financial institution to open an account for a cryptocurrency trade, creating a deal with main U.S. trade carrier and pockets supplier Coinbase this March.