Financial holding company Capital One has successfully filed (Apr 9) a new patent with the US Patent and Trademark Office (PTO) for a content validation system that works using blockchain technology.
Its patent describes itself as “a method and system for tuning blockchain scalability, decentralization, and security for fast and low-cost payment and transaction processing”. The patent is a new focus for Capital One, which was previously developing the use of blockchain for identity authentication. With it, the company appears to want to apply its efforts to a wider network involving content providers.
The summary specifies that as soon as first-party data is transferred to a second party, it will automatically go through a content validation process. This can be performed either by the company itself or through a network of validation nodes, which leverages “a blockchain network that includes executable instructions for performing content validation”.
An extract from the patent reads: “The use of the network of content validation nodes may provide trustworthiness with respect to validation determinations, as opposed to content validation methods that might not be as independent, open, secure, objective, and/or resistant to modification.”
Capital One traditionally specializes in deposit accounts, credit cards, and auto loans, but has been exploring blockchain solutions since 2016. It is one of the largest banks in the US by asset size.