Capital One Wants to Authenticate Users on a Blockchain

capital one blockchain

Blockchain adoption continues to rise in the banking sector, with the news that Capital One has applied for a patent to potentially develop a blockchain system that authenticates new users in a secure manner.

Capital One is a bank holding company specializing in credit cards and bank loans, making security a primary concern. According to documents published this week, the company has applied for a patent entitled “Blockchain Systems and Methods for User Authentication.” The patent was filed in Virginia, USA, with Johnathan Weimer and Ryan Fox listed as the inventors of the authentication system.

The abstract to the patent describes the project in more detail, stating that computer-implemented methods and systems are provided for blockchain-mediated user authentication and going on to list potential applications of a user system, which will include verification messages indicating that the root system successfully authenticated the user and including an authorization code for receiving, from the root system, a root system secret.

The authentication system will comprise of:

“At least one processor; and at least one non-transitory memory containing instructions that, when executed by the at least one processor, cause the authentication system to: publish a root system block for a user to a private blockchain.”

The patent published this week is a continuation of a patent filed in June 2017 by Johnathan Weimer, showing that the company has been working on the technology for quite some time, and is seemingly designed to decongest computer systems by streamlining authentication while improving user experience, citing the resentment felt by users forced to respond to repeated authentication requests associated with different institutions as one of the use cases for merging them all into a collaborative authentication system that handles authentication interactions for multiple institutions.

capital one user authentication

However, the patent continuing the work filed in 2017 may yet be incomplete and may require some collaboration to overcome certain technical problems.

From the patent

“A preferable authentication system would track authentication interactions for users attempting to access the computer systems of the participating institutions. Such an authentication system would be non-reputable, preventing users or institutions from later challenging authentication records as false or inaccurate. Furthermore, a preferable authentication system would limit sharing of personal information between the users and the institutions.”

“The authentication system would also be constructed in a way that encouraged the participating institutions to trust in the validity of the authentication records. A need therefore exists for an authentication system architecture that addresses these technical problems,” the authors continued.

Capital One is the latest in a series of major financial institutions and financial services companies to file blockchain patents and integrate blockchain technology into their business model. Many of the public banks in China now use blockchain technology in some way, and Barclays is also pursuing blockchain patents for the development of a new cryptocurrency.

Images from Shutterstock

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John McAfee, the New CEO of Blockchain Project Luxcore (LUX)

John McAfee has been appointed as the new CEO of Luxcore (LUX), a blockchain solution and service firm. John is a security specialist and a cryptocurrency expert (do I need to tell you that?).

McAfee Appointment Likely to Stimulate Growth

The appointment of McAfee is part of the company strategies to streamline and stimulate the growth of cryptocurrency Lux Coin.  Luxcore is a blockchain company that creates and develops enterprise-ready security and privacy products.

In a statement, the firm stated:

“We are glad to announce the appointment of @OfficialMcAfee as the new CEO of Luxcore! The nomination of John is part of a massive personal reorganization intended to push notable and rapid business growth for $lux. This is the beginning of the #NEWERA.”

After the appointment, the new CEO said:

“I agree to be the new CEO of Luxcore. They have worked extraordinarily hard behind the scenes. Soon, we will announce the latest blockchain features that we have all been waiting for. Still, I will lead the McAfee on its discovery journey.”

Over the past few months, John McAfee has been vocal about cryptocurrency. He has been advocating for the adoption of cryptocurrency. For this reason, McAfee has gained thousands of followers. When John begins his CEO work, Luxcore is expected to be an unmatched product.

Luxcore added that the firm is expanding its innovation on PHI2algorithm powered by blockchain to develop and manifest core product offerings.

The open-source blockchain token of value, Lux Coin & the enterprise consumer-focused, closed source products like LuxGate and Parallel Master nodes are some of these products.

The ultimate goal of Luxcore is to fulfill the gap between consumers and enterprises. It will achieve this using specific product use-cases designed for each. This will result in blockchain usage going mainstream which was the primary goal of Luxcore.

McAfee, Price Prediction Still Stands

John McAfee, like other experts, has given his prediction on cryptocurrency over the past few months. Despite the recent market fall, he confirmed that his prediction still stands.

He said that in 18 months’ time if his prediction fails, then his prediction will be shit. 18-months are considered the minimum long-term investment. He is one of the wealthiest men on earth because he buys everything he recommends. He concluded that his yacht and $400,000 ride were all acquired from his winnings.

McAfee unhackable wallet hacked again.

BitFi, John McAfee’s cryptocurrency wallet has been allegedly hacked. This comes after John claimed that his wallet is unhackable.

Researchers successfully send signed transactions with the device after cracking Bitfi wallet to play the game of DOOM. With these findings, they believe they have fulfilled the $10,000 bug bounty of Bitfi. In fact, on the first page of the wallet’s website, it’s difficult to skip words ascribed to the firm’s chairman, John McAfee:

“The first ever unhackable hardware wallet to store other digital assets and cryptocurrencies.”

However, the security of Bitfi wallet was severely compromised. According to a media outlet, the team of security experts at Pen test Partners sent the transactions through Bitfi wallet by fulfilling the vital need for the bounty system.

“Well, that’s a transaction made with a MitMed Bitfi, with the phrase and seed being sent to a remote machine,” Andrew Tierney, a security consultant at Pen Test Partners, wrote on Twitter. “That sounds a lot like Bounty 2 to me.”

John McAfee has been a longtime advocate of Bitcoin and other cryptocurrencies. He has announced that he will stand for the presidential seat of the United States. He is doing this for the betterment of cryptocurrency ecosystem.

Image Courtesy of Pixabay.

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Indonesia Welcomes Blockchain Hub

Indonesia Blockchain Hub LaunchesIndonesia Blockchain Hub Launches

The Indonesia Blockchain Hub was launched on Thursday by the Creative Economy Agency (BEKRAF), the Indonesian Chamber of Commerce (KADIN), the Indonesian Blockchain Association, and blockchain-based agritech startup Hara.

Indonesia Blockchain Hub

Indonesia Blockchain Hub launch, @PundiXLabs, Twitter

The organization said it will act as a “gateway to Indonesia’s growing blockchain ecosystem” and a platform for local and international blockchain industry players to network and share knowledge.

“Indonesia is a huge market in Southeast Asia and the world, and there are so many opportunities to be explored here,” said Hara’s CEO and founder Regi Wahyu, who is also one of the founders of the Indonesia Blockchain Hub.

The organization will also address existing challenges in adopting blockchain in Indonesia, and provide education to the public.

“We believe that data transparency as enabled by blockchain technology will help the bottom of the societal pyramid to improve their welfare … [which] will lead to improvements in business and economic performance,” he said.

“Based on Hara’s experience … there remain challenges in explaining the socio-economic impact of blockchain for business, regulators, and the society in general. There is a need for a platform that can help improve awareness and understanding of the technology.”

Wahyu added that the Indonesia Blockchain Hub will create a meeting facility for blockchain actors, a training place for beginners, and a co-working space for blockchain entrepreneurs.

“That way, the place can be an incubator for creating ideas that can support Indonesia’s economy,” he said.

The Indonesia Blockchain Hub joins the Asosiasi Blockchain Indonesia (Indonesian Blockchain Association), an organization launched in March. The association was founded by six blockchain companies with operations in Indonesia: Blocktech Indonesia, Blockchain Zoo, Indodax (formerly Bitcoin Indonesia), Indonesian Blockchain Network, Luno, and Pundi X. It is pushing for favorable regulation for the sector.

In the past years, blockchain technology has become a new trend in the Indonesian financial sector. Former finance minister Chatib Basri has said the technology can bring real impacts to the acceleration of the Indonesian economy and even advised banks to issue “their own digital currency.”

Ricky Persik, vice chairman of BEKRAF, has said that by implementing blockchain technology in the business sector, Indonesia could become more competitive.

Government institutions such as the postal service has begun implementing blockchain into several services.