• Sat, 24 Aug 2019, 08:53 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Thomson Reuters patents blockchain-based identity management system

Photo: REUTERS/Jumana El Heloueh

Tue, 09 Apr 2019, 04:37 am UTC

Media giant Thomson Reuters has been awarded a patent for a blockchain-based identity management system, Cointelegraph reported.

According to the document from the U.S. Patent and Trademark Office dated April 2, the patent describes a system for identity creation, verification and management using blockchain technology.

“The traditional nature of some existing identities and authorization procedures presents a danger of fraud as developing technologies prove increasingly effective at counterfeiting such identities,” it said. “The large variety of identities, identity providers, and third party systems also has resulted in a highly differentiated identity environment.”

The patent highlights the need for devices, systems and methods to create, verify, and maintain identities with increased security and efficiency.

The system described in the patent involves receiving identity data from an identity provider system, generating a transaction to store an “identifier” (which represents identity data) on a blockchain, sending the transaction to at least one node of the distributed system, and generating an identity token incorporating the identifier.

The patent also explains a number of variations of this procedure wherein the transaction involves using a smart contract, the identifier is generated using a hash function, the access to the system is restricted and requires authorization, and others.

It also describes the details that can be included in the identity data. This includes an individual’s name, identification number, address, biometrics such as fingerprint, facial pattern, iris pattern, etc.

Thomson Reuters is a member of the Hyperledger project and the R3-led blockchain consortium. Its identity mapping service for Ethereum blockchains – BlockOne ID – is currently in beta. In 2017, the company unveiled a new tool – BlockOne IQ – which allows customers to plug its market data into systems that run on blockchain.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,152.40 (-0.41%)
  • Ethereum (ETH) $190.32 (-1.22%)
  • XRP (XRP) $0.270700 (-0.47%)
  • Bitcoin Cash (BCH) $309.35 (+0.02%)
  • Litecoin (LTC) $73.36 (-0.87%)
  • Bitcoin (BTC) $10,152.40 (-0.41%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft