UBS joining the Blockchain revolution, per recent patent release.
In a recently released patent office filing, UBS, the 935 bln CHF Swiss banking giant, has sought approval for a Blockchain technology-based validation platform for users. The patent indicates that UBS is pursuing Blockchain technology as a solution for client IP and user validation.
The filing itself has been made back on May 24, 2016, but the patent has only been released recently. The Blockchain platform UBS envisions would be used to store records of all activities of the company on the Blockchain. By having an immutable record, the company could maintain more strict protocols than with traditional database systems. Per the application:
“Blockchain technology can provide a “distributed ledger,” or a database maintained not by a single actor, such as a bank, but collaboratively by a number of participants. As an example, Blockchain-based techniques include multiple participant computer systems regularly agreeing on how to modify the database, after which the modifications they have settled on are rendered unchangeable with the help of complex cryptography.”
The application reflects the growing adoption of Blockchain technology among major financial institutions, with Bank of America, JP Morgan Chase, and others recently unveiling Blockchain platforms.
