Mainstream Media Corp. Thomson Reuters Patents Blockchain system for Identity Management

3 min read

The mainstream media company Thomson Reuters received a patent on a blockchain-based identity management system, according to documents from the US Patent and Trademark Office that were released on 2 April.

The patent, originally filed on December 22, 2015, describes a system that provides identity services that are able to receive an identity from an identity provider system in addition to validated identity data and then store it on a blockchain in an identity token.

In addition, the patent also describes variations of this procedure where the transaction uses a smart contract, the identity data is hashed, or access to the system used is limited and access to the authorization is required. Of the 38 variations described, some of which change the type of data stored in the chain, such as biometric data or the address, several describe different authorization and identity verification methods.

The document claims that a traditional identity system "poses a risk of fraud because development technologies become increasingly effective in counterfeiting such identities." The patent also notes that the presence of a variety of identification systems creates an inefficient, broken identity environment.

According to Crunchbase, Thomson Reuters, owner of the world-famous Reuters news center, has $ 8.4 billion in annual sales. In June of last year, the company also added sentiment data for the top 100 cryptocurrencies in its sentiment data tool.

As Cointelegraph reported in a special analysis in February, blockchain-based digital identity systems are increasingly being used in the real world.

Last week, Okta, an Oktawa-based Okta, launched an investment fund worth $ 50 million and announced that the first investment will go to Blockchain Identity Startup Trusted Key.

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Don Bradman

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