The Swiss financial services company, UBS,registered with the United States Patent and Trademark Office an applicationfor a blockchain patent for validation and registration oftransactions. The publication ofthe document is dated November 30. In summary, it indicatesthe creation of an application that uses intelligentcontracts to register automatically when an entry is added to theblock chain. Once the entry is added the user is sent a notification from sme contract automatically. As registered authors appear Ian Cusden, JosephGoulden Joseph and Alex Batlin. The abstract of the document explains thefollowing:
The reference information can be based on a blockchain address associated with the user and the entry. The address of the blockchain can be based on a public key that corresponds to a private key used to register the entry, where both keys form a pair of keys associated with the uer. An intelligent contract can be generated based on the reference information provided by the blockchain. The intelligent contract can be configured to validate the transaction automatically using the public key. A notification indicating that the user registered the entry can be obtained in response to the intelligent contract validating the signed transaction using the private key.
Abstract of the Patent Application 20170344988 US Patent and Trademark Office Another feature of the registered technology is the use of a public key and a private key combined to seal the user's input. The document mentions that the intelligent contract can be generated to include encrypted information using the public key that corresponds to the private key that was used to sign the entry. In some cases the information of the intelligent contract can be encrypted and then provided for the inclusion of this in the blockchain while in other cases the intelligent contracts are configured to generate this information automatically. UBS is one of the largest financial services firms in the world and has a presence in more than 50countries including the United States, Canada, China, Japan, South Korea, the Philippines, Chile, Mexico, Germany, Russia and the United Kingdom. Although its main offices are located in the city of Zurich, Switzerland.
Patent registrations based on blockchain technology are increasingly numerous due to their great usefulness in all types of industries, especially financial. In August, three separate registers were approved for the Bank of America, although its initial goal for this year was 20 documents. The MasterCard company also registered ownership of a possible blockchain to handle a uniform payment mechanism during the following month.