Use Cases & Verticals • News • Business News • Identity
Digital security vendor Gemalto is looking to stake its claim in the burgeoning blockchain identity sector.
According to a patent application recently published by the US Patent and Trademark Office (USPTO), Gemalto is seeking to protect a method for securing a user’s trusted identity by using paired public and private keys, and creating blockchain transactions to store, verify and retrieve identity information.
Today, trusted identities are centrally issued for authentication purposes for areas such as tax, banking, employment and social welfare. But as identity theft and fraud pose growing financial threats, with billions of dollars at stake in the US alone, blockchain is emerging as a potentially more secure solution – a use case championed by Accenture, Microsoft and others.
“Such a fraud is possible because there is no easy way to verify the true owner of a trusted identity. In other words, a thief can use a stolen trusted identity since only the validity – as such – of the trusted identity is controlled,” the application reads.
The patent was submitted in December 2015, though it still remains to be seen whether it will be awarded.
For now, however, the patent perhaps adds new context to Gemalto’s efforts in the blockchain sector, which have elsewhere focused on examining the intersection of blockchain and the Internet of Things (IoT). In January, the company joined a consortium of businesses that includes Cisco and Bosch to develop solutions in the field.
Gemalto previously told CoinDesk in interview that it believes two waves of blockchain development will occur: the first led by financial institutions and second one driven by IoT adoption.