Blockchain System For Identity Management Patented By Thomson Reuters

Blockchain System For Identity Management Patented

Blockchain System For Identity Management Patented By Thomson Reuters

Blockchain System For Identity Management Patented

Thomson Reuters of Mainstream media corporation was awarded a patent for a blockchain-based identity management system. This was made known by documents from the U.S. Patent and Trademark Office.

The patent, originally filed on December 22nd, 2015, describes a system providing identity services capable of receiving an identity from an identity provider system alongside validated identity data, and then storing it on a blockchain in an identity token.

The patent describes variations of this procedure wherein the transaction uses a smart contract, the identity data is hashed, or the access to the system used is restricted and requests authorization to access.

The document claims that a traditional identity system “presents a danger of fraud as developing technologies prove increasingly effective at counterfeiting such identities.”

Thomson Reuters, who owns the news outlet Reuters, has $8.4 billion in annual revenue.

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