Mainstream media corporation Thomson Reuters was awarded a patent for a blockchain-based identity management system.
The patent, originally filed on Dec. 22, 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.
Moreover, the patent also 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. Among the 38 variations described, some of which change the kind of data stored on chain such as biometric data or the address, several describe various authorization and identity verification methods.
The document claims that a traditional identity system “presents a danger of fraud as developing technologies prove increasingly effective at counterfeiting such identities.” The patent also notes that the presence of a variety of identification systems create an inefficient fractured identity environment.
According to Crunchbase, Thomson Reuters, which owns the world-famous news outlet Reuters, has $8.4 billion in annual revenue. In June of last year, the corporation also added sentiment data for the top 100 cryptocurrencies in its sentiment data tool.
As Cointelegraph reported in February in a dedicated analysis, blockchain-based digital identity systems are increasingly finding real-world use.
Also, last week, San Francisco-based enterprise identity solution provider Okta launched a $50 million investment fund and announced its first investment is going towards blockchain identity startup Trusted Key.