Thomson Reuters Patents Blockchain Powered Identity Management System

A document published by the US Patent and Trademark Office indicates that Thomson Reuters, renowned global news provider, has received a patent for a blockchain-based system that manages identity.

The patent application filed on December 22, 2015 explains an identity services system that can obtain an identity from another system, in addition to verified identity data, and then save it on an identity token deployed on a blockchain.

The patent also explains different methods to this process such as a smart contract is used for the transaction, data related to identity is hashed, or the link to the used system is limited and necessitates permission to access.

Of the 38 different methods explained, some of them modify the type of data saved on chain such as biometric info or the address, while the rest explain several authorization and identity verification strategies.

The document further points out that a conventional identity system “presents a danger of fraud as developing technologies prove increasingly effective at counterfeiting such identities.” The patent also cites that the presence of a range of identification systems establish an incompetent split identity ecosystem.

Thomson Reuters reported revenue of $8.40 billion last year. Back in June 2018, the news agency also included sentiment data for the top 100 cryptos in its analysis tool. Last week, Okta, an identity solution provider based out of San Francisco, has setup a $50 million investment fund and disclosed that it would fund Trusted Key, a blockchain identity startup.