UBS seeks to introduce Blockchain-based validation for users. The Swiss financial giant has filed a patent to the United States Patent and Trademark Office on systems and methods for facilitating validation.
The application suggests ways to validate transactions with a blockchain and notify the user of the transaction (record) registration. The record, however, ‘may be registered on the same blockchain as the smart contract’, or ‘on a blockchain different from the blockchain on which the smart contract is provided’.
The application was filed on May 24 2016, but was released only on 30 November this year. The Blockchain-based validation platform set to become a database maintained ‘collaboratively by a number of participants’ and will permanently record all activities related to the UBS company.
The new patent filing proves that global financial institutions keep adopting ‘distributed ledger’ technology. This is not the first Blockchain initiative for UBS. Earlier the Swiss bank, together with IBM, originated a blockchain project called Batavia. Some other banks, including Bank of Montreal, CaixaBank, Commerzbank and Erste Group have also joined the project.