Bank Of America Wins a Patent For Blockchain Security Tool
Bank of America, the second largest bank of United States just won a patent for a way to control access to certain aspects of a permissioned blockchain network. The patent was awarded by US Patent and Trademark Office (USPTO) on May 22nd marking the latest of many intellectual property filings done by the bank.
Titled “system for managing security and access to resource sub-components”, the patent seeks to connotate how security tokens can be used to grant access to certain users to the information contained in a particular block. The network itself will have the ability to track and grant access through an automated algorithm.
There is an immediate need for banks and other financial institutions to increase their inherent security and data privacy, the bank of America wants to leverage blockchain technology to provide that. There is a broader problem with security in the crypto ecosystem as there is a need to keep private keys safe from bad actors and hackers.
The patent document also notes that with the arrival of decentralized blockchain networks, there is a need to develop systems that manage control over blocks of resources. The automated features would have the ability to grant access to the blockchain network for certain periods of time, depending on the scope of a user's reason for plugging in.
In an official statement by the bank, they said: “A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users' concern and, once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users.”
Notably, on April 12, 2018, the United States Patent and Trademark Office (USPTO) released a patent filing from the Bank of America outlining their plans for a permissioned blockchain implementation that enables personal and business data sharing.