New Bank of America Blockchain Patent Application Shows Workings for Multiple Digital Signatures System
New Patent Application Received by USPTO from Bank of America for Digital Signatures
Bank of America, which is the second-largest financial institution within the country, has made news this year with their many patent applications. Though some statements from former employees of the bank indicate that these are all just ploys for publicity, they have added another one. This patent concerns an adaption in their protocols for multiple digital signatures to be held in a distributed network. The filing was published on September 18th, even though they only just filed a patent last month to record and store crypto on a blockchain system. They even put in an application in July for external validation of data.
Within the patent application, the new system will make it possible to manage the communication of data with any internet-connected device. Specifically, the document says that:
“the invention provides automated determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.”
Furthermore, the system uses an environment that thrives on the Internet of Things (IoT). The connected devices will constantly be in communication with each other. However, users can “select to prohibit (i.e., block) or limit which data is communicated to which third-party entities.”
In September, another company called IBM was provided with a patent for autonomous self-servicing devices, which are meant to be applied to the blockchain system they have in place. LG CNS announced plans in August to strengthen their seven platforms for the “fourth industrial revolution.”
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