Well Fargo Wants to Patent a Tokenization System for Protecting Data
Wells Fargo, the San-Francisco-based bank recently filed a patent that outlines a tokenization system, which they will utilize to protect data. The filing was made at the US Patent and Trademark Office on July 17.
How the Well Fargo Tokenization System will Work?
This application details a system where any type of data element, a document, database value, or graphics, can be located, accessed, and protected via tokenization. According to the details of the filing, the tokenization will utilize encryption to process an unrestricted data element.
It will then turn it into a restricted token, which can only be detokenized by a specific user. For the system to work, it will harness cryptography and bind a specific value to data via an authenticated digital signature. This system can thus be used to control access and provide confidentiality. It can also be utilized to authenticate the origin of data, maintain the integrity of data, and ensure the security of data.
According to Wells Fargo, this system can be used to protect data even when it is stored in a public environment. For instance, if data is stored in the cloud, Wells Fargo will still be able to ensure it is secure and free from corruption. Best of all the system will store data in a manner that data and file element neutral.
This is quite different from the existing limited anonymous signatures that are used today. This tokenization supports multiple signers, single signers, and co-signers in the storage of data publicly. Best of all, it will ensure there is no loss of confidentiality in important content.
Benefits of the New Well Fargo System
If the system launches, it would let content owners and managers select the desired output for tokenization. This can be utilized for any file in part of as a whole. Besides that, it will allow users to select how the data will manifest for the restricted users. For instance, via randomized text, blurring, or by blacking out.
Just a month ago, the Co-Founder and CEO of Circle, the Payments Company, spoke of the crypto revolution that has come. He said that the whole world was at the start of taking everything crypto. The use of crypto technology will permeate every aspect of life according to Jeremy Allaire. All types of value storage and public records will be secured using the blockchain technology in some form.
While Wells Fargo is embracing the blockchain technology that powers crypto for its own goals, it is still fighting crypto. The company recently barred all its customers from using its credit card to purchase crypto. According to the bank, the risk of making losses is too high.
Nevertheless, the bank has had a keen interest on crypto for a while. It was amongst the earliest pioneers of a one-of-a-kind freight shipment to China in 2016. This was the first time that an interbank trade using the blockchain had taken place. This patent filing confirms the theory of many experts who claim that blockchain technology will live but crypto will die.