Bank of America Patents Blockchain Security Tools

Bank of America image via hans engbers / Shutterstock

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And, like Bank of America itself notes from the patent record, “with the advent of both distributed/decentralized blockchain networks … a requirement exists to develop systems … that manage management over blocks of resources.”
As stated by the text, then the automated features would have the ability to provide access to this blockchain network for specific intervals, depending on the scope of an individual’s motive for plugging in.
The lender explained:

Bank of America has won a patent for a means to manage specific facets of a permissioned blockchain network, newly published documents reveal.

“Additionally, a need is to restrain the access delivered to this specified entities/users, such as, by means of example, control over the period of time during which a specified entity could be granted access and/or the quantity of access granted to the specified entity/user,” the patent doc noted.
It symbolizes the most recent intellectual property development for the lender, which has registered many blockchain-related applications in the last several decades.

The patent to get a somewhat innocuously titled “method for handling access and security to resource sub-components” explains how security tokens (essentially electronic keys, distinct from blockchain-based assets that mimic physiological securities) is used to provide access to specific consumers to the data found in a specific block. As stated by the text, then the machine would be automated, effectively meaning that the network could provide and track access.
The focus on protection and data privacy is perhaps unsurprising, given the sensitivity of the data that Bank of America may seem to transmit throughout the networks. Plus it speaks also to the broader issue of safety in the crypto space today, provided the all-encompassing necessity to keep private keys protected from malicious celebrities.

“A need is to supply specified entities/users the capability to easily identify blocks that are relevant to the designated consumers’ concern and, even once blocks are identified, safety characteristics that guarantee that the designated entities/user that are obtaining the blocks are, in fact, licensed users.”

Released at Tue, 22 May 2018 19:31:00 +0000