Bank of America Wins Patent for Blockchain Security Tool

Chirayu Choubisa

May 23, 2018 12:00 pm

Bank of America Wins Patent for Blockchain Security Tool | Coindelite News
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Bank of America Won Blockchain Security Tool Patent

Bank of America wins a patent for a way to control access to specific features of a permissioned blockchain network, recently published document shows.

The patent for a somewhat titled “system for managing security and access to resource sub-components” describes how security tokens would be utilized to allow access to specific users to the information contained in a particular block. As per the text, the system would be automated, effectively meaning that the network itself would grant and track access.

The Bank of America was granted the patent on 22nd May, As per the US Patent and Trademark Office (USPTO). It represents the latest intellectual property development for the bank, which has documented many blockchain-related applications as of late.

The attention to security and information privacy is possibly unsurprising, given the sensitivity of the data that Bank of America might look to transmit across the networks. As it speaks well to the broader issue of security in the cryptocurrency space today, given the all-encompassing need to secure private keys from malicious actors.

Also, as Bank of America, itself notes in the patent document, “with the advent of distributed/decentralized blockchain networks … a need exists to develop systems that manage control over blocks of resources.”

The Bank described:

“A need exists to give designated entities/users the ability to easily identify blocks that are relevant to the designated users’ concern and, once blocks have been identified, security features that ensure that the designated entities/user that are accessing the blocks are, in fact, authorized users.”

As per the text, the automated features would have the capability to give access to the blockchain network for specific periods of times, depending on the scope of a user’s reason for plugging in.

The Patent Document Noted:

“Besides, a need exists to control the access provided to the designated entities/users, such as, by way of illustration, control over the period amid which a designated entity may be allowed access and the amount of access granted to the designated entity/user.”

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