Bank of America filed a patent on thursday, which describes a single transaction ledger, which will replace existing internal databases. The technology will be powered by a blockchain.
According to Coindesk, “the filing, published by the U.S. Patent and Trademark Office (USPTO), outlines a permissioned blockchain which, if implemented, would securely record and authenticate personal and business data, ensuring only authorized parties can access it. Further, the system would keep a log of everyone who accesses the data, according to the application.”
According to the document, blockchain could be used in order to merge existing data storage platforms into one single network, which increases efficiency by reducing the number of storage locations.
“However, ‘there are a number of disadvantages to using this type of electronic record sharing method,’ including having to repeat the process for each company and the risk of data corruption.”
“Embodiments of the invention utilize a private blockchain to store various types of records to be conveyed to the service providers. In this way, the individual or entity may securely store on the blockchain all records relevant to service providers, then provide the service providers with secured access to said records such that the providers may access only the specific records for which they are authorized, e.g. a healthcare provider may access only the healthcare records on the blockchain,” reads the patent.
According to Coindesk, “using a blockchain would create a more efficient system, wherein an individual can store all of their records in a single digital ledger. Businesses and service providers would be able to access these records as necessary.”