Bank of America Has Won a Blockchain Patent For Security Tools

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The Bank of America has won a blockchain patent for security tools, which would allow the bank to control access to some features of a permissioned blockchain network, reported Coindesk on May 22.

The patent entitled “System for managing security and access to resource sub-components” outlines how security tokens would be used to give access to some users to the data that is stored on a certain block. The network would by itself grant and track access.

The filing says,

“A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users’ concern and, once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users. Moreover, a need exists to control the access given to the designated entities/users, such as, by way of example, control over the period of time during which a designated entity may be granted access and/or the amount of access granted to the designated entity/user.”

According to the US Patent and Trademark Office (USPTO), the Bank of America officially won the patent on May 22. The Bank of America also filed many blockchain-related patents recently.

The bank explains it is focusing on security and data privacy, which is not surprising given all the security-related issues in the cryptocurrency space. There is also an important need to keep private keys safe from fraudsters.

The patent also explains that the automated characteristics of the blockchain-based system would have the ability to allow access to the blockchain on some specific periods of time, depending on the reason for a user to plug in.

The filing stated,

“Moreover, a need exists to control the access given to the designated entities/users, such as, by way of example, control over the period of time during which a designated entity may be granted access and/or the amount of access granted to the designated entity/user.”

 

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