Bank Of The united states Seeks Patent On Blockchain-Primarily based Knowledge Storage Technique

On April 12, the US Patent and Trademark Workplace printed Bank of America’s application for a patent on a Blockchain-centered storage method with automated information authentication.

In the doc, which was originally filed in October 2016, the author describes a Blockchain-centered system for authenticating details and delivering secured entry of said information to support providers. The patent addresses the problem of details transferring and tracking, which it suggests can be resolved by signifies of cryptographic keys in a private Blockchain:

“Embodiments of the creation utilize a personal Blockchain to store different sorts of documents to be conveyed to the provider providers. In this way, the person or entity might securely store on the Blockchain all data appropriate to services companies, then give the services vendors with secured access to stated records these that the suppliers might entry only the precise records for which they are licensed, e.g. a healthcare supplier could accessibility only the health care information on the Blockchain.”

Even further in the software, the writer outlines drawbacks of regular digital approaches of documents sharing and maintaining, such as e-mail attachments or uploading files to providers’ servers by way of providers’ internet websites, declaring they are delicate to tampering as “they lack a created-in system for authenticating data.”

A Blockchain-based system, according to the doc, would develop an efficient, protected and reputable way to keep information and only give access to authorized parties.

Previously this month, the Lender of England in partnership with Blockchain startup Chain released a Evidence-of-Strategy paper, which investigates how to configure a distributed ledger system to retain privacy concerning participants, share knowledge throughout the community, and permit a regulatory human body to regulate transactions.

In March, Malaysia’s central financial institution hinted at plans to integrate Blockchain know-how into its banking sector, announcing that nine nationwide financial institutions experienced partnered to establish a trade finance Blockchain job.

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