The US Patent and Trademark Office (USPTO) has granted the Bank of America (BoA) the legal rights over a patent application which grants the Bank of America the legal rights over an innovation based on the blockchain technology.
The innovation’s primary role is to control access to resources within the network. The network’s main goal is to control access, manage security, and resources associated with the bank systems. The patent explains how security tokens (essentially electronic keys, distinct from blockchain-based assets that mimic physical securities) would be used to grant access to certain users to the information contained in a particular block. In the patent application the bank explained further saying,
“With the emergence of decentralized/distributed blockchain networks, there is a need to develop a system that will help in managing and controlling access of resources on these blocks. In addition to controlling access, the blockchain network and other security features will ensure only authorized users access the network.”
Bank of America was awarded the patent on May 22, according to the US Patent and Trademark Office (USPTO). It represents the latest intellectual property development for the bank, which has filed many blockchain-related applications in recent years.
The bank explained,
“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.”
There is an immediate need for banks and other financial institutions to increase their inherent security and data privacy, the bank of America wants to leverage blockchain technology to provide that. There is a broader problem with security in the crypto ecosystem as there is a need to keep private keys safe from hackers.