Bank of America registered a patent in which it proposes a way to control access to certain aspects of a blockchain-allowed network, according to recently published documents.
Specifically, the patent is on a system to manage security and give access to the resources of sub-components, to explain how security tokens will be used (basically electronic keys, different from blockchain-based assets that mimic physical values) to grant access to certain users to the information contained in a specific block. They exposed an automatic system, which means that the network, by itself, will grant and track the access.
On May 22, 2018, they officially received the patent, by the United States Patent and Trademark Office (USPTO). This represents the latest intellectual development for the bank, after many applications filed based on blockchain in recent years.
B of A’s focus on data security and privacy may not be surprising, due to the sensitive information transmitted through their networks. As well as, the broad security issues in the current cryptographic space due to the need to keep private keys safe from actors with bad intentions.
The Bank Officially explained:
“There is a need to provide the designated entities and users with the ability to easily identify the blocks that are relevant to designated users, and once those blocks are identified, the security features ensures that the designated entities and users accessing the blocks, are in fact, authorized.”
Hinting, that the automated characteristics, will have the capacity to allow access to the blockchain network, for certain periods of time, based on the reach of the user’s reasons for connecting.
By Samuel Paz