New Blockchain Security Tools Patented by Bank of America

Blockchain security tools bank of america patent

Bank of America has gained a new patent for a means of controlling access to certain aspects of a permission blockchain network, newly published documents show.

The patent, titled “System for managing security and access to resource sub-components” goes on to explain how security tokens, which are basically electronic keys, would be used to grant access to certain users information contained in a particular block. According to the patent filing, the system would be automated, meaning the network itself would control and track access.

The US Patent and Trademark Office (USPTO) awarded the patent on May 22nd. The patent is the latest for Bank of America, which has filed several blockchain-related applications in recent years.

Given the sensitivity of the information the bank handles, it is unsurprising that Bank of America’s newest patent would focus on security and data privacy. This also speaks to the wider challenge of security in the world of crypto today, given the necessity of keeping private keys safe from malicious actors.

Bank of America notes in the patent document the need to develop systems to manage control over resource blocks.

The bank went on to explain that:

“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.”

The patent document notes that the automated features would grant access to users for certain periods of time, dependent on the scope of the user’s reason or need to connect with the blockchain network.

The patent document also adds that:

“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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