Bank of America (BofA), the second-largest bank in the United States, has filed a new patent for an adaptation of multiple digital signatures in a distributed network, following its previous blockchain-related filings. The move somewhat muddies the waters on the relationship between U.S. financial institutions and the cryptocurrency industry.
Providing Users With A Portal For Data Control
According to a US Patent and Trademark Office (USPTO) filing published on September 18th, Bank of America’s new patent proposes a system that manages data communication from a variety of internet-connected devices.
The patent specifies that the new system will parse through data and determine which device is communicating to a third-party. The document mentions that “the invention provides automated determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.”
Bank of America’s patent-pending system has been created to adapt to an Internet of Things (IoT) environment, as multiple devices have internet access, thus allowing third parties the potential to access the data of its customers.
The system will describe how each of the internet-connected devices are to communicate with each other on a continuous basis. The system will also grant users the option to prohibit, i.e., block, or limit the kind of data that they share with third-parties. This includes the choice to block certain third-parties based on the users’ discretion.
In the patent, BofA posits that the new system would be an improvement in security breach detection.
It would incorporate a broker computing device that calculates a digital footprint of another computing device based on its security service data. It would send the fingerprint out-of-band, to a blockchain data repository for storage.
Spawning Patents For Blockchain-Based Systems
Bank of America is one of the largest holders of patents for blockchain-based products. Last month, the banking giant filed a patent to record and store cryptocurrency transactions in a blockchain-based platform. This invention offers a data security system for blockchain networks via the implementation of encryption and by linking data segments to blocks of a blockchain.
In July, Bank of America had also filed a patent for a blockchain-based system, one that allows for the external validation of data in a process data network.
Aside from BoA, there have been other patents dealing with blockchain-based IoT systems filed this month. This includes one from IBM, which has been granted a patent for its autonomous self-servicing devices within a blockchain-based IoT system. In August, LG CNS, a subsidiary of the multinational LG Corporation, divulged a plan to strengthen its business by offering 7 platforms that possess blockchain and the IoT to advance the “fourth industrial revolution.”
Interested to learn more about the latest fintech news? Check out our news site for all things crypto, blockchain and fintech.