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Bank of America awarded blockchain patent

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  • Allows managing entities to grant each user access to only the specific blocks of information they need
  • Balances wider access with group and individual security
  • Applications include trading, multiple-entity transaction networks, supply chain and medical records

 

Bank of America has been awarded a patent related to managing security and access to resources associated with distributed networks such as blockchains.

The process involves developing tags that can be applied to blocks. That allows users to locate individual blocks by searching with keywords associated with tags.

Those users initially gain access to the network through an assigned security token configured to grant access to the block. Logic can be applied to the tag, block and/or the security token specifying controls such as how long a user has access and which components they can visit.

“Blockchain networks provide the ability to validate resources, as such the individual or entity that own/control or are otherwise associated with the resources, may…have a desire to grant other individuals/entities (e.g. third parties, parties in interest or the like) access to the resources,” Bank of America said in its patent submission.

One of the most promising aspects of blockchain is its ability to validate users and to grant them access to only those network components where they have a clearly defined interest. That allows wider access to the network while maintaining individual and group security. Such features will play key roles in allowing blockchain-based systems to develop scale, which is required for supply chain, transaction and medical information systems. They can also address financial industry stakeholder concerns around the security of multi-institution networks proposed to improve stock exchanges and interbank financial systems.

Read the patent submission here.

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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