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🔥🔥Bank of America Patents Blockchain Security Tools

NEWS: 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.

Bank of America has won a patent for a way to control access to certain aspects of a permissioned blockchain (http://rothscoin.com/) network, newly published documents show.

The patent for a somewhat innocuously titled "system for managing security and access to resource sub-components" 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. According to the text, the system would be automated, effectively meaning that the network itself would grant and track access.

The focus on security and data privacy is perhaps unsurprising, given the sensitivity of the information that Bank of America might look to transmit across the networks. And it speaks as well to the wider issue of security in the crypto space today, given the all-encompassing need to keep private keys safe from malicious actors.

And, as Bank of America itself notes in the patent document, "with the advent of distributed/decentralized blockchain networks ... a need exists to develop systems ... that manage control over blocks of resources."

According to the text, the automated features would have the ability to grant access to the blockchain network for certain periods of time, depending on the scope of a user's reason for plugging in.

"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," the patent doc noted.

(By Coindesk)
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Permissioned chain seems the best choice for entities providing financial services since it's more secure, faster and can be innovated faster as it only requires the “vote” of the attendees or owners of the permissioned blockchain unlike public chain such as bitcoin that needs core change which takes longer and usually results to fork.
I hope Bank of America become one of the partner banks of Formosa Financial in the near future as the company is bridging the gap between traditional banking and crypto banking