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Bank of America Adds to Growing List of Blockchain Patents

Last Updated March 4, 2021 5:07 PM
Iyke Aru
Last Updated March 4, 2021 5:07 PM

Blockchain is finding more implementation in the mainstream and Bank of America (BoA) is at the forefront of a group of legacy companies that are using Distributed Ledger Technology (DLT) to validate the veracity of information and those using it.

A Security-inclined Blockchain

Recently, the bank won another blockchain patent, adding to its growing list of patents in the emerging technology. This recent patent, whose inventors are identified as Kurian and Manu Jacob,is described in abstract as:

“A means for managing security and access to resources associated with blocks/sub-components of a distributed validating network, such as a blockchain network.”

The blockchain will enable the creation of tags that can be applied to blocks so that a designated entity or user can locate the block though the presentation of keywords associated with the tag. Additionally, a security token is generated that is assigned or otherwise provided to the designated user; this token is configured to grant the designated entity access to resources in the block.

Also as contained in the invention’s description, the proposed blockchain system enables process logic to be defined and applied to either the tag, the block, or the security token that provides control over the access granted to the designated users. The logic may define the period of time for which an entity is granted access to the block, the block’s resources, or the level of access granted to the user.

Bank of America at the Forefront

Bank of America has applied for dozens of blockchain-related patents in recent years.

In an earlier report, CCN.com revealed that Bank of America drew up an additional 20 new cryptocurrency and blockchain patents to its previously existing 15. Several months later, the bank continued in its trend such that as of January 2018, it had applied for or received at least 43 patents for blockchain , placing it ahead of IBM and other payment firms in terms of patents applied for and won.

In Q3 2017, BoA filed for three patents, details of which included using blockchain to track and validate user identification, enabling the validation of changes to user identity and the conversion of unsecured “instruments” through a validation process.

Despite its reluctance towards bitcoin and cryptocurrencies, having already filed such as a material risk to its business and barring its customers from using their credit cards for cryptocurrency transactions, the Charlotte, NC-based lender is showing an unrelenting interest in the underlying technology and continually finding implementation for it.

Apparently, the question is gradually moving away from whether blockchain is here to stay unto how best the technology can be implemented.

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