Bank of America is Getting Patent on Blockchain-Based Storage System”

Bank of America Seeks Patent Right on Blockchain-Based System

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  • The Bank of America to get patent right on a Blockchain-based data storage system.
  • The system is claimed to offer an effective, safe and reliable way of storing data.

United States: The application of the Bank of America for a patent right on a Blockchain-based data storage system has been published by the U.S. Patent and Trademark Office yesterday 12th April.

The author, in the original document, filed in Oct. 2016, described a Blockchain-based system that authenticates data and provides a safe access to the authenticated data to service providers. The system tackles the problems associated with data transmitting and tracking. The author said this can be solved by means of cryptographic keys in a private Blockchain:

“Embodiments of the invention utilize a private Blockchain to store various types of records to be conveyed to the service providers. In this way, the individual or entity may securely store on the Blockchain all records relevant to service providers, then provide the service providers with secured access to said records such that the providers may access only the specific records for which they are authorized, e.g. a healthcare provider may access only the healthcare records on the Blockchain.”

The author further outlined the disadvantages associated with conventional electronic methods of data storage and sharing, like uploading records to providers’ servers via the websites of the providers, or email attachments. The author claimed that data are susceptible to being tampered with when using these old-style methods as “they lack a built-in mechanism for authenticating records.”

According to the document, the Blockchain-based data storage system would offer an effective, safe and reliable way of storing data and only give access to authorized persons.

Prior to this development, the Bank of England had earlier this month, partnered with Blockchain startup Chain to release a Proof-of-Concept paper, which investigates how to configure a distributed- ledger-system to permit regulatory bodies to control transactions, keep privacy between participants, and share information over the network.

The central bank of Malaysia, in March, announced plans to adopt Blockchain technology in its banking sector.

Can there be ass adoption of blockchain technology without a consideration on cryptocurrency? Tell us your opinion in the comment box.

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