Bank of America Wins Patent for Blockchain Security Tools

in cryptocurrency •  11 months ago

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Bank of America has won a patent for devising a way to manage access to certain parts of permissioned blockchain network. The United States Patent Office confirms that the patent was awarded to Bank of America on May 22nd.

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.

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