Bank Of America Secure Right To Access Aspects Of Blockchain Security Tools

Bank of America has won a patent for an approach to control access to specific parts of a permissioned blockchain network, recently published records shows.

The patent for a to some degree harmlessly titled “framework for overseeing security and access to asset sub-segments” clarifies how security tokens (basically electronic keys, unmistakable from blockchain-based resources that copy physical securities) would be utilized to give access to specific clients to the data contained in a specific piece. As per the content, the framework would be mechanized, adequately implying that the network itself would give and track access.

Bank of America was granted the patent on May 22, as indicated by the US Patent and Trademark Office (USPTO). It speaks to the most recent licensed innovation advancement for the bank, which has documented many blockchain-related applications as of late.

The attention on security and information protection maybe obvious, given the affectability of the data that Bank of America may hope to transmit over the networks. What’s more, it talks also to the more extensive issue of security in the crypto space today, given the comprehensive need to guard private keys from malicious actors.

Furthermore, as Bank of America itself notes in the patent archive, “with the advent of distributed/decentralized blockchain networks … a need exists to develop systems … that manage control over blocks of resources.”

The bank clarified:
“A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users’ concern and, once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users.”

As indicated by the content, the computerized features would be able to concede access to the blockchain network for specific timeframes, contingent upon the extent of a client’s motive 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.