Bank of America Latest Blockchain Patent To Focus On Improving Security Breach Detection For IoT Devices

The U.S. Patent and Trademark Office (USPTO) published a filing report on September 18 which revealed that Bank of America (BofA), the second largest financial institution in the U.S., has filed a new patent for adapting multiple digital signatures in a distributed network.The U.S. Patent and Trademark Office (USPTO) published a filing report on September 18 which revealed that Bank of America (BofA), the second largest financial institution in the U.S., has filed a new patent for adapting multiple digital signatures in a distributed network.The U.S. Patent and Trademark Office (USPTO) published a filing report on September 18 which revealed that Bank of America (BofA), the second largest financial institution in the U.S., has filed a new patent for adapting multiple digital signatures in a distributed network.

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The U.S. Patent and Trademark Office (USPTO) published a filing report on September 18 which revealed that Bank of America (BofA), the second largest financial institution in the U.S., has filed a new patent for adapting multiple digital signatures in a distributed network.

As per the filing:

“The disclosure relates more specifically to improved computer-implemented methods and systems for providing continuous, out-of-band security checks that function in real time using a distributed architecture and distributed database. Certain embodiments are useful in providing device integrity health check services for industrial devices or Internet of Things (IoT) devices and improving the resistance of networked industrial devices and IoT devices to attacks, unauthorized or malicious use, or malware.”

The patent focuses on managing data communication

Bank of America has filed multiple blockchain patents this year, with the latest proposing a system that would help them manage data communication from devices that are connected to the internet. 

According to the filing, the proposed system will automate the “determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.”

In some cases, it will also determine the type of data that will be communicated to those third-party entities.

The proposed system looks into devices that are working in an Internet of Things (IoT) environment. It talked about how each of the devices will communicate data to others on a regular basis, and allows for the ability to block some data from being communicated to some third-party entities.

BofA has nearly 50 Blockchain patents

Bank of America has one of the highest numbers of Blockchain patents at the moment. The bank revealed back in July that it has under 50 patents in the blockchain/distributed ledger space.

Last month, the bank filed for another blockchain patent which would see them develop a secure crypto storage system. The invention, if approved, will see the bank offer a system that would secure data for blockchain networks. (We’ve reported on this: https://xbt.net/blog/major-us-financial-institution-bank-of-america-files-for-crypto-custody-patent/)

It seeks to achieve this by implementing encryption and linking data units to the blocks of a blockchain network.

Catherine Bessant, The bank’s chief technology officer, stated that even though the bank has yet to find large-scale opportunities for the technology, they are getting ready in case such opportunities arise.

While the bank has filed for many blockchain patents, it remains to be seen how many will be approved, and of those, how many will be implemented into working products.

Also, the bank’s optimistic view of distributed ledger technology does not translate to optimism for Bitcoin and other cryptocurrencies. Bank of America, alongside JPMorgan and Wells Fargo, banned its customers from purchasing cryptocurrencies using their credit cards.

IBM and LG hold similar patents

Bank of America would not be the only company offering Blockchain-based IoT service if its patent is approved. Tech giant IBM has already received approval from the USPTO to develop an autonomous self-servicing device within a blockchain-based IoT system.

LG CNS, a subsidiary of LG Corporation, announced last month that it has plans to start offering blockchain and IoT platforms of its own, in a move to kickstart what it calls the fourth industrial revolution.

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