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Bank of America files patents for its own permissioned blockchain

A new filing lodged with the US Patent and Trademark Office has revealed that Bank of America is seeking to implement a permissioned blockchain to authenticate personal and business data.

Shortly after the US Patent and Trademark Office (USPTO) granted Bank of America a patent for a new cryptocurrency exchange system, the firm has now filed a new patent document outlining a vision which may see some of the company’s personal and business data authenticated on a blockchain.

The filing describes a proprietary, permissioned blockchain as a means to tether together mutliple data storage services into one network that could effectively log the identity of any user who attempted to access data stored within.

The document, which was in fact first filed in 2016, notes that existing processes used on the web to distribute personal and business records are inefficient, often have to be repeated from business to business, and naturally involve the risk of data corruption.

Subsequently, the patent outlines a system wherein a blockchain-based ledger could be distributed amongst businesses and service providers, who would accordingly be able to access data within when ncessary.

The system might could effectively serve both personal and corporate needs when users establish new contracts or require sensitive information.

The patent notes that the envisaged system would be reliant on a permissioned blockchain, elaborating that “Embodiments of the invention utilize a private blockchain to store various types of records to be conveyed to the service providers.”

The patent describes how the system would interact with various service providers, elaborating that “…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.”

Bank of America – despite its prior interest in cryptocurrency exchange – is not the only corporate filing new blockchain-related patents.

The People’s Bank of China recently outlined its own blockchain scaling solution, while – in news closer to home  payments giant American Express filed new patents detailing a means to use blockchain technology to facilitate payments between parties.