Bank of America has won a patent for a way to control access to certain aspects of a permitted blockchain network.
The patent for a somewhat innocuously titled "system for managing security and access to resource sub-components of tokens’ explain how security (essentially electronic keys.) Is used to grant access to certain users. the information contained in a particular block. According to the text, the system would be automated, effectively meaning that the network itself would be grant and track access.
Bank of America was awarded the patent on May 22, according to the US Patent and Trademark Office (USPTO). It is the latest intellectual property development for the bank, which has many blockchain-related applications in recent years.
The focus on security and data privacy is perhaps essential, given that Bank of America might look to transmit across the networks. And it speaks as well to the wider issue of security in the crypto space today, given the all-encompassing need to keep private keys safe from malicious actors.
And, as Bank of America itself notes in the patent document, “with the advent of distributed / decentralized blockchain networks … a need exists to develop systems … that manage control over blocks of resources.”
The bank explained:
"A need exists to provide designated entities to readily identify blocks that are relevant to the designated users and, once blocks have been identified, security features that are designated entities that are accessing the blocks, in fact, authorized users. "