On April 12, the US Patent and Trademark Office revealed Bank of America’s utility for a patent on a Blockchain-based storage system with automated knowledge authentication.
In the doc, which was initially filed in October 2016, the creator describes a Blockchain-based system for authenticating knowledge and offering secured entry of mentioned knowledge to service suppliers. The patent addresses the issue of knowledge transferring and monitoring, which it says could be resolved via cryptographic keys in a personal Blockchain:
“Embodiments of the invention utilize a private Blockchain to store various types of records to be conveyed to the service providers. 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.”
Further within the utility, the creator outlines disadvantages of conventional digital strategies of data sharing and holding, reminiscent of e-mail attachments or importing information to suppliers’ servers by way of suppliers’ web sites, claiming they’re delicate to tampering as “they lack a built-in mechanism for authenticating records.”
A Blockchain-based system, in keeping with the doc, would construct an environment friendly, safe and dependable solution to retailer data and solely present entry to licensed events.
Earlier this month, the Bank of England in partnership with Blockchain startup Chain launched a Proof-of-Concept paper, which investigates the right way to configure a distributed ledger system to take care of privateness between members, share knowledge throughout the community, and allow a regulatory physique to regulate transactions.
In March, Malaysia’s central financial institution hinted at plans to combine Blockchain expertise into its banking sector, saying that 9 nationwide banks had partnered to construct a commerce finance Blockchain challenge.