Bank Of America Seeks Patent On Blockchain-Based Data Storage System

On April 12, the US Patent and Trademark Office published Bank of America’s application for a patent on a Blockchain-based storage system with automated data authentication.

In the document, which was originally filed in October 2016, the author describes a Blockchain-based system for authenticating data and providing secured access of said data to service providers. The patent addresses the problem of data transferring and tracking, which it says can be resolved by means of cryptographic keys in a private 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 in the application, the author outlines disadvantages of traditional electronic methods of records sharing and keeping, such as e-mail attachments or uploading files to providers’ servers through providers’ websites, claiming they are sensitive to tampering as “they lack a built-in mechanism for authenticating records.”

A Blockchain-based system, according to the document, would build an efficient, secure and reliable way to store records and only provide access to authorized parties.

Earlier this month, the Bank of England in partnership with Blockchain startup Chain released a Proof-of-Concept paper, which investigates how to configure a distributed ledger system to maintain privacy between participants, share data across the network, and enable a regulatory body to control transactions.

In March, Malaysia’s central bank hinted at plans to integrate Blockchain technology into its banking sector, announcing that nine national banks had partnered to build a trade finance Blockchain project.