Bank of America may be looking to replace some of its existing data exchange systems with a chain of blocks, according to a patent application published Thursday.

Source

The presentation, published by the United States Patent and Trademark Office (USPTO), describes an authorized block chain that, if implemented, would securely register and authenticate personal and business data, ensuring that only authorized parties can access it. In addition, the system would keep a record of all those who access the data, according to the application.

The document proposes using the blockchain as a way to combine existing data storage platforms into a single secure network, increasing efficiency by reducing the number of storage locations for a user's data.

According to the document, which was first presented in 2016, service providers and private individuals increasingly use the Internet to share personal and business records, mainly through dedicated web portals and email attachments.

However, "there are a number of disadvantages in the use of this type of electronic record exchange method", which includes having to repeat the process for each company and the risk of data corruption.

The use of a blockchain would create a more efficient system, in which an individual can store all their records in a single digital ledger. Companies and service providers could access these records as needed.

Notably, this would be a blockchain allowed, the document highlights. And adds:

"The application of this system uses a private blockchain to store various types of records that will be transmitted to service providers. In this way, the individual or entity can securely store in the blockchain all records relevant to service providers, then provide them with insured access to those records in a supervised manner, under authorization. "

For example, a health care provider can access only the records of that specialty in the blockchain.