Wells Fargo: patenting a tokenization system for the protection of sensitive data

Wells Fargo,a bank based in San Francisco recently filed a patent for a tokenization system designed to protect data, according to the US Patent and Trademark Office, the USPTO.

A system of tokenization

a tokenization can locate, promote access and protect any type of data - a document, a database value, etc. Unrestricted data elements could be processed using the cryptocurrency system. These bind specific data values ​​under an authenticated digital signature.

The system should control access and confidentiality, authenticate document origins, and maintain data integrity by detecting changes to a given item.

Documents would be protected "even when stored in a publicly accessible environment, such as the Cloud or Blockchain ... in a flexible, neutral way for files and data elements," Wells Fargo said, adding:

"Unlike the limited and anonymous signatures supported by legacy systems, this token manifest supports single signatories, multiple signers, or co-signers to store information publicly without loss of confidentiality of sensitive content. "

Important benefits

Content owners and managers should be able to select the rate of tokenization. They will choose how the data will manifest - by random, fuzzy text or by blackening certain passages.

Jeremy Allaire,co-founder and CEO of payment company Circle spoke to MoneyConf Dubin in June. He referred to a "crypto-revolution" without precedent. It is " the beginning of a tokenization that will extend to all forms of value and public record storage " for the global society.

Wells Fargo initiatives include a clear adoption of Blockchain technology at the expense of cryptocurrencies. The bank prohibits the use of its credit cards for the purchase of virtual currencies because of investment risks.

Nevertheless, the financial institution has shown a strong interest in the cryptocurrency industry for some time. It was a pioneer in sending international freight to China in 2016. Interbank trading used a Blockchain system in a revolutionary movement.

What do you think of Wells Fargo's data protection tokenization system? Let us know in the comments section below.