The Bank of America (BofA) just acquired legal rights to a patent application over a blockchain-based innovation. This is not the first one filed by the bank, but is the latest one submitted in May 22, 2018.
The technology was titled a "system for managing security and access to resource sub-components" and will serve to allow access controls over the network’s resources. With this, security can be better managed – a feature in demand when it comes to bank systems. The patent application states:
“With the advent of distributed/decentralized blockchain networks, in which resources, may be registered and subsequently validated via various nodes in the network, a need exists to develop systems, apparatus, computer program products, methods and the like that manage control over blocks of resources associated with a blockchain network.”
How it works
The innovation allows security tokens to be used to give access to users to information on a specific block. Unlike traditional systems, the granting and monitoring of access rights will be done automatically by the network itself.
When accessing the network, users get to access the systems and are issued tags when accessing blocks. Users will need to use keywords specific to the block being accessed. Once access is granted, the user will be bound to a certain time limit.
As the financial industry embraces the digital age, it has enjoyed efficiency but also remains prone to cyber attacks from hackers and bank employees attacking internally. Cybersecurity is one of many fields the blockchain can effectively improve. The focus on this area only seems natural given the impact information leaks can bring.
A system like this gives banks and other players in the financial sector the much-needed opportunity to improve security measures. Authorizing of access to bank systems just got more efficient, and The Bank of America is leading this project for a more secure future for the industry.