Bank of America recently obtained a patent that controls access to certain aspects of the licensed blockchain network.
The patent is called "System for Managing Security and Accessing Resource Subcomponents." The patent states that a security token (essentially an electronic key, distinct from a blockchain-based asset that mimics an entity's security) will be used to grant certain users access to the information contained in a particular block. According to the documentation, the system is automated and effective. This means that the network itself has permissions to allow tracking access.
According to the US Patent and Trademark Office (USPTO), Bank of America obtained the patent on May 22. It represents the latest intellectual property development process for Bank of America in the blockchain space, and in recent years US banks have submitted many applications related to blockchain.
Given that Bank of America hopes that information transmitted over the network may be sensitive, the bank's focus on security and data privacy is not surprising. Moreover, because of the existence of malicious actors, the need to protect private keys in all directions has arisen.
And, as Bank of America stated in the patent documents:
With the emergence of distributed or decentralized blockchain networks... the need for development systems exists... thereby enabling control of block resources.
Bank of America said:
It is necessary to provide the specified entities or users with the blocks that they are interested in so that they can identify them at any time. Once these blocks are identified, it is guaranteed that the access to these blocks is authorized users, thus also ensuring security.
Patent documents show that the automatic function of the system can grant access to the blockchain network within a certain period of time, depending on the reasons for user intervention and the scope of the relevant.
In addition, it is necessary to control the access rights of the specified entity or user. By the time it is possible for a given entity to gain access and/or to control their number of visits.
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