Business

Wells Fargo & Co (NYSE:WFC) And Bank of America Corp (NYSE:BAC) Apply For Patents Related To Blockchain

Wells Fargo & Co (NYSE:WFC) And Bank of America Corp (NYSE:BAC) have both filed for patents related to the blockchain. This is according to the US Patent and Trademark Office (USPTO) published application filings.

Wells Fargo initially filed for its patent application that is known as, Data element tokenization management, back in August 2016. This is a system that will access, locate, and protect different types of data elements via tokenization. Data element includes database value, graphics, or even a document.

Tokenization will make use of encryption to process data element that is not restricted. The data element will then be changed to a restricted token which will require a specific user to detokenize it.

Through an authenticated digital signature, the system will use cryptography to tie a given value to data. The system will enable the authentication of the data’s origin, protect the confidentiality of the data, as well as secure the data.

Wells Fargo revealed that since the tokenization allows for multiple signers, it can be used to store data publicly while still protecting the data’s confidentiality.

Bank of America

Bank of America too, filed for its application back in February 2016. Its patent application was for a system that will allow external validation of data in a process data network. This system will be able to store and track resource information using blockchain. It will trace data regarding transfers as well as their resources.

The bank explained, “A need currently exists for providing a more accurate indication of a user’s financial standing by allowing external validation of data in a process data network,”

The said system will also store data on its blockchain regarding collected information from past transfers of resources done by an entity. New transactions would also be updated on the blockchain.

Mastercard too

Credit card company Mastercard was also granted a patent. It had applied for a system that would link assets between fiat and cryptocurrency accounts. The system will manage portions of fiat and digital currencies reserves using centralized accounts.

In a bid to curb theft and fraud, Mastercard intends to improve storage of digital currencies and enhance the processing of transactions.