Bank of America has filed a new patent to adopt multiple digital signatures on a distributed system. The financial institution is the second largest bank in the United States. The information was released by the U.S. Patent and Trademark Office (USPTO) some days ago.
Bank of America New Patent Filing
There are several companies that are trying to work with blockchain technology, including banks. The patent shows a system for data communication management from internet-connected devices. The invention automatically determines which devices are communicating with other entities. Moreover, it would also inform the type of data that is being shared with third parties.
This new system proposed by Bank of America is related to the Internet of Things (IoT). The patent describes how different devices connected to each other will be communicating. They would be sharing information which the user would not like to share or provide. With this system, users have the ability to prohibit or limit the information provided by these devices.
The abstract of the patent reads as follows:
“A computer-implemented method provides an improvement in security breach detection and comprises using a broker computing device, calculating a digital fingerprint of a computing device based on security service data of the computing device, and sending the fingerprint out-of-band for storing in data repository.”
There are many companies that have already presented different patent filings to the USPTO. For example, IBM was awarded another patent related to autonomous self-servicing devices using a blockchain and IoT system.
Bank of America is also worried about competing with virtual currencies. According to a report released by the bank earlier this year, the institution might not be successful in developing new products and services.
The bank is worried about new competitors such as startups and virtual currencies. In such a competitive landscape, the net interest margin and revenues of the bank can be reduced. If banks do not actively invest in new technologies, other competitors could part of the market banks currently own.
This is not the first time that the bank works with blockchain technology. In the past, a patent application published by the USPTO revealed that the bank wanted to implement a blockchain platform to record and authenticate personal and business data.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.