Bank of America patents security tools in Blockchain

Bank of America has received a patent for a way to control access to certain aspects of a permissioned Blockchain network. This represents the latest development of intellectual property of the bank.

The patent for a "system for security management and access to resource subcomponents" explains how security tokens (essentially electronic keys, other than Blockchain-based assets that mimic physical titles) would be used to grant access to certain users to contained information in a particular block. According to the patent, the system would be automated, meaning that the network itself would grant and track access.

Bank of America received the patent on May 22, according to the US Patent and Trademark Office (USPTO). This represents the latest development of intellectual property of the bank, which has recorded several applications related to Blockchain in recent years.

The US bank itself points out in the patent document that "with the advent of distributed / decentralized Blockchain networks (...) there is a need to develop systems (...) that manage and control resource blocks ".