Bank of America Files New Patent for Multiple Digital Signatures on a Distributed System
Earlier founded as Bank of Italy, Bank of America (BofA) widens its approach in the digital world by filing a new patent for adapting multiple digital signatures in a distributed system, according to USPTO (U.S Patent and Trademark Office filling reported on September 18.
The new petition offers a scheme for curating online data execution from Internet-connected devices. The writing highlights that “the invention provides an automated determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.”
With all the disruptive payment technologies that have gained popularity over the past few years, and with the rise of Internet-only banks, it may come as a surprise that Bank of America has emerged as a leader in digital banking technology and the adoption of that technology.
Tracing its roots in 1904, BofA’s proposed system addresses devices within an Internet of Things (IoT) environment, explaining how each of the Internet-connected devices will transmit data with each other “on an ongoing basis,” while the system would permit a user to “select to prohibit (i.e., block) or limit which data is communicated to which third-party entities.”
Aiming to become the biggest company in the Blockchain-based products market, IBM too was awarded a patent for autonomous self-serving devices within a blockchain-based IoT system, reports spoke this September. Not only this, LG CNS, a subsidiary of South Korean multinational conglomerate LG Corporation, declared a plan, lately in August, to empower its enterprise offering of seven platforms consisting of blockchain and IoT in order to encourage the “fourth industrial revolution.”
As one of the largest holders of blockchain-based patents, Bank of America last month itself had confidence in exploring its own world of blockchain when it indexed a patent for recording and storing cryptocurrency-related trading in a system based on blockchain technology.
Formerly this July, BofA had also filed a patent for a process that concedes for the external validation of data based on distributed ledger technology.