Bank of America Considers Blockchain-based Data Sharing System

Bank of America considers Blockchain-based data sharing system, thus filing a patent, which suggests using a Blockchain as a way to combine the existing data storage platforms into a single secure network. 

13 April, AtoZForex One of the US banking giants, the Bank of America (BoA), is reportedly considering the replacement of some of its existing data sharing systems with a Blockchain. The official patent application has been released this Thursday.

Bank of America Considers Blockchain-based Data Sharing System

The filing from the BoA has been published by the U.S. Patent and Trademark Office (USPTO). It mentions a permissioned Blockchain, which, in case implemented, would safely record and authenticate personal and business data. The system would make sure that only authorized parties can access it.

In addition, the system would keep a track of everyone who accesses the data, as per the application.

The document also suggests using a Blockchain as a way to combine the existing data storage platforms into a single secure network. This would increase the efficiency by cutting the number of storage locations for a user’s data.

The document further explains that service providers and private individuals are utilizing the Internet increasingly. They do so often to share personal and business records. Mainly, they use dedicated web portals and email attachments. Yet, “there are a number of disadvantages to using this type of electronic record sharing method.” This includes having to redo the process for each company and the risk of data corruption.

A permissioned Blockchain?

The usage of Blockchain would form a more efficient system. Within such system, an individual could store all of their records in a single digital ledger. Businesses and service providers also would benefit. They would be able to access these records when needed.

Noteworthy, this would be a permissioned Blockchain. The filing reads:

“Embodiments of the invention utilize a private blockchain to store various types of records to be conveyed to the service providers. In this way, the individual or entity may securely store on the blockchain all records relevant to service providers, then provide the service providers with secured access to said records such that the providers may access only the specific records for which they are authorized, e.g. a healthcare provider may access only the healthcare records on the blockchain.”

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