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Bank of America Introduces Multiple Digital Signatures on a Distributed System

Redwan Eid | Sep. 25, 2018
Bank of America Introduces Multiple Digital Signatures on a Distributed System

Bank of America (BofA)- the U.S. second-largest bank, has filed a new patent for adapting multiple digital signatures in a distributed network- a U.S. Patent and Trademark Office (USPTO) filing reported September 18.

The new document suggests a system for managing data communication from Internet-connected devices. The patent stresses that “the invention provides 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.”

BofA’s proposed system addresses devices within an Internet of Things (IoT) environment, elaborating on how each of the Internet-connected devices associate data with each other “on an ongoing basis,”, while the system would allow a user to “select to prohibit (i.e., block) or limit which data is communicated to which third-party entities.”

In a similar context, last September, IBM was awarded a patent for autonomous self-servicing devices within a blockchain-based IoT system.

LG CNS Keeps Pace with Blockchain

In its turn, LG CNS- a subsidiary of South Korean multinational conglomerate LG Corporation, announced last August a plan to strengthen its enterprise offering of seven platforms including blockchain and IoT in order to promote the “fourth industrial revolution.”

Bank of America, as one of the largest holders of blockchain-related patents, had continued its own blockchain exploration last month when it filed a patent for recording and storing cryptocurrency-related transactions in a blockchain-based system.

BofA had also filed a patent in July for a system that allows for the external validation of data based on distributed ledger technology.

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