Bank of America to Visualize Blockchain as Internal Ledger

4048 Total Views

Bank Of America to Replace Some Existing Data Sharing Systems with Blockchain

Bank of America is looking forward to replacing some of its existing data sharing systems with a blockchain, as stated by a patent requisition released on Thursday.

The filing, published by the U. S. Patent and Trademark Office (USPTO), layouts a permission blockchain which, if implemented, might safely record and validate particular and benefits of the business data, guaranteeing main sanctioned parties might access it. Further, those systems might keep a log of everybody who obtains the data, as stated by those requisitions.

That report proposes utilizing such a blockchain as an approach to consolidate existing data storage platforms under an entire secure network, expanding effectiveness by diminishing the number of capacity locations to A user’s information.

As stated by the document, which might have initially documented in 2016, service suppliers and private people are progressively utilizing the internet to share personage and business records, principally through dedicated web portals and email attachments. Anyhow, “there are some disadvantages to using this type of electronic record sharing method,” including having to repeatable the procedures for each organization and the risk of information contamination.

Utilizing a blockchain might make a more productive system, wherein a distinctive could store every one of their records in entire digital history. Organizations and service providers might have the ability to enter the documents as necessary.

This might make a permission blockchain, the documenting notes.

It continues:

“Representations of the invention use a private blockchain for storing various types of records to be conveyed to the service providers. In such a way, the person or entity may securely store on the blockchain all records relevant to service providers, then provide the service providers with secure access to said records such that the providers may access only the specific records for which they are authorized. For example, a healthcare provider may access only the healthcare records on the blockchain.”

Suzat Fernandes

Suzat Fernandes is an entrepreneur, with a variable experience in customer relationship management, inbound marketing, Learning Management Systems (LMS), eLearning content development and overall training strategies. She is an experienced and creative content writer and she takes content marketing initiatives to the next level. She is writing cryptocurrency and blockchain news, weekly blog posts, whitepapers, eBooks, datasheets, presentations, and more. She possesses experience in using compelling copy to educate the market on product offerings and industry information.