Bank of America to Win Blockchain Security Tools Patent

The patent is for a tool that allows to control access to certain aspects of a permissioned blockchain network
23 May 2018   862

According to a document published on the website of the US Patent and Trademark Office (UPSTO), the financial conglomerate of Bank of America received a patent for a method of controlling access to certain parts of a closed blockchain network. This is reported by Coindesk.

The patent, entitled "system for managing security and access to resource sub-components," explains how to use security tokens (electronic keys) to provide specific users with access to information stored in blocks. In addition, the patent states that the system will be automated, it will independently provide and track access to resources.

A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users' concern and, once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users. Moreover, a need exists to control the access given to the designated entities/users, such as, by way of example, control over the period of time during which a designated entity may be granted access and/or the amount of access granted to the designated entity/user.

Bank of America Patent

In addition, according to the text of the patent, the automated system will be endowed with the ability to provide access to the blockchain network at certain time intervals - depending on the reason for which the user has logged on to the system.

According to the UPSTO, the Bank of America received a patent on May 22. Over the past few years, the bank has repeatedly filed patent applications for intellectual property related to the blockchain.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.