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   447

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.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.