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   1008

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.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   70

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.