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   622

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 to Launch Crypto-Fiat Exchange at Jersey

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs
16 January 2019   72

Binance has opened a branch at Jersey island, targeting Europe and the UK. Its clients will be able to trade Bitcoin and Ethereum for the euro and the British pound. 

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs. To start trading, users must undergo KYC verification.

According to Binance CFO Ju Wei, bidding cryptocurrencies for fiat money will provide Europeans with new opportunities in the face of uncertainty with Brexit affecting the euro and the pound.

Wei also stressed that a strong legal framework makes Jersey one of the leaders in the development of blockchain technology.