Bank of America has filed a patent application for the registration of digital multi-signatures in a distributed IoT network


The second-largest U.S. Bank, Bank of America (BofA), has filed a new patent for the use of multiple digital signatures in a distributed network of the Internet of things, it follows from the information published on the Commission’s website on patents and trademarks of the United States.

New patent proposes a system for the control communication between devices in the Internet of things (IoT). In the patent application notes that “the invention provides an automatic determination of which devices communicate with third-party members of the network and, in some embodiments, determining the type of data that are transmitted by devices to the various actors in the IoT”.

The proposed system BofA aims to improve IoT technologies. From the description it follows that each connected to the Internet of things devices will communicate with each other “on a permanent basis,” while the system will allow the user to “selectively prohibit or restrict the data transfer within the network between predetermined parties.”

Bank of America, which reportedly is one of the largest holders of blockchain patents, in August filed a patent for a system of registration and storage of information about cryptocurrency transactions to a third-party blockchain system.

Also in July, BofA filed a patent for a system that allows external test data on the basis of technology of the distributed registry.

It is worth noting that the U.S. financial conglomerate Bank of America became the first large financial institution, has publicly stated that cryptocurrencies are a threat to his business.

Recall that in early September the company Cameron and Tyler Winklevoss filed a new patent application for the registration method, “safe storage of digital assets”, which allows you to distribute secure storage of cryptocurrency due to the “multiple segmentation private keys”.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.