Sunday, March 24, 2019

Patent for Blockchain System to Tokenize Sensitive Data Filed By Wells Fargo

A US-based financial institution officially files for the patent of Blockchain based system to tokenize sensitive data, on the 17th July. According to the document, this means “system and methods to manage a tokenization manifest.” This financial will be joining other financial institutions filing blockchain related patents.

The American financial institution has however had a history of spats with cryptocurrency and Blockchain in the past.

Filing For Patent of Blockchain System

Wells Fargo, a United States-based financial institution files for the patent of “system and methods to manage a tokenization manifest.” This was filed on Tuesday, the 17th of July. The license will create a system that makes a tokenized representation of any value. This means that a token could be used to represent a bank account number.

So also, the document shows further plans to create a bank run “Tokenization Service Provider.” This will be able to tokenize information from, photographs, video, audio, documents, and other pieces from digital media. Bank creates a token from the fragments of information submitted by the content creator to the bank.

This patent’s intention is the usage of the secure nature of blockchain technology to keep tokenized data and keep the media secured. The license will take the process of tokenization using encryption methods that do not allow general access to the data before there is a data retrieval or is “detokenized” by a user that has access to it. It can thus be used to protect and manage sensitive data.

Furthermore that patent would permit multiple authorized entities to access a piece of tokenized information. The document states that “Unlike the limited, anonymous signatures supported by existing systems, this tokenization manifest supports single signers, multiple signers, or co-signers to store information publicly without loss of confidentiality of any sensitive content.”

The filing for patent by Wells Fargo, an institution that has been at loggerhead with Blockchain and cryptocurrency before, affirms the words of co-founder and CEO of Circle, Jeremy Allaire, that the world is “at the beginning of tokenization of everything…every form of value storage and public record.”

Wells Fargo had had a history of conflict with Blockchain and cryptocurrency before, especially in June, when the financial institution banned its customers from using Wells Cargo credit card to purchase cryptocurrencies from exchanges. So also in April, the bank was sued by Bitfinex for the embargo placed on customers transfer, which prevented deposit to be made by the exchange into customers account.

Wells Cargo is not the only the financial institution that has gone into the patent purchase in the blockchain industry; the institution is joining the likes of Bank of America, that has 43 related patent already and the recent MasterCard patent also.

Enjoyed this article?
Subscribe to our mailing list and receive the hottest news directly to your inbox!
 

Advertisement

More Articles