Bank of America (BofA) – the American multinational investment bank submitted the required information and evidence for a new digital signatures patent, as part of their blockchain solutions.

The submission was made on May 14, 2018, and the U.S. Patent and Trademark Office published it today.

The patent unique feature includes a computer method that improves the security breach detection, and through a broker, the computer device will calculate a digital fingerprint based on the security service data. The fingerprints will be stored in a data repository, and via a gateway, the computing device will conduct a real-time health check on the network.

The distributed system will manage data received from Internet-connected devices and will be able to determine which ones are in contact with third-party entities. The Internet of Things (IoT) network is also designed to allow users to block data associated with third parties.

Because data is stored on a blockchain using a consensus network, the security features are set at their highest levels and grant resistance against malicious cyber attacks. The blockchain will function as a decentralized digital ledger that has the ability to track multiple entries all at once.

The Internet of things (IoT) devices has marked an impressive increase in development and implementation in the past few years. Their device offering has bloomed, as devices vary from controllers, manufacturing equipment to activity monitors. IoT uses modified data communication protocols, and for that, IoT can be challenging for integration into existing security systems.

Last month, the Bank of America, which holds numerous blockchain-related patents, filed another patent for saving cryptocurrency transactions.  In July, the bank marked another blockchain milestone with the development of a system for external data validation.

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