Bank of America filed patent for blockchain storage tech

The Bank of America submitted an application for a patent on blockchain storage technology capable of automated data authentification.

The application was filed in October 2016, but it has now been published by the US Patent and Trademark Office. The patent talks about issues of data authentification and storage on the blockchain, using healthcare as an example use case.

The patent reads: “Embodiments of the invention utilize a private blockchain to store various types of records to be conveyed to the service providers.

“In this way, the individual or entity may securely store on the blockchain all records relevant to service providers, then provide the service providers with secured access to said records such that the providers may access only the specific records for which they are authorized, e.g. a healthcare provider may access only the healthcare records on the Blockchain.”

This is in stark contrast to the Bank of America’s comments about Bitcoin this week, calling it one of the “greatest asset price bubbles in history.”