Bank of America Files New Patent for Multiple Digital Signatures on a Distributed System


via ct

T he U.S.’s second-largest bank, Bank of America (BofA), has filed a new patent for adapting multiple digital signatures in a distributed network, according to a U.S. Patent and Trademark Office (USPTO) filing published September 18.

The new patent proposes a system for managing data communication from Internet-connected devices. The document underlines that “the invention provides automated determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.”

BofA’s proposed system addresses devices within an Internet of Things (IoT) environment, describing how each of the Internet-connected devices will communicate data with each other “on an ongoing basis,” while the system would allow a user to “select to prohibit (i.e., block) or limit which data is communicated to which third-party entities.”

Also in September, IBM was awarded a patent for autonomous self-servicing devices within a blockchain-based IoT system. And in August, LG CNS, a subsidiary of South Korean multinational conglomerate LG Corporation, announced a plan to strengthen its enterprise offering of seven platforms including blockchain and IoT in order to promote the “fourth industrial revolution.”

Bank of America, reportedly the one of the largest holders of blockchain-related patents, had continued its own blockchain exploration last month when it filed a patent for recording and storing cryptocurrency-related transactions in a blockchain-based system.

Back in July, BofA had also filed a patent for a system that allows for the external validation of data based on distributed ledger technology.

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Any patent attorneys around to comment? I thought software parents were becoming harder to hold and have been turned over by courts more and more frequently ( https://www.vox.com/2014/9/12/6138483/software-patents-are-crumbling-thanks-to-the-supreme-court )

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I may be a newbie, but what does this mean?
Comments and extrapolate people of the pub!

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Not an attorney but I have been through the patent process. Basically large companies file parents for everything they create to protect their current or FUTURE developments. Patents were originally meant to protect physical inventions and copyright protects non-physical I.P.
However companies started patenting software which led to several disputes some of which impacted the open source community (image formats, Linux/Unix, web components, etc) resulting in individuals and companies being sued for patent violations even though the defendant had developed their code in isolation.

Recent rulings have blocked patents for software not tied to a physical device but this has not stopped the USPO from granting these patents to large companies.

All that to say that if you start an open source project (say an alt coin) with cool tech and do not copyright it properly and a large company patents the software afterwards they can sue you for patent infringement. They will probably loose but you will still have to go through the lawsuit.

So could a BAM patent parts of blockchain tech? That is the question

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