According to the document, wire, news releases and newswire currently distribute information at already set embargo time to the required outlets.
“Although the current platform can supply the information to specific recipients, the system is vulnerable to leaving out essential audit information,” says the patent.
In such occasions, an improved and new technique to secure the sensitive information will be continually sought. According to Nasdaq’s patent, the blockchain platform will assist in the utilization of smart contracts. This will include a number of workflow features and encryptions and still maintain a log that is not changeable later.
The patent further explains that the blockchain and the computer system are set to ease information sharing directly to specific recipients at a given time. All this is possible by the smart contract which incorporates into the blockchain.
“For you to access any sensitive information store on the blockchain, you need to include multi-signature requirements, “adds the patent.
Bank of America Wins Patent That Plans To Store Cryptocurrency Keys
On Tuesday, the Bank of America gets a patent as an award by the US Patent and Trademark Office. The patent is for a device to store cryptographic keys. According to the bank, the current where private keys locally store and guards by nothing. However, a password put the industry at risk.
This prompting an introduction of “hardened storage devices”. Generally, the patent focuses on cryptocurrencies, though the document allows open keys from other sources applicable to the proposed device.
The bank further notes, storing these keys in computers, links to other public networks via the internet. This exposes them to unsuspect misappropriation. Due to such circumstances, there arises the need to get a secure means. Basically, that will assist to store the private cryptography keys.
“With this latest storage technique, there is minimal risk of misplacing the private key,” states the patent.
It is not surprising that the bank initiates such a program for cryptocurrency and blockchain. Because it is a constant filer of patents in their field. According to Fortune reports in June, the Bank of America patent has sought the rights to multiple applications in an effort to use it in the recent future. With all those requests, it is evident that the bank is focusing to improve the blockchain industry.
“Although we have not landed large-scale opportunities. Moreover, we need prepare and be ahead of time,” says CTO Catherine Bessant at New York.
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