Wells Fargo Seeks Patent For Tokenization System To Secure Data July 19, 2018 July 19, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsJuly 19, 2018 by Kelly Cromley

Wells Fargo Seeks Patent For Tokenization System To Secure Data

According to a filing published by the U.S. Patent and Trademark Office (USPTO) yesterday, San-Francisco-based Wells Fargo bank is seeking patent for a tokenization system that would secure data. The patent describes a system which enables locating any kind of information, database value, document, or graphic, protected using the process of tokenization.

The patent explains that tokenization will use encryption methods to convert a restriction free data into a restricted token that can only be accessed, or ‘detokenized’, by a designated user. The system makes use of cryptography to attach specific values to data corresponding to an authenticated digital signature. As it can be understood, the system uses tokenization to effectively control access and confidentiality, validate origin of data, and preserve data integrity by detecting unwarranted modifications to a data string.

Wells Fargo further explains that data can be secured through tokenization “even when it is stored in a publically accessible environment, such as the cloud, within a blockchain…in a flexible way that is file and data element neutral.”

The patent document states

“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 suggested system offers additional flexibly to content owners or managers to choose a desired output for tokenization and determine how it will be seen by restricted users, e.g. through randomized text, blurring, or blacking out.

Notably, while speaking at MoneyConf Dublin, Goldman Sachs backed payment company Circle’s co-founder and CEO Jeremy Allaire opined that global economy is
“at the beginning of tokenization of everything” and it will extend to “every form of value storage and public record.”

Despite choosing blockchain technology to improve its service, Wells Fargo continues to forbid its customers from buying cryptocurrencies using credit cards, citing investment risks.

Wells Fargo is an early adopter of blockchain technology. The bank used a blockchain based system to complete an international freight shipment to China in 2016.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.