Patent published on May 30, 2024

Bank of America's New Data Protector Patent Keeps Your Information Safe

Bank of America has recently been awarded a patent, US20240176896A1, for its innovative Multi-Computer System for Data Privacy and Governance. This patented system aims to address the growing concern of data security when transmitting information to various recipients. By providing a comprehensive solution to protect sensitive information, it offers a level of security that has not been seen before.

The core problem that this patent solves is the lack of control users have over the visibility and accessibility of their data. In today's interconnected world, data often ends up in the wrong hands, leading to potential privacy breaches and identity theft. Additionally, when transactions are processed using distributed ledger systems, parties involved often receive more data than is necessary, increasing the risk of unauthorized access to sensitive information.

To overcome these challenges, Bank of America's patent introduces a customizable approach to data access preferences. This means that users can now have control over the types of data that are visible to others and the data shared with different entities. By integrating this functionality with blockchain technology, users can maintain their privacy while still taking advantage of the benefits offered by distributed ledger systems.

The patented system ensures data privacy in a straightforward manner. When information needs to be transmitted, it undergoes a thorough examination to ensure compliance with predefined rules. Once the data is found to meet the necessary criteria, it is encrypted and stored in a secure location. The receiver is then notified that the information has been sent and can access it using a special code.

Looking into the future, this patent promises a world where users can confidently share their data without compromising their privacy. For instance, imagine a scenario where a person wants to send their tax information to their accountant. With Bank of America's patented system, the user can easily customize the data access preferences, ensuring that only the necessary information is shared securely. Consequently, this reduces the risk of unauthorized parties gaining access to personal financial data and enhances overall data privacy.

The advantages of this patent are clear. It offers an effective, efficient, scalable, and convenient solution to securely share data in a distributed ledger system. By providing users with granular control over data access, this system allows for the sharing of only necessary information, reducing potential risks. Additionally, the system utilizes encryption techniques, such as public-private key pairs, to ensure that only designated target nodes can decrypt the data, further enhancing security.

It is important to note that, being a patent, there is no guarantee that the Multi-Computer System for Data Privacy and Governance will appear in the market. However, its potential to revolutionize data privacy and protection is undeniable. With data breaches becoming increasingly problematic, this patented system has the potential to provide a much-needed solution, ensuring that individuals retain control over their data while enjoying the benefits of digital connectivity and distributed ledger systems.

P.S. It should be noted that this invention is currently a patent and may not necessarily appear in the market. However, considering the importance of data privacy in today's world, the Multi-Computer System for Data Privacy and Governance presents a promising solution that could reshape how individuals and organizations safeguard their valuable information.

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