Wells Fargo has filed a patent for development of a tokenization system that would be used to protect data. The San-Francisco-based bank filed the patent with the U.S. Patent and Trademark Office (USPTO) on July 17.
Details of the patent
The application has details pertaining the system. The system will accommodate all types of data whether graphic, a document or data value. Using the system, this data can be well kept, easily accessed and protected by way of tokenization.
According to the patent, tokenization is done through encryption methods that break down unrestricted data elements into restricted tokens. The tokens can only be redeemed or “detokenised” by a specific user. In the system, cryptography is used to attach values to data using an authenticated digital signature.
Boosting confidence and confidentiality
The system will serve several purposes. It will boost security and transparency and increase the confidence of users. Additionally, it will authenticate the origins of data and detect any undue modifications to an element so as to protect its integrity.
According to Wells Fargo, tokenization will help in protecting even data stored in environments that can only be accessed publically.
The new system is very flexible so as to allow content owners and managers to set the right value for the tokens. The tokens can be fully or partially used in any file. Additionally, the system allows content owners and managers to tailor usage of the data by restricting access. Restricted access is done though blacking out, randomized text and blurring.
Recently, Jeremy Allaire, the CEO and Co-Founder of Circle, a payment company was quoted saying that there is a “crypto revolution,” in which society has tokenized everything that involve storage of value and public records.
Although the bank is embracing technology on which cryptocurrencies are built, it has very been very critical of cryptocurrencies. The bank does not allow customers to buy crypto using its credit cards. This is because of the investment risks that come with digital currencies.
The bank was one of the first institutions to use the interbank trade on a blockchain system. The bank used the system in international shipment.