Bank of America Is All Set To Build Their Data Storage Systems With Block-chain
Data is crucial in any sector. Securing, storing, retrieving and authenticating people by matching ID’s with stored data are some of the functions to perform with data. Data storing systems are responsible for implementing these under professionals.
We all know the advantages that the blockchain technology brings to the sector which uses it. Security, Transparency and digital management are some of them. Bank of America is all set to replace their data storing systems with a blockchain system.
Patenting an idea will prevent any duplicates that might get registered again. USPTO (the United States Patent and Trademark Office) is an agency that grants patents and registers trademarks for companies. It is mandatory for companies to get a trademark registered.
The thought to change their (Bank of America) data systems to blockchain is originated after observing a patent application. The application was filed in the year 2016. It states that blockchain technology is a viable replacement for data storage systems. Data will be categorized as personal and business data. Data will be protected, and the authentication system will only allow persons that are allowed to view/edit.
We use mails and portals to transfer personal and business data. Employees will have dedicated portals and office mails for their office data. The personal data will be in another mail. A chance of data corruption, multiple storage locations are the problems detected in this case.
Blockchain system aimed to solve this issue by creating a centralized system where users will have all categories of data in a single digital ledger assigned to them. Inside the ledger, data is categorized and people can access it easily. This is more of a secured, efficient and result oriented approach achieved with blockchain system.
Adding to features, the system will consist of log and updates it every time someone accesses the data. Generally, Banks have branches in different cities. Data storage systems are arranged accordingly to ease up the access of data. Blockchain system is also aimed at this problem and has a solution. All data storage systems will be combined and form a single network with a blockchain. This step will decrease the locations for allocating data systems.
Bank of America is going the right way by selecting blockchain. Advancements in technology have no boundaries. We should upgrade with new technologies to be able to survive between hacks, bugs and errors. Let’s hope that all banks will soon start using blockchain and utilize its functionalities according to requirement.