Blockchain Patent For Data Tokenization System Filed By Wells Fargobr>
Wells Fargo, the third-largest US bank, is developing a “system and methods to manage a tokenization manifest,” according to a filing published by the US Patent and Trademark Office (USPTO) on July 17.
Wells Fargo’s patent application, called Data element tokenization management, details a system that would provide a pathway to create a tokenized representation of any sort of value. According to the filing, tokenization implements methods of encryption which help turn an initially unrestricted piece of data into a restricted token that can be “detokenized” only by a specified system user. It would also allow multiple authorized entities to access a piece of tokenized information.
“The described methods would “address the requirement to protect data even when it is stored in a publically [sic] accessible environment, such as the cloud, within a blockchain or distributed ledger, in a flexible way that is file and data element neutral,” the filing said. “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 bank elaborated.
Joseph Weinberg, Chairman of blockchain identity ecosystem Shyft, said that tokenization is a powerful tool in facilitating the secure sharing of trusted and compliant data.
“Tokenization systems hold the potential to level the playing field when it comes to access to capital and financial services, particularly for the 3.5 billion global citizens who are considered “unbanked” or “underbanked,” Weinberg said.
During the MoneyConf event in Dublin last month, Circle co-founder and CEO Jeremy Allaire said that global society is “at the beginning of a tokenization of everything” that will extend to “every form of value storage and public record.”
“Once you have an open global immutable record-keeping system, [a] transaction-processing system and [a] secure computing environment, you can re-conceptualize on a global basis every aspect of finance… corporate and commercial law, the intermediation of contracts, [and] crucially all of the systems we use in [both corporate and civic] decision making,” Allaire said at the time.