Wells Fargo Bank Will Use Tokenization To Protect Data

YOU NEED TO LEAVE WELLS FARGO! // 5 Reasons Why I Left Wells Fargo Bank and You Should Too!

American bank Wells Fargo wants to patent a system for access to any digital data and their protection using tokenization.

Recently, the United States Patent and Trademark Office published this application. It says that the developed system uses encryption methods to convert an unlimited amount of data into a corresponding limited token, which can later be recovered or detokenized only by a specific user. Cryptography is used to bind specific values ​​to digitally signed data.

Wells Fargo Bank Will Use Tokenization To Protect Data

The tokenization system can be used to control access and confidentiality, to verify the origin of information, and to preserve its integrity by detecting any inconsistent changes in the structure. The bank’s management claims that their method will ensure data protection even in a public environment such as the cloud or blockchain..

Various combinations of digital signatures are provided for interaction. This allows you to tokenize individual parts of the file and determine in what form it will be available to users with limited access. For example, blurring text, accidentally rearranging words, or darkening.

As a reminder, Boeing will use blockchain to control drones.

text: Ivan Malichenko, photo: Bloomberg

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