Wells Fargo targets patent for tokenization system

Posted 18 July, 2018

American bank Wells Fargo from San-Francisco has filed a patent application for a tokenization system. The new system is aimed at protecting data. The application was submitted to the US Patent and Trade Office. 

According to the released application, tokenization will underlie in location, access or protection of the data (e.g. graphic, document, database elements).

As the application reads, the system will encrypt the data element which was opened into the restricted token, so only specified user will be able to open it (so-called detokenization).

The company spokesperson stated that with the tokenization system it is possible to protect data regardless of the place of storage, for example in the cloud, blockchain.

Besides, content owners or managers are said to be able to choose the way of tokenization as well as the form in which users that do not have access to the data will see it, for example as randomized text or via blacking out.

Notably, the bank expresses interest in the crypto technologies, though it has lately banned clients from buying cryptocurrencies via Wells Fargo credit cards, citing potential investment risks.

Nevertheless, the bank will remain among the pioneers in the blockchain taking into account the first interbank blockchain deal for cargo shipment to China closed in 2016.

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