Wells Fargo files a ‘Data element tokenization management’ patent

Wells Fargo and Company, an American multinational financial company has filed the ‘Data element tokenization management’ patent. The inventors of the patent are Phillip H. and Jeffery J and the patent was filed on the United States Patent and Trademark Office on 17th July 2018.

Patent filed by Wells Fargo || Source: United States Patent and Trademark Office

Patent filed by Wells Fargo || Source: United States Patent and Trademark Office

The invention protects the confidentiality of the various occurrences of the data within the information objects and the managed tokenization process prevents unauthorized access. It also provides technical non-repudiation, data integrity, and origin authenticity. The patent states:

“The systems and methods address the requirement to protect data even when it is stored in a publically accessible environment, such as the cloud, within a blockchain or distributed ledger, in a flexible way that is file and data element neutral. “

The invention identifies multiple data components of a data file such as data elements, field-level components, object identifiers, and tokenizes the selected data components. The location of this will then be bound by a digital signature within the information objects. The signature will be certified by a Public Key Infrastructure [PKI]. The binding of the tokenized data proves the origin authenticity of the signer.

The patent further states:

“The digital signature of the information cryptographically binds a tokenization manifest [containing information regarding the tokenization process and access control) to the object containing tokenized components.”

The digital signature also detects any accidental or malicious changes made to the object. This would ensure the data integrity and authenticity of the source and the tokenized component. The invention has a recovery mechanism for the tokenized component and it can be located. Moreover, each information object can have object-specific control through the binding contract.

The patent gives the following example:

The tokenized components may contain signed attributes that identify the users and access levels for each user, such that each user either has access to ‘all’ tokens or a listed subset. Alternatively, the TSP may determine the object-specific access controls with the content owner.”

Eustan, a Redditor says:

“To protect data from audits, I presume, considering their history of scamming their customers.”

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