Wells Fargo Files Patent for Blockchain System to Tokenize Sensitive Data

[kreslik.news]

On July 17, US-based financial institution Wells Fargo officially filed a patent for a blockchain-based “system and methods to manage atokenization manifest.” In other words, the system would provide a pathway to create a tokenized representation of any sort of value–a token could be used in place of a bank account number, for example.

Additionally, the patent outlines plans to develop a bank-run “Tokenization Service Provider” that could tokenize pieces of information–documents, photographs, video, audio, and other pieces of digital media. Content owners submit the pieces of media, and the bank creates a token.

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