Bank of America had 57 patents in blockchain during Q4 2023. Bank of America Corp filed patents in Q4 2023 for a resource distribution card device with OTP generation, leveraging augmented reality for secure user verification, utilizing AI and ML for intelligent resource exchange event authentication, implementing distributed ledgers in OTP verification, and computer-implemented human trafficking detection using AI and ML to identify illicit businesses. GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.
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Bank of America grant share with blockchain as a theme is 31% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Smart chip enabled one-time password resource distribution card (Patent ID: US20230421368A1)
The patent filed by Bank of America Corp. describes a resource distribution card device with a microprocessor capable of generating a One Time Passcode (OTP) for multi-factor user authentication. The device includes an OTP application that receives signals indicating predetermined events, generates the OTP, and communicates it to a backend computing platform for verification. The device can use Random Number Generator algorithms, NFC mechanisms, and user input to trigger OTP generation, ensuring secure authentication processes.
The claims detail various aspects of the resource distribution card device, including pre-registration with an OTP module, synchronization for OTP generation, and methods for triggering OTP generation such as reading stored information, NFC activation, and deviation from user baseline events. The patent also covers a computer-implemented method and a computer program product for initiating multi-factor user authentication using the resource distribution card device. These methods involve generating OTPs, transmitting them to a backend computing platform, and communicating them to users based on pre-registered identifiers. The patent emphasizes secure authentication processes through multi-factor verification and the use of distributed trust computing networks for OTP verification and storage.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
