Bank of America had 56 patents in metaverse during Q1 2024. Bank of America Corp has filed patents for systems and methods related to multifactor user authentication using secure tokenization, providing self-service applications within virtual environments, integrating real-world interactions into virtual environments, pre-authenticating user devices for virtual operation areas, and dynamically tracking resources using non-fungible tokens. These technologies aim to enhance security, user experience, and resource tracking in various digital and virtual environments. GlobalData’s report on Bank of America gives a 360-degree view of the company including its patenting strategy. Buy the report here.

Bank of America grant share with metaverse as a theme is 32% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Multifactor authentication via bifurcated passcode and non-fungible token (Patent ID: US20240106649A1)

The patent filed by Bank of America Corp. describes a system and method for multifactor user authentication using secure tokenization, such as Non-Fungible Tokens (NFTs) and multiple passkeys. The system involves generating authentication NFTs based on user credentials and distributing passkeys to multiple holders. When authentication is requested, a plurality of passkeys are verified, and the NFTs are decrypted to authenticate the user based on the credentials. The system also includes a private distributed trust computing network for storing and verifying the authenticity of the NFTs.

The claims outline the specific functionalities of the system, such as generating authentication NFTs, verifying passkeys, and dynamically determining authentication requirements based on various parameters. The system is designed to ensure secure and reliable multifactor authentication by involving multiple passkey holders and utilizing cryptographic algorithms for decryption. Additionally, the system includes provisions for storing NFTs in a deactivated state and activating them when needed, as well as accessing NFTs through a private distributed trust computing network. Overall, the patent describes a comprehensive system for multifactor user authentication leveraging tokenization and distributed trust computing for enhanced security and reliability.

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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.