On July 17, San-Francisco-based financial services giant Wells Fargo has filed a patent that includes “Tokenization system” so that it could protect data or any other important financial information on the blockchain, according to a filing published by the U.S. Patent and Trademark Office (USPTO). The new publication has a detailed system in which any data element be it in the form of document, graphic, or database value could be located, accessed, and protected by the help of tokenization.
Tokenization uses encryption to process an originally unstoppable data into a stoppable token that can be detokenized only by a specified user. The system uses cryptography to keep together the specific values and data under an authenticated digital signature.
The details in the document read, “The tokenization schema processes the unrestricted content into a corresponding restricted token. The token can include an embedded URL, where the URL is a link to submit a request to the Tokenization Service Provider to view the token as the unrestricted content.”
Joseph Weinberg who is the chairman of Shyft which is a blockchain-based identity platform for cybersecurity believes that the step of tokenization could help in the inclusive financing. He said,
“Tokenization is a powerful tool in facilitating the secure sharing of trusted and compliant data. In addition, tokenization systems hold the potential to level the playing field when it comes to access to capital and financial services, particularly for the 3.5 billion global citizens who are considered “unbanked” or “underbanked”.”
He also added, “To leverage this potential, we’ve recently launched a partnership with Polymath, the world’s first security token creation platform. And through this partnership, we plan to work toward a shared goal of building a future that is more financially inclusive and secure.”
He stated, “In order for media to survive and serve its value in our society, it has become crucial to adopt blockchain technology.” He also added that “tokenization” of media is quite necessary for the survival of media industry.
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