The advent of new technology in recent years, such as contact payments technology, along with the ever evolving sophistication of cyber criminals has led to increased concern being paid both at a corporate and a consumer level to the protection of confidential information. To counterbalance this, a wave of new technologies are being developed, proposed, and implemented that aim to better protect confidential information.
. The technology that is the subject of this patent appears to be aimed at providing an additional layer of protection to owners of confidential information.
You can attempt to distil the patent specifications for yourself here, here and here. The patent specifications use the example of a customer to a major financial institution, such as a bank. The specifications discuss the fact that banks currently hold a trove of extremely valuable information about customers and the fact that once that information is disclosed, customers have very little means to know or control how that information is used and by whom. The risk of misuse is therefore significant. As recently reported, the costs of misuse of information to individuals, banks and society is growing significantly.
Tata Consulting Services’ patent specifications outline a system and method that may enhance the protection of confidential information through multiparty and multi-level authorisations. Such a system would apparently allow a person to determine precisely what information is being used and for what purpose, by requiring multiple parties and multiple levels of authorisations to complete a particular transaction.
Whilst such technology has potentially broad application, it also has the potential to add time, cost and effort to the processing of transactions. As such, the extent to which companies will be willing to implement such technology remains to be seen.
Similarly, it is not known whether the patent will ever reach the light of day through commercialisation.
What is clear is that there is significant appetite within society for new technologies that protect consumer and business information.
Undoubtedly we will see significant movement in this space in the future.