Bank of America Applies for Blockchain-Based Encrypted Crypto Storage System Patent

Express News

By Cointelegraph|Updated: August 28, 2018

The U.S.’s second-largest bank, Bank of America (BofA), has actually looked for another blockchain patent on the advancement of a safe crypto storage system, inning accordance with a patent document released by the U.S. Patent and Trademarks Workplace (USPTO) August 23.

The patent, entitled “Block Chain File Encryption Tags,” describes a system of recording and keeping cryptocurrency-related transactions that are handled by business. Simply put, the creation provides a system of information security for blockchain networks by implementing file encryption and connecting data systems to the blocks of a certain blockchain.

In the patent file filed on April 18, 2018, the North Carolina-based bank presented a system that consists of a gadget with a processor that first receives a set of information components, then obtains a file encryption key prior to securing the aspects within the very first block on a blockchain.

The device further integrates the encryption secret with the generated encrypted component map in order to produce then encrypt the “creator tag,” which is then more embedded and released within the very first block of the blockchain.

Inning accordance with the document, the recent patent application by BofA is a recreated variation of a U.S. non-provisional application submitted in 2014 by James G. Ronca and entitled “Cryptocurrency Online Vault Storage System.”

BofA has actually formerly taken steps for embracing blockchain technology, having submitted almost 50 blockchain-based patents since June 2018, making it reportedly the biggest holder of blockchain-related patents amongst all business, even beating the tech giant IBM.

While BofA is among the leading companies that promotes development in the blockchain sphere, the bank is still sceptical towards cryptocurrencies, despite having actually obtained a patent on the advancement of a digital currency exchange system in December 2017. In Might, BofA restated its unfavorable position towards crypto, calling it “troubling” and verifying its decision to prohibit clients from purchasing crypto with their credit cards.

Previously this year, the bank had actually confessed to U.S. regulators that it may be “not able” to contend with the growing usage of cryptocurrency, declaring that the failure to adjust “products and services to progressing market requirements and customer choices” can damage its company.