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Bank of America Files Patent for Blockchain and Crypto Storage System

The report by US Patent & Trademarks Office (USPTO), Bank of America files patent regarding blockchain-based cryptocurrency storage system.

Bank of America (BofA) is the United States’s second-ranking banking institution. BofA files another patent application regarding a system that handles cryptocurrency storage in an enterprise.

On Thursday, the public document was posted by the U.S. Patent and Trademark Office (USPTO) specifying the NC-based firm, Charlotte has researched about protecting the private keys in an institutional organization. However, in April, the organization initially applied for this patent.

Entitling the patent as “Block Chain Encryption Tags”, explains a system of storing and recording cryptocurrency transactions under enterprises.

The patent visualizes a future where cryptocurrency is widely accepted by the public. However, the consumers will still assign their funds to the custodians including banks instead of handling their own private keys.

The abstract is as follows

  • A system that involves a device with a processor configuration receiving the initial set of data elements and obtaining an encryption key from the memory.
  • The processor will further configure encryption of the initial set of data elements via encryption key. This will embed the first set of encryption data elements therein the first block for blockchain. Also, to create the initial encryption element map detecting the locations of the set of encryption data elements therein the first block.
  • The processor will further configure to unite the encryption key with initial encryption element map making a creator tag. However, this will encrypt the creator tag; embed tag within the first block, and will publish the initial block to a blockchain.

The authors wrote,

Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency.

Another Patent

Together with corporate giants including Walmart, IBM, Bank of America is amongst the most prolific investors in the US belonging to the blockchain research field.

Bank of America has already applied for several blockchain patents, including some related to cryptocurrency. In addition, to its online vault storage system, the firm also files a patent for a cold storage system. However, the systems which could help facilitate cryptocurrency payments together with real-time conversions.

The latter is hot on its heels! However, earlier this month, according to the previous reports, the tech giant has filed a blockchain patent ensuring the transaction compliance via nodes data. This was clarified from the document posted by USPTO.

The abstract is as follows

A blockchain can be helpful for storing the transactions in an immutable ledger.

The transaction types might differ and transaction data can identify the information about nodes in a specific network. One example:

  • The operation might involve one or more to identify a number of nodes working on a blockchain,
  • Determining a new blockchain transaction,
  • Determining one or more nodes holding one or more attributes depending on the new blockchain transaction

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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