BoA submits its patent for approval back in June 2014. The patent explains how an enterprise account can aggregate, securely store client crypto assets. Also, the patent says,
As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.
Further, the patent by Bank of America emphasizes following functionalities:
- The possibility to pursue transactions
- Currency conversion into an account
- Negating the requirement for exchanges
- Simplifying the purchase with an exchange of cryptocurrencies
- Minimizing the fees
Back in February, a report filing with the U.S SEC, BoA outlines how cryptos can threat traditional banking. Observing a hedge against Fintech and following their rapid enhancement of legacy systems, Bank of America has been continually filing various crypto and blockchain patents. Further, Catherine Bessant, the chief operations and technology officer at BoA says,
We’ve got under 50 patents in the blockchain/distributed ledger space. While we’ve not found large-scale opportunities, we want to be ahead of it. However, we want to be prepared.
Meanwhile, the other firm Amazon receives just two patent awards. In April, they file their first on adding security to customers’ signatures. They were looking to guard the digital signatures integrity and encrypting communications.
Amazon decides to base the encryption system build on a structure- Merkle tree. This structure develops by hashing pair data until there remains a single hash- Merkle root. The motto of the project is to safely and efficiently validate large sections of data.
Their second patent was seen in December 2015. This patent aims to store data using a grid encoding technique. Moreover, data will get in shards and then gets groups together and distribute accordingly. These techniques are purposefully for extending grids relating data storage systems.
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