Bank of America seeks to patent crypto vault for large-scale enterprises
The Bank of America (BofA), considered the second largest bank in the United States, has filed a patent application with the U.S. Patent and Trademark Office (USPTO) for the development of a cryptocurrency storage system. The patent application, dated August 23, describes a system that will help enterprises store and record their cryptocurrency transactions.
In its application, BofA describes a system involving a device whose processor is configured “to receive a first set of data elements and to obtain an encryption key from a memory,” which will be used to encrypt data received from clients. That data is then combined with the encryption key to make an encrypted element map, which, in turn, will generate a creator tag that will be embedded within the first block to be published on a blockchain.
This system essentially creates a secure digital vault where large-scale institutions and businesses can keep their cryptocurrency assets.
This patent is a reproduction of a non-provisional application that was made by James G. Ronca in 2014. BofA patent is a continuation-in-part of the application filed by Mr. Ronca titled “Cryptocurrency Online Vault Storage System.”
BofA has been greatly involved in the blockchain community, and this new patent has led to rumors suggesting that the bank may soon be venturing into the cryptocurrency industry. However, these speculations have been floating around since 2017 when the bank acquired its patent for a crypto exchange.
Currently, the Bank of America is the largest holder of patents—over 50 to date—related to the blockchain. However, Bank of America, like most banks, has shown little support for cryptocurrencies. According to reports, the bank does not want to engage in cryptocurrencies because of the numerous risks associated with the industry. The bank even denied certain clients access to the purchase of cryptocurrencies using their credit cards.
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