Bank of America, the second largest bank of United States, filed a patent application for a cryptocurrency storage system.
According to a public document published by the U.S. Patent and Trademarks Office (USPTO) on August 23, the North Carolina-based bank wants to provide a management system for storing cryptocurrency.
The patent seems to be the continuation of a proposal they already had submitted in 2014.
The document alludes to a future in which cryptocurrency is universally adopted and the need for improved technology to securely store them:
“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.”
How it works
The system includes a processor that receives the first set of data elements and obtains an encryption key to encrypting the elements within the first block on a blockchain.
The processor is further configured to combine the encryption key with the first encrypted element map to generate a creator tag, which is then further embedded and published within the first block of the blockchain.
Previously in May, the bank won a patent over a blockchain innovation to increase their security and data privacy.