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.

Gianmarco Ebeling

Economics student with a passion for high-tech and innovation. Enthusiastic about the blockchain revolution and his potential to improve all aspects of our lives.

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