Bank of America files patent for cryptocurrency storage

Monday 27 August 2018 10:45 CET | News

Bank of America, a large US-based banking institution in the US, has filed a patent for a system designed to provide a secure means through which cryptocurrencies can be stored.

The patent, titled “Block Chain Encryption Tags,” is the second patent related to cryptocurrency custodian control that the bank is announcing, this time proposing a system that provides cryptocurrency storage for large-scale enterprise. This comes in addition to a similar cryptocurrency patent application filed in 2014, giving some credence to the idea that the bank is looking to make a move into cryptocurrency, albeit in a limited capacity for now, according to Bitcoin News.

Details about the patent involve the use of a computing device to manage blockchain encryption tags, building upon the earlier patent by Bank of America to create a digital vault storage system for large-scale, institutional cryptocurrency usage.

The patent is building upon the idea that consumers will want a place to safeguard their cryptocurrency outside of the use of private keys, which have been pegged as a bit too complex for the average user in terms of growing mainstream adoption, the online publication adds.

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Keywords: Bank of America, cryptocurrency, blockchain, patent, Crypto Storage, banks, US, innovation
Countries: World