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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