Cryptocurrency Storage System Patent Filed by Bank Of America

Bank of America is the 2nd largest bank in the USA. Some time back we have seen several banking institutions showing their interest in Cryptocurrency Sector. Now we see the Bank of America has filed a patent which is related to the Cryptocurrency Sector.

Patent on Cryptocurrency Storage

The Bank of America has filed a patent titled ’BLOCK CHAIN ENCRYPTION TAGS’ on 18th April 2018. The technical details of this patent according to the US Patent page is

This invention relates generally to providing information security for a block chain, and more specifically, to a system for encrypting and linking data elements within blocks of a block chain.

By this we can see that this patent is related to the security of the blockchain and storage. Currently, there are some financial institutions providing some facilities related to Cryptocurrency for storage purposes.

Acquiring this patent will allow Bank of America to enter the Cryptocurrency Sector and let the clients store their Cryptocurrencies Securely with the help of the banking services.

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. as mentioned on the US Patent Webpage.

This patent focuses on the hardware processor that securely stores the data. Which will help enterprises who deal with cryptocurrencies for their business, they will be able to store their cryptocurrencies securely in the bank.

Also, We see that this patent is a reproduction of a patent filed in 2014 by James Ronca, titled “Cryptocurrency Online Vault Storage System”. Let’s wait and see if this patent will be issued to Bank of America and how they will use it in their banking sector.