Bank Of America Acquires Blockchain Patent For Enterprise-Grade Crypto Storage Solution
Bank Of America Acquires Patent For Enterprise Grade Crypto Storage
Bank of America, the second largest bank in America was just awarded a patent that aims to secure cryptocurrency storage through a ‘tamper responsive’ remote storage of private keys. This supplements the increasing list of patents that have been acquired by established institutions [Amazon, American Express, IBM, Salesforce, Xerox]. This demonstrates the growing interest in the crypto ecosystem by traditional firms.
Even though the patent was filed a couple of years ago, it was only awarded yesterday.
The abstract of the awarded patent says:
“A system includes a memory and a processor. The memory may store a customer account associated with a customer and an enterprise account associated with an enterprise. The processor may be communicatively coupled to the memory and may cause the system to receive a request to deposit a first amount of a cryptocurrency in the customer account from the customer. The processor may also cause the system to determine a public key associated with the customer account and receive the first amount of the cryptocurrency. The processor may further cause the system to determine a first value approximately equivalent to the first amount of cryptocurrency and associate the first value with the customer account. The processor is further able to aggregate the first amount of cryptocurrency with an aggregated amount of the cryptocurrency in the enterprise account and facilitate securing the public key in the enterprise account.”
Essentially, the bank’s operation would require a processor and memory which will store the private key linked with the crypto asset holdings. This would thus promote authorized transactions too. It utilizes less bandwidth and memory and also needs the smallest possible computational resources. Clients will be able to participate in transactions by getting access to their specific accounts. Transactions will be executable straight from the accounts.
Bank of America has been taking an active interest in cryptocurrencies and blockchain being able to secure multiple patents in the recent months. As huge institutions enter this space, it is necessary that there are enterprise-grade tools present to aggregate their demands.