Bank of America Secures a Patent for a Cryptocurrency Risk Detection System for Blockchain Payments

Bank of America Wary of Crypto Transactions, Believes “It May be Desirable to Calculate Risk”

On Tuesday, April 30, 2019, the Bank of America filed for a patent that would allow the financial institution to detect potential risks of conducting a crypto transaction reports AMBCrypto. The patent, which was applied with the United States Patent and Trademark Office [USPTO], had a statement attached, which went as follows:

“As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to calculate the risk for performing a cryptocurrency transaction.”

The ultimate goal, as one would assume, is to reduce any risks attached, and the Bank of America plans to achieve this by ensuring factors such as transparency and trust hold. As for the risk system that will be in place, the abstract noted that a processor will be embedded. Said processor will receive requests for a transaction to be completed, and prior to completing them, it will run a couple of tests to gain the following types of information:

  1. Blockchain-related information
  2. Calculating the risk attached based on the crypto amount on the transaction
  3. Transaction history
  4. Public key usage

As for the “risk score”, it will used as an indicator to see whether or not the transaction falls under the category of suspicion, and if it is the case, then further action will be taken.

To read the proposal made, click here:

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