New Bank Of America Blockchain Patent Reveals Crypto Storage Plans aka Digital Safe Deposit Box
It is becoming increasingly evident that recently most big financial organizations have shown their interest in blockchain and cryptocurrencies. Bank of America which pretty much leads the way for patent applications just added another one, taking the total to more than 50.
The patent was only cleared this week, however, it had been filed in 2016. It notices that most of the private keys are saved in normal consumer-grade devices and are susceptible to being stolen by any bad-actor that desires to expropriate a customer’s identification.
The Abstract for the new patent says:
“The invention provides for systems and devices for hardened remote storage of private cryptography keys used for authentication. The storage device is tamper-responsive, such that receipt of a signal that indicates physical or non-physical tampering with the storage device or its components results in deletion of the private cryptography key(s) from the memory. The storage device is configured to be separate and remote from a computing node that executes an authentication routine requiring the private cryptography key(s) and, as such, the private cryptography key(s) are accessible to, but not communicated to, the computing node only when the computing node is executing the authentication routine.”
What this basically means is that BoA wants to make a platform that is essentially a bank for private keys. If the product launches, especially from a prestigious organization as Bank Of America, it is sure to find a market in the masses. Another part of their the patent wants to monitor the stored keys in real-time and give updates to the users if it is being tampered with.
Yet, this does not mean that Bank Of America is being bullish on crypto. Acquiring a fintech patent does not certainly indicate it will be used. A blockchain patent, like any other patent, is a set of exclusionary rights published by an official authority that an inventor or assignee gets in exchange for revealing their invention to the public.
The organization has been publicly criticizing cryptos, relying on patents mostly to appear progressive in the fintech community. They have openly called Bitcoin troubling and also acknowledged that it is a threat to their business model.