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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China’s Largest Mining Chip Maker, SMIC, Gains Regulator’s Approval On $2.8B IPO

One of China’s biggest semiconductor manufacturer, SMIC, announces plans to raise a $2.8 billion public sale IPO on the Sci-Tech Board of the...

Bitcoin Flash Crashes to $8,600 with BitMEX Shenanigans at Play Again

Bitcoin doing bitcoin things! Today, Bitcoin had yet another moment like March 12, although the price didn’t crash that low. Yesterday, Bitcoin jumped as high as...

AVA Labs Integrates Chainlink’s Decentralized Oracles to Improve DeFi Dapps Development

AVA blockchain, becomes the latest platform to add Chainlink, a decentralized oracle system to its platform. The integration of Chainlink to the Dapp blockchain...

Binance Korea to Improve KYC/AML Framework With Coinfirm's Compliance Solution

Binance South Korea unveiled a unique partnership with Blockchain analytics firm, Coinfirm that will help Binance remain compliant with the strict AML framework...

2nd Largest BTC Mining Pool, Poolin, Collabs With BlockFi, To Boost Crypto Lending Service

Poolin and BlockFi have formed a partnership as the latter aims to extend loans to the mining pool. Bitcoin (BTC) and mining equipment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today