New Bank of America Crypto Asset Patent Titled “Multi-Tiered Digital Wallet Security” is Submitted
The Bank of America is seeking to receive a new interesting patent. The patent will be called “Multi-Tiered Digital Wallet Security” and would be related to a security system that could be used for crypto wallets and would give “different levels of access” to the funds.
This new patent was published last week and filed in February 2018. According to its description, it was created by Manu Kurian, who currently works as the senior technology manager at the institution.
According to the document that describes the idea, the wallet would have several tiers. Different passwords would open up different sections of the wallet. This way, more than a single person could use the same wallet and have different access to the funds, which is something that would be very useful to organizations that want to use a single wallet.
The company’s argument is that this provides much better infrastructure for digital wallets because third-parties can be allowed without having full access. This is said to be a huge improvement for security.
It seems, though, that the idea is not really so innovative. We have similar wallets attempting to do the same for years now. Multi-signature Bitcoin wallets are nothing new, despite what you call them.
At the moment, the Bank of America has won 36 blockchain-related patents. 31, including this one, are still pending at the moment. Unfortunately, it is hard to say if this will pass, as there are similar ideas already in the market.