Bank of America Implies Plan for Storage of Crypto Keys
In the patent that was granted by the USPTO, the bank provides an initial framework for a device that will store private crypto keys, like the ones used for blockchain-based networks, as opposed to the current storage of keys which are most likely protected by just a password.
It was further explained in the document that in particular versions of the system, verification is done within the cryptocurrency Tx, a blockchain Tx, or something of the sort.
Digital currencies are mentioned a few times within the patent, but the suggested product will be compatible with other kinds of open keys as well.
A More Secure Approach
As per statements by the bank, current storage of such keys is always vulnerable to hacks because the computers storing them are most likely always online through the internet or other networks. So, a real need exists for security of these crypto keys, which will lead to a decrease in the overall risk of hacking.
The BoA is no stranger to patents for technologies that could be implemented for cryptos and blockchain. Last June, it was reported that the bank was looking into multiple patents in order to secure rights to a lot of feasible applications, as a way to prepare for the future. The CTO of the bank, Catherine Bessant, shared that the bank is always looking ahead and desires maximum preparation.