Bank of America files patent for cryptocurrency custody system

Avatar By Le Williams | 2 years ago

Bank of America has filed another patent to adopt blockchain technology and implement cryptocurrency storage.

According to Bitcoin’s website, the document comprised by the Bank of America aims to solve this problem by constructing its own blockchain system and protocol (“encryption method”) and waller.

The patent claims “a device, comprising: a memory operable to store encryption keys” and a processor configured to “receive the first set of data elements” and store it on the blockchain. While it does not make a direct reference to cryptocurrencies, the source it subsequently cites does.

The patent cites James G. Ronca et al.’s 2014 patent entitled “Cryptocurrency online vault storage system”, known as online wallets.

The document further explains that certain enterprises have recently become more open towards performing transactions with and storing their assets in cryptocurrencies. It then proceeds to describe the various forms cryptocurrencies are stored at present by enterprises.

Ronca et al. clearly desired to build a cryptocurrency wallet, as they claimed “a system comprising of a memory and a processor communicatively coupled to the memory […]” that would allow the system to store the private key associated with a cryptocurrency and generate two wallet (“vault”) keys that would be stored in two separate data centers.

In translation, this is a program that would encrypt a user’s private key and store it on two separate servers at the same time.

While the intentions expressed by the Bank of America are not exactly the same, the financial institution has suggestive initiatives to meet the needs of those enterprises that chose to employ cryptocurrencies for financial operations.