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A recent Coin Telegraph report suggests that major financial institutions could get even closer to the cryptocurrency space. The second largest bank in the United States, Bank of America (BofA), has applied for a patent related to the blockchain associated with the development of a secure cryptocurrency storage system. The patent is titled "Block Chain Encryption Tag", according to the report, and is the latest in a series of nearly 50 blockchain patents deposited by the bank since June 2018.
Secure Crypto Storage System [19659003] The latest BofA patent describes a system used to record and archive transactions in digital currency for companies. The invention aims to create a data security system that uses cryptography and the linking of data blocks to specific blocks within a given blockchain. The patent document was filed on April 18, 2018, even if the document was not published by the US Patent and Trademarks Office until the end of August
The new BofA system combines an encryption key with a map of encrypted elements that generates and encrypts a so-called "tag creator". This tag is embedded and published within the first block of a blockchain. The patent application suggests that the new invention is a reproduced version of a US non-provisional application from 2014 entitled "Cryptocurrency Online Vault Storage System."
Last efforts by BofA
BofA has already shown great interest in space blockchain. With a dozen patents filed in June this year, BofA is probably the largest patent holder of blockchain in the country. It also affects technology giants such as IBM (IBM). However, while BofA is at the forefront of innovation in the blockchain space, the bank remains skeptical towards cryptocurrencies in the broadest sense. BofA has acquired a patent related to the development of a cryptocurrency exchange system in December of last year, but since then has clarified its opposition to digital tokens, defining "cryptocurrency issues". BofA has also moved to prohibit customers from purchasing digital currencies with bank credit cards. All that opposition can be questionable, though; BofA has also admitted that it may be "unable" to compete with cryptocurrency, especially if digital tokens will become mainstream
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