The second bank of the United States, Bank of America (BofA), has requested another blockchain patent on the development of a secure encryption system, according to a patent document published by the US Patent and Trademarks Office (USPTO) 23 August
The patent, entitled "Blocked Chain Encryption Tag", describes a system for registering and archiving cryptocurrency-related transactions that are managed by businesses. In short, the invention offers a data security system for blockchain networks by implementing cryptography and linking data units to blocks of a certain blockchain.
In the deposited document filed April 18, 2018, the North Carolina-based bank introduced a system that includes a device with a processor that first receives a set of data elements and then acquires an encryption key before encrypting the elements inside the first block on a blockchain.
The device further combines the encryption key with the generated map of the encrypted elements to create and then encrypt the "tag creator", which is then further incorporated and published within the first block of the blockchain.
According to the document, the recent BofA patent application is a reproduced version of a US non-provisional application presented in 2014 by James G. Ronca and entitled "Cryptocurrency Online Vault Storage System."
BofA has previously adopted measures for the blockade adoption of the kchain technology, which has deposited nearly 50 blockchain-based patents as of June 2018, making it the largest holder of blockchain-related patents among all companies, beating even the IBM technology giant.
While BofA is one of the leading companies that promotes innovation in the sphere of blockchain, the bank is still skeptical of cryptocurrencies, despite having acquired a patent on the development of a digital exchange system in December 2017. A May, BofA reiterated its negative position towards the crypto, calling it "problematic" and confirming its decision to ban customers from buying encryption with their credit cards.
However, at the start of this year, the bank had admitted to US regulators that it might be "unable" to compete with the increasing use of cryptocurrency, arguing that the & # 39; inability to adapt "services and products to evolving industry standards and consumer preferences" can damage your business.