Bank of America Interested in the patent for the storage of cryptocurrencies


Cryptocurrency- Despite the lack of positive price movement in cryptomarkets in previous weeks, the adoption and recognition for industry continue to rise. While 2018 has aspects to remember as the worst bear cycle in the lifetime of crypto, many industry experts have wanted to emphasize that the adoption for cryptocurrency is at its highest point, with more fintech companies and banks seeking to enter the blockchain and cryptocurrency space.

Bank of America, the second largest banking chain in the United States, recently filed its second patent concerning the control of cryptocurrency custodians, this time proposing a system that provides cryptocurrency storage for big business. According to public documents filed with the U.S. Patent and Trademark Office and published on Thursday, Bank of America is aimed primarily at institutional investors and other businesses in forming a source to protect private keys. This is in addition to a similar cryptocurrency patent application filed in 2014, giving some credit to the idea that the Charlotte bank, in North Carolina, is trying to enter the cryptocurrency, although for the time being it has limited capacity.

Patent details concern the use of a processing device to manage block encryption labels, based on the earlier Bank of America patent to create a digital vault archiving system for the use of large-scale and institutional cryptocurrencies. Predicate on patent design is the idea that cryptocurrency could become a ubiquitous form of payment, reaching market saturation levels needed by consumers to en masse. Similar to the current model of credit card storage in banks, the BoA patent is based on the idea that consumers will want a place to safeguard their encryption outside the use of private keys, which have been considered to be a little too complex for the average user in terms of growth in traditional adoption. The BoA method involves the creation of digital deposits, similar to their physical counterparts, with the bank that has been entrusted with the custody status on the funds, essentially to renounce the role of the individual in maintaining security and ownership of the key private. Specifically, the patent alludes to the need to improve technology if cryptocurrency continues to gain ground as a source of payment,

"Companies can manage a large number of financial transactions on a daily basis." With the advancement of technology , financial transactions involving cryptocurrency have become more common.For some businesses, it may be desirable to store cryptocurrency securely. "

Compared to other companies, the second largest banking branch in the United States has had an active presence in cryptocurrency, having already requested dozens of patents related to encryption over the years. While the most recent deposit focuses on the creation of a digital deposit and custody property, the BoA also has patents related to cold storage and payment methods to encrypt this exchange in real time. The list of patents and their nature indicates that the bank is trying to prepare itself in the event that Bitcoin becomes mainstream, despite several BoA executives criticizing the use of cryptocurrency, comments not surprising given the relationship between the crypto and the traditional world of banks.

In addition to the aforementioned negative comments regarding cryptocurrency, Bank of America has denied certain customers access to the crypto purchase through credit cards.

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