Bank of America patents a system for storing data on cryptocurrency transactions

Bank of America patents a system for storing data on cryptocurrency transactions


The largest financial conglomerate of Bank of America (BofA) gave in Bureau on registration the U.S. Patent and Trademarks Office (USPTO) the next patent request related to blockchain technology.

For this time a request under the name “Block Chain Encryption Tags” is related to development of the system, intended for a record and reliable storage of data about the cryptocurrency transactions carried out by companies.

Development includes a device with a processor, that gets the set of elements of data first, gets the key encryption, whereupon codes these elements of data into the first block  blockchain. After it a device unites the key encryption with the in cipher “map” of elements, to create and cipher “tag creator” that is built and published in the first block blockchain.

In fact, we are talking about a system for secure storage of private keys from cryptotices of large customers. The bank is informed that they are patenting the system with a vision for the future:

“As technology develops, financial transactions using cryptocurrency are becoming more common. For some companies it may be quite cost-effective to store cryptocurrencies in a safe place “

Recall that, as of mid-February, Bank of America leads in the number of patent applications, which describe the solutions using blockchain technology.

According to the Bitcoin Patent Report, this financial institution, from 2013 to June 2018, submitted about 50 relevant applications, 23 of them in 2016. This fact makes BofA the largest holder of patents related to blockchain technology, surpassing even such a technological giant as IBM.

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