According to the document, published on 23 August, the Office for patent and trademark United States, the second largest U.S. Bank – Bank of America has filed one patent application related to Baccano, which describes a cryptographic system for data storage.
In the patent “Encrypted blockchain-tags”, filed 18 April 2018, it tells about a system that records and stores information about cryptocurrency transactions undertaken by the companies. This invention is a data protection system for blockchain-based networks using encryption and bind pieces of data to blocks of the blockchain.
The system includes a device with a processor that first receives a set of data, encrypts them within the first block of the blockchain, and then receives the encryption key. After that, the device integrates the encryption key to the encrypted “map” elements to create and encrypt “tag Creator”, which can be embedded and published in the first block of the blockchain.
According to the document, the patent is an updated version of the regular patent application “Online storage of cryptocurrency”, submitted in 2014 by James G. Ronka.
BoA long time trying to put blockchain technology to the service by June 2018, the Bank has filed about 50 patent applications related bloccano. It makes him, apparently, the largest holder of blockchain patents, leaving behind even the IT giant IBM.
But as one of the leading companies promoting innovation in blockchain-sphere, BoA at the same time skeptical about the cryptocurrency itself – even despite the fact that in December of 2017 received a patent for the development of the exchange of virtual currencies. In may, BoA again responded on cryptocurrency negatively, calling them “problematic” and said that continued to prohibit customers purchase cryptocurrencies using their credit cards.
In February of this year, BoA admitted to US regulators that may be “not in condition” to compete with the proliferation of cryptocurrencies. The Bank also stated that its inability to adapt “products and services to evolving industry standards and consumer preferences” can cause harm to his business.