The largest financial conglomerate Bank of America (BofA) has submitted to the Bureau for registration of patents and trademarks USA (USPTO) another patent application related to the technology of the blockchain.
This time the application is called the Block Chain Encryption Tags tied to the development of a system for recording and reliable storage of cryptocurrency transactions undertaken by the companies.
The design includes a device with a processor that first receives a set of data elements, receives the encryption key, and then encrypts these data elements within the first block of the blockchain. 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.
In fact we are talking about the system of secure storage of private keys cryptocell major customers. The Bank reported that the patent system with an eye to the future:
“With the development of technology, financial operations with cryptocurrency becoming more common. For some companies, can be quite cost-effective to store your cryptocurrency in a safe place”
Recall that, as of mid-February, Bank of America leads in the number of patent applications that describe solutions using blockchain technology.
According to estimates Bitcoin Patent Report, this financial institution from 2013 to June 2018 has filed about 50 relevant applications, including 23 in 2016. This fact makes BofA the largest holder of patents related to the technology of the blockchain, surpassing even such tech giants as IBM.
Despite this, Bank of America in the annual report acknowledged that cryptocurrencies pose a threat to its business model, among the risks noted and the need for additional costs on competition with new technologies, including virtual currency.