Bank of America has applied for a patent for the secure storage of cryptocurrency investments. The application was published on the website of the Office for patents and trademarks (USPTO) last Thursday, August 23.
The document entitled “Block Chain Encryption Tags” [“Encryption tags blockchain”], describes an algorithm of fixing and storage of cryptocurrency transactions. In this system, the ordering of the blocks is due to the tagging:
“A device with a processor receives the first data packet and retrieves from the memory the encryption key. […] The first set of data is encrypted using this key and forms part of the first block; the same key is used to create encrypted maps block elements. Next, the processor generates a “master tag” for the base card and key, and also encrypts it includes in the first block, then that becomes part of the blockchain”.
The text also noted that the proposal includes work in progress the concept of programmer James Ronchi (James G. Ronca) “as a source of labor, close to full up.” However, in the application of Bank of America, according to representatives of agencies, there are notable differences that are worth paying attention in the first place.
The Bank has also focused on the growing demand for services related to cryptocurrency, among the institutional investors. Thus Bank of America hopes to attract new customers who would like to “safely store their scriptactive”.
In addition, in July financial institution has filed a patent application on the system data validation based on the blockchain.
