Bank of America Applies for Blockchain Patent for Crypto Storage

The Bank of America (BofA), has applied for blockchain patent on the development of a safe and protected crypto storage system.

This is according to a patent document that was released by the U.S. Patent and Trademarks Office (USPTO).

The patent, called “Block Chain Encryption Tags,” defines a system of documentation and keeping cryptocurrency-related transactions that are tackled by enterprises. In short, the invention provides a system of data security for blockchain networks by applying encryption and connecting data units to the blocks of a certain blockchain.

In the patent filed on April 18, 2018, the North Carolina-based bank launched a system that is comprised of a device with a processor that receives a set of data elements, and then obtains an encryption key before encrypting the features within the first block on a blockchain.

The device mixes together the encryption key with the generated encrypted element map to create and then encrypt the “creator tag,” which is then further embedded and published within the first block of the blockchain.

According to the document, the recent patent application by BofA is a replicated version of a U.S. non-provisional application that was filed in 2014 by James G. Ronca and titled “Cryptocurrency Online Vault Storage System.”

BofA has taken steps for adopting blockchain technology, having filed almost 50 blockchain-based patents as of June 2018, making it the largest holder of blockchain-related patents among all firms.

While BofA is one of the foremost firms that supports innovation in the blockchain sphere, the bank is still skeptical when it comes to cryptocurrencies, despite having obtained a patent on the development of a digital currency exchange system in December 2017.