Bank of America Awarded Blockchain-based Crypto Storage Patent
Bank of America is adding another crypto-related patent to the pile. On Tuesday the U.S. Patent and Trademark Office awarded BoA the patent allowing them to offer a blockchain-based “hardened storage device” customers could use to store private keys.
According to the document,
“In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like.”
Right now, most keys are simply protected by a password that could be easily hacked.
According to Bank of America keys stored on computers that are connected to the internet are continually vulnerable to misappropriation. The patent goes on to say this new storage method should “reduce the risk” of a customer’s private keys being stolen.
The patent is just one of dozens that Bank of America has applied for over the last few years in an effort to “be prepared” for the industry’s future growth. Whether the company plans to implement any of its nearly 50 crypto-related patents sooner rather than later remains to be seen.