Bank of America has obtained over 50 blockchain-based patents up to now in what executives state is a strategy to “be well prepared. ”
Bank of America (BoA) has obtained a further cryptocurrency-related patent, even a filing confirmed Oct. 30, continuing its efforts to “be prepared” to the industry’s potential growth.The brand new award, which adds to the lender ’s growing stack of cryptocurrency and blockchain patents, references storage methods for private keys.Specifically, the filing reads, present opportunities for ensuring private keys remain untampered with are insufficient. “[W]hile many […] devices could provide for acquiring evidence of a security violation (i.e., physical or non-physical tampering with the apparatus and/or the information ), these devices don’t provide for real time reaction to these breaches, such that misappropriation of private cryptography keys is averted,” BoA writes. The patent filing continues:“Thereforea need exists for a safe means for storing private cryptography keys. The desired storage means must lessen the danger of misappropriation of keys due to the keys being saved within a computing node that is frequently or, sometimes, continuously available through a public communication network, like the web. ”Since Cointelegraph has recently reported the banking giant has sought several patents in the past few months, all these relating variously to external validation, information storage and others.At the identical period, officials have remained highly suspicious of cryptocurrency itself, exposing charge card customers from buying it while acknowledging Bitcoin (BTC) represented a “upsetting ” difficulty because of the operations.In June, CTO Catherine Bessant reported that the patent regular should safeguard the lender ’s interests in case of the technology surrounding cryptocurrency becoming mainstream. “We’t got under 50 patents at the blockchain/distributed ledger space,” Fortune quoted her as saying at the time. “While we’theres not discovered large-scale opportunities, we would like to be ahead of it we are interested in being prepared.