Bank Of America Has Applied For A Patent For Storage Of
The second largest bank in the u.s., bank of america (bofa), has reportedly applied for a blockchain related patent associated with the development of a secure cryptocurrency storage system. the. In another sign that financial giants are starting to move into the cryptocurrency space, bank of america, the second biggest bank in the united states, has applied for a blockchain patent for the secure storage of cryptocurrency. titled “blockchain encryption tags” and described as a “system that includes a device with a processor is configured to receive a first set of data elements. The firm has applied for dozens of blockchain patents over the years, including quite a few that involve cryptocurrency in some capacity. in addition to its online vault storage system, the bank also applied for a patent for a cold storage system, as well as systems through which it could facilitate cryptocurrency payments and real time conversion. Bank of america files for cryptocurrency storage patent. bank of america, the second largest u.s. bank by total assets, has filed a patent with the u.s. patent and trademark office, which was published aug. 23. the development is comparable to patents awarded to, or applied by, several multinational corporations, such as ibm, wells fargo and. 50 patents and counting. surprisingly, the bank of america has always been a frontrunner in blockchain technology and has applied for various patents so far. to be exact, bofa has filed 50 blockchain related patents so far, starting from june 2018, even beating out ibm. but when it comes to cryptocurrency, the bank has always been skeptical.
Bank Of America Seeks Patent On Blockchain Based Data
Dozens of patents were filed by the bank of america in the past few years, including many that do involve cryptocurrencies. besides the online vault storage, bank of america did apply for a special patent that offers cold storage, together with systems that facilitate cryptocurrency payments. even real time conversion patents were filed. The bank has applied for 415 patents, also a company record. these applications relate to a variety of banking innovations, including money transfer, bill payments, atm transaction pre staging, check verification using augmented reality, and cardless and device less authentication technology. A new bank of america patent outlines a "hardened storage device" that can protect private keys from theft. the document leaves it open keys of other sorts to be applied to the proposed device.
Bank Of America Applies For Digital Wallet Patent | Cryptocurrency News 2019
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