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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.

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24/08/2018  · Bank of America, the second-largest banking institution in the United States, has filed another patent application for a system that manages cryptocurrency storage in an enterprise environment. Public documents published on Thursday by the U.S. Patent & Trademark Office (USPTO) show that the Charlotte, NC-based firm has furthered its research into securing private keys in an.

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The latest patent from Bank of America talks about a cryptocurrency storage system. This patent, filed with the USPTO, which has been titled ‘BLOCK CHAIN ENCRYPTION TAGS’ talks about a blockchain-based system which manages cryptocurrency storage in an enterprise setting. The patent highlights how a system can be used to manage encryption.

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Despite holding other blockchain-based patents, this would be the first time Bank of America has worked with another cryptocurrency project for adoption purposes. It has been recently discovered that Bank of America may be cooking up a new real-time settlement system which will tap into Ripple’s distributed ledger.

04/11/2018  · The last bit is the novelty of the device or system, whatever form it takes. Bank of America wants to offer clients the ability to know in real-time when their private keys are being tampered with.

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Bank of America Submitted Patent for Encrypted Storage System for Cryptocurrency. August 26, 2018 Blockchain. Tags Bank of America Blockchain Blockchain Encryption Tags crypto storage system cryptocurrency transaction United States US Patent and Trademarks Office . It is highly interesting when watching companies from traditional industries start to embrace the likes of blockchain.