26 Aug Bank of America Files for Cryptocurrency Storage Patent
[ad_1]
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 Intuit.
BoA’s Push into Crypto
Filed last April, the patent, titled “Block Chain Encryption Tags,” details a system that identifies the first entered data values to a block, subsequently denoting a “creator tag” to such datasets and assigning them to a blockchain on a first-processed basis.
The patent indicates its application function as recording and storing digital transactions–mainly for enterprises and large-scale businesses. It also details a data security mechanism for blockchain networks by linking encrypted data units for a specific blockchain.
Unlike most blockchain patents that focus on a sophisticated software process, BoA’s patent calls for a hardware processor that encrypts…
[ad_2]
Source link