Bank of America Files Patent "Blockchain Encryption" for Crypto

Bank of America (BoA), a big US-based banking institution, has filed a patent for a mega system created to give a more secure means for keeping Crypto.

The patent, dubbed "Blockchain Encryption Tags," is so far the second patent related to crypto custodian control which BoA has filed, this one detailing a system that offers crypto storage for large-scale enterprise. 

This is in addition to another similar crypto patent application that was filed in 2014, lending some credence to the idea that the BoA is considering making a move into crypto, although in a limited capacity at this time. 

BoA to Create a More Effective Digital Vault Storage System 

More details surrounding this patent, involve the use of a computing device to manage Blockchain encryption tags, building upon the earlier patent by BoA to develop a digital vault storage system for an efficient, large-scale and institutional crypto usage. 

Kathy Bessant, CTO of BOA, said:

“As a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it’s] designed to be not transparent.” 

The patent is casting upon the significant idea that consumers will need a secure place to safeguard their crypto outside of the use of private keys, which have been pinned and pegged as a bit too intricate for the conventional and average user in terms of increasing mainstream adoption.