Bank of America Finally Wins Patent for Secure Digital Currency Storage System

Nov 07, 2018 at 13:27 // News
Author
Coin Idol
The proper acquisition and filing of patents is how big organizations express their interest in a particular field, and Bank of America (BofA) still leads, one for "tamper-responsive".

Several financial institutions have recently been hedging their bets or completely integrating cryptos. The proper acquisition and filing of patents is how big organizations express their interest in a particular field, and Bank of America (BofA) still leads, one for "tamper-responsive". On October 30, 2018, BofA put yet another crypto-related patent to its major collection of over 50 applications that were filed in similar field.

Tampering Detection

Essentially, BofA needs to operate as a bank for private keys. That product is positive to find a tactful market in fast order, so they have a patent on the idea to be the only big game in town.

The patent depicts a system of superfluous keys in which the system responds to tampering attempts automatically by removing the key from the compromised device.

“In specific embodiments of the system, the storage device further includes one or more sensors in communication with the first processor. In such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from the one or more sensors, delete the one or more private cryptography keys from the first memory.”

Crypto Exchange System

BofA’s latest crypto-related patent award, which was confirmed on Thursday October 30, defines storage methods for private keys.The patent was first filed in 2016.

Particularly, the filing reveals that recent attempts at ensuring private keys are not tampered with are inadequate.

“While many devices may provide for acquiring evidence of a security breach, such devices do not provide for real-time response to such breaches, such that misappropriation of private cryptography keys is prevented.”

In December last year, BofA was awarded a patent which outlines a crypto exchange system. According to the document, the system will automatically enable the conversion of one crypto into another, with the exchange rate to be ascertained based on the external data feeds.

Under the patent application, the suggested system would collect information from external data sources on the latest crypto exchange rates and use that data to produce its own optimal rate. The filing reads:

"Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving crypto have become more common. For some enterprises, it may be desirable to exchange currencies and cryptos."