As pera patent documentrevealedby the U.S. Patent andTrademarks Office ‘USPTO’, the United States second-largest bank, ‘Bank of America’ has applied for an additional blockchain patent as per the development of its new secure crypto storage system.
The patent applied is entitled “Block ChainEncryptionTags,” describes a system of recording and storing digital transactions that handledby the enterprises. This invention in short offers a new system of security for blockchain networks by implementingencryptionand linking data units to the blocks ofa preciseblockchain.
In the patent document filed, the North Carolina-based bank introduced a systemthat hasa toolwith a processor that1streceivesa groupof data elements,and thenacquires theassociated secretkeybeforeencryptingthe elementsamongthe primaryblock on a blockchain.
The deviceis further said tocombine the key generatedwith the element map to create the “creator tag,”thatis thenmoreembedded andrevealedamongthe primaryblock of the blockchain.
According to the document, the recentapplicationby Bank Of Americacould be areproduced version of a U.S. non-provisional application filed by James G. Ronca entitled “Cryptocurrencyon-lineVault Storage System” back in year 2017.
The Bank hasantecedentlytaken steps for adopting blockchain technology, having filed nearlyfiftyblockchain-based patents Till this month,creatingit reportedlythe biggestholder of blockchain-related patents among allfirms, even beating thetechnological giant company ‘IBM’.
While BofAone amongstthe leadingfirmsthat promotes innovationwithin theblockchain sphere, the bankcontinues to besceptical towards digital currencies.
However, earlier this year, the bank had admitted to U.S. regulators that it is becoming hard to keep up with this growing crypto network, claiming thatthe inability to adopt its services and products as per evolving standards are halting its business.