Bank of America Patents Security System for Cryptocurrencies
August 27, 2018
Bank of America has filed and patent application to the U.S. Patent and Trademarks Office to register cryptocurrency security and storage system. The attached document describes the system for safe recording and storing data on crypto operations for commercial use.
The application titled “Block Chain Encryption Tags” covers details on a system which includes a processor for acquiring the first data set and encrypting from memory.
“The processor is further configured to encrypt the first set of data elements using the encryption key, to embed the first set of encrypted data elements within a first block for the block chain, and to generate a first encrypted element map identifying the locations of the first set of encrypted data elements within the first block. The processor is further configured to combine the encryption key with the first encrypted element map to generate a creator tag, to encrypt the creator tag, to embed the creator tag within the first block, and to publish the first block to a block chain”, the patent runs.
Remember that Bank of America is the US’ second largest bank. Amid growth of interest to the blockchain technology the bank made a point of proper security for using it for commercial purposes.