Patent For Storing Cryptocurrency Keys-The Bank of America was granted a patent for a gadget. As a result which stores cryptographic keys with the document’s subtle aspects alluding to applications for digital currencies.

Patent

In a patent granted Tuesday by the U.S. Patent and Trademark Office, the bank traces a  “hardened storage device” for putting away private keys. For example, those utilized for blockchain platforms, clarifying that at present. Most keys are put away privately and only secured by a secret code.

“In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction. As a blockchain transaction or the like.”

-the patent proclaimed.

Generally speaking, the patent reports it open keys of different kinds to be connected to the recommended gadget, however, the document mentions “cryptocurrencies” a few times.

Patent For Storing Cryptocurrency Keys-As per the Bank of America, local storage implies that the keys “are continuously susceptible to being misappropriated”. PCs putting them away are typically linked to the internet or other open networks,

Risk Reduction

Specifying that this storage method should “reduce the risk” of a user’s private keys from being stolen, the patent proceeds to state, “Therefore, a need exists for a secure means for storing private cryptography keys,”.

Given that the Bank of America is a copious filer of patents in this territory, it’s not surprising that it would suggest that its technology patents could be applied in the domain of cryptocurrencies and blockchain.

The Bank of America has been looking for patent rights to many conceivable applications. Similarly, as Fortune reported in June, with an end goal of “being prepared”  for future needs.

“While we’ve not found large-scale opportunities, we want to be ahead of it we want to be prepared.”

– CTO Catherine Bessant was cited as saying at an occasion in New York.

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