Bank of America Files Cryptocurrency Patent
August 27, 2018 11:58 am
The US Patent and Trademarks Office has received an application from the Bank of America Corporation for a patent to secure the custody and storage of cryptocurrencies. The application outlines a system for the storage and recording of data for cryptocurrency transactions among enterprises.
This is great news for the people in the United States as there have been a lot of speculations as to whether cryptocurrency trade would be sanctioned or banned. Notably, Bank of America is the second largest bank in the United States of America. The institution is looking to make storage of cryptocurrencies easy and secure.
The said patent is titled as “Block Chain Encryption Tags”. The description of the patent states “A system that includes a device with a processor is configured to receive the first set of data elements and to obtain an encryption key from a memory.”
The original application was made back in 2014 and the current filing is a reproduction. It was then called “Cryptocurrency Online Vault Storage System”. The Bank of America has highlighted that the growth and adoption of cryptocurrency among corporates and enterprises is increasing rapidly.
Now that the financial institutions are coming on board with cryptocurrencies and blockchain technology, this will encourage the crypto markets for a healthy and sustained growth.