Bank of America to Store Cryptocurrency Keys
October 31, 2018 12:19 pm
The U.S. Patent and Trademark Office has awarded a patent to the Bank of America (BOA) for a device which stores cryptographic keys. The bank drafts a “hardened storage device” for storing private keys. These private keys will be used for blockchain platforms. The announcement said that the existing system contains most of the keys stored locally which doesn’t even have more than a password.
The patent said:
“In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction.”
The patent referred cryptocurrencies various times. It also said that open keys of other sorts must be applied to the proposed device.
The Bank of America (BOA) said that computers that store these keys are usually connected to the internet, other public networks or local storage. These keys are always susceptible to being misappropriated.
According to the patent, the need exists for a secure means of storing private cryptography keys. The current storage method should reduce the risk of a user’s private keys being stolen.
Catherine P. Bessant, CTO, Bank of America said that they had not found large-scale opportunities and they want to be prepared.
The BOA was awarded one more patent named “System for Managing Security and Access to Resource Sub-components” in May 2018. The patent describes how security tokens could be utilized to allow access to specific users to get the information contained in a particular block. It also said that the system would be automated and the network itself would grant and track access.