Bank of America Files Patent for Cryptocurrency Custody System

Bank of America Files Patent for Cryptocurrency Custody System
фото показано с : news.bitcoin.com

2018-8-27 02:15

The Bank of America Corporation has filed with the U.S. Patent and Trademarks Office for a secure means for the storage and custody of cryptocurrencies. The filing describes a system for recording and storing data pertaining to cryptocurrency transactions designed for enterprises.

Also Read: UK Banks Freeze Company’s Accounts After Owner Traded on Localbitcoins

Bank of America Files Patent for Cryptocurrency Custody System Designed for Institutions

Bank of America, the second largest banking institution in the United States, has filed with the United States Patent and Trademarks Office for a system designed to provide a secure means through which cryptocurrencies can be stored.

The patent, titled “Block Chain Encryption Tags,” describes “A system that includes a device with a processor is configured to receive a first set of data elements and to obtain an encryption key from a 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 reads.

Patent Filing Comprises “Reproduction” of 2014 Filing

The document states that Bank of America’s filing comprises a reproduction of a non-provisional application made in 2014 by James G. Ronca, titled “Cryptocurrency Online Vault Storage System”, stating that Mr. Ronca’s filing is “incorporated by reference as if reproduced in its entirety” and that “the present application is a continuation-in-part which claims priority” over the 2014 filing.

Bank of America emphasizes the growth of adoption among enterprises and corporations, concluding that such will “desire to store cryptocurrencies safely.”

What is your response to Bank of America’s numerous patent filings pertaining to blockchain and cryptocurrency technology? Join the discussion in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bank of America Files Patent for Cryptocurrency Custody System appeared first on Bitcoin News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0128519 (-100%)

bank custody system america patent cryptocurrency company

bank custody → Результатов: 15


Deutsche Bank applies for digital asset custody license in Germany

Investment bank Deutsche Bank AG has applied to provide cryptocurrency custody services in Germany, per a June 20 Bloomberg report. Deutsche Bank’s head of commercial banking unit, David Lynne, reportedly confirmed the bank’s application during a conference on Tuesday, saying: “We’re building out our digital assets and custody business.

2023-6-20 17:34


South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local news outlet Digital Today reported on March 27, KB Kookmin Bank filed a KBDAC trademark application in which it referred to the Digital Asset Custody subsidiary it proposed in January, […]

2020-3-27 18:10


Фото:

Northern Trusts are doing their part to aid in cryptocurrency investments

U.S.-based custody bank Northern Trust is helping traditional “mainstream” hedge funds expand into cryptocurrencies, Forbes reported Tuesday. Northern Trust’s president, Pete Cherecwich, told the news organization that the financial services firm is working with three hedge funds – whose names he declined to provide – to add cryptocurrency investments to their portfolios. To that end, Northern Trust

2018-8-1 19:55


BitUN Blockchain Bank And Bitrabbit Exchange Announce Cooperation

Two leading blockchain technology players, BitUN and Bitrabbit have entered into a strategic cooperation agreement. The agreement will see both parties conduct long-term and in-depth cooperation on various aspects such as funds custody, funds settlement and user system to fully integrate the superior resources of technologies, products and services to provide the most secure and […]

2018-7-12 12:40