фото показано с : blokt.com

Market observers have been predicting that big institutional investors and traditional financial institutions are plotting their foray into the cryptocurrency market for some time. But if the latest speculations are correct, Bank of America, one of the world’s largest financial institutions, might already be preparing its entry into the market based on the bank’s latest patent application with the US Patent & Trademark Office (PTO).

Bank of America filed a patent application with the US Patent and Trademark Office for an encrypted cryptocurrency storage system. The application, which was published by the US PTO on Aug 23, is titled “Block Chain Encryption Tags.” It details the banking giant’s research on the development of an ultra-secure blockchain-based crypto storage system.

It is not the first time that Bank of America has filed for a blockchain-related patent. Back in April, the banking giant also filed for a patent titled “Automated Data Authentication and Service Authorization via Cryptographic Keys in a Private Blockchain.” This shows that the firm is either keen on using blockchain technology to enhance its systems and processes or has plans of entering the cryptocurrency market to service the needs of the bank’s clients who might be interested in digital currencies.

In the description of the bank’s August patent application, the submitted document noted some instances where the patent might be used. The application says:

“In general, an enterprise may offer a variety of financial services that may utilize cryptocurrency. For example, currency exchanges are used by customers, such as customers of financial institutions, to exchange one currency for another currency. Some currency exchanges may involve converting one currency into a cryptocurrency such as Bitcoin, Litecoin, Ripple, Peercoin, or Dogecoin. To execute such an exchange, an enterprise may receive payment from a customer in a quantity of one currency to exchange for an amount of a cryptocurrency equivalent to the received payment from the customer. Essentially simultaneously or shortly thereafter, the enterprise may convert the first currency into the cryptocurrency. Alternatively, the enterprise may to convert the first currency into the cryptocurrency within a window of time.”

The bank’s description of its patent application seems to hint that it may be planning to engage with cryptocurrencies or, at least, offer crypto-related services, such as the storage of digital assets to its clients. Based on its number of past patent filings, the bank has already shown a keen interest in blockchain technology. In fact, Bank of America is one of the corporations with the most blockchain patents, even outdoing IBM, according to a report by Bloomberg.

However, not everyone agrees that Bank of America has plans to enter into the crypto market. In fact, one of its former VP, Michael Wuehler, believes that the bank’s blockchain patent filings are all meaningless and only good for press releases. In his Twitter post, Wuehler wrote:

My name is on 8 of the 50 Blockchain patents filed by BofA and from my perspective they are meaningless other than making for press releases and public perception of innovation. https://t.co/5OUzbg7qKx

— Michael Wuehler (@wuehler) August 25, 2018

Bank of America Planning Cryptocurrency Entry Based on Its Latest Patent Filing? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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