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Bank of America Applies for Blockchain Based Encrypted Crypto Storage System Patent


According to U.S Patent and Trademarks Office (USPTO) on 23rd August, Bank of America (BoA), which is one of the largest banks of the country has again applied for a blockchain patent for developing a trusted crypto storage system.
The patent clearly defines the system of storing and recording transactions which are related to cryptocurrency and are handled by different enterprises. It has been titled as 'Block Chain Encryption Tags'. In simple words, it helps to provide a system of data security for networks dealing in blockchain encryption and linkage of data units to the blocks of a particular blockchain.

The patent document which was filed by the bank on 18th April 2018, introduces a system which has a processor attached with the device in which the data elements are received which are securely encrypted on the blockchain.

The document also mentioned that Bank of America's patent is an evolved version of a non-provisional application which was filed in 2014 by James G. Ronka with the title of "Cryptocurrency Online Vault Storage System".

Bank of America has even taken many steps previously regarding blockchain technology as it has signed approximately 50 patents based on blockchain technology as of June 2018. This has reportedly made Bank of America the largest holder of patents related to the blockchain.

Indeed, Bank of America is one of the top companies dealing in the innovation of blockchain technology, however, it is also sceptical regarding cryptocurrencies despite having patents for developing a digital currency system in late 2017. Bank of America even showed its negative stance towards Crypto, calling it "troubling" and it has also banned its clients from buying cryptocurrencies with the help of their credit card.

"services and products to evolving industry standards and consumer preferences"

Opposite to that, at the beginning of the current year, the bank even confirmed to US regulators that it might not be able to compete with the continuously growing usage of cryptocurrency and its inability to modify its "services and products to evolving industry standards and consumer preferences” can hurt its business."