USA’s second largest banking institute, Bank of America, is on a verge to get the acquisition of cryptocurrency custody system as it has filed the patent for the same. The proposal suggests generating a secure system for data storage of cryptocurrency transactions done for enterprises.
Seeing the fraudulent involved in cryptocurrency, Bank of America has proposed a system for secure and safe dealing. The banking institute has already filed the patent with the United States Patent and Trademarks Office for that proposed cryptocurrency custody system.
The patent has been titled as “Block Chain Encryption Tags,” and explains the mechanism about the proposed system. It described it as a system which consists of a device along with a processor configured in association to collect the primary data elements and to attain an encryption key with the help of memory.
In that system, the processor is also configured to do data embedding of the first set of a data element in and around the first block for the blockchain. It’s another function is to produce the first encrypted element map which can quickly identify the location of that encrypted data element in and around the first block.
The extension of the proposal
According to the patent document, the cryptocurrency custody system includes additional clauses referencing the re-filing of a previous non-provisional application submitted by James G. Ronca in 2014. Specifically, the earlier application, titled “Cryptocurrency Online Vault Storage System,” marked the first attempt to enhance safety and security within the cryptocurrency space. Furthermore, the current patent asserts itself as a direct extension of that original application and explicitly claims priority over it.
Bank of America put much of stress on development and espousal of this system among the enterprise and corporations to do safe and secure storage of cryptocurrency.
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