Bank of America files patent for Cryptocurrency custody system

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

The patent document about the cryptocurrency custody system adds some extra clause about the re-file of the previous non-provisional application made by James G. Ronca in the year 2014. The application, titled as “Cryptocurrency Online Vault Storage System” was the first attempt to make the cryptocurrency world safe and secure. This current patent recommended that it is an extension of the “Cryptocurrency Online Vault Storage System” application only and claims over its priority.

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.