Bank of America Awarded New Patent for Storing Private Keys

Wed, 10/31/2018 - 06:10

The second largest US bank is taking private key protection to a whole new level

Bank of America Awarded New Patent for Storing Private Keys

Cover image via U.Today

On. Oct. 30, Bank of America (BoA) was awarded a new crypto-related patent sub by U.S. Patent and Trademark Office (USPTO). The “tamper-responsive” device is specifically designed for storing cryptography keys. The document does mention such words as ‘cryptocurrency’ and ‘Blockchain’, but the potential use cases of the invention are not limited to digital assets.

The patent points out security vulnerabilities that are linked to storing private keys on a computer connected to the Internet. The remote storage solution will eliminate the risk of misappropriation.

As U.Today reported earlier, BoA is among the leading companies by the number of Blockchain patents. The second largest bank in the United States is also planning to offer crypto custody for investors.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.