Bank of America Awarded New Patent for Storing Private Keys

  • Alex Dovbnya
    📰 News

    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

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.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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