Cryptocurrency

Bank of America Acquires Patent for Crypto Storage System

Bank of America

Most of the large financial firms are involved in blockchain technology in quite a capacity. It proves the industry’s interest in this technology.

Bank of America, which is the second largest bank in the US, keenly aimed to offer private keys — a digital safe deposit box. Earlier this week, it has secured a blockchain patent from the US Patent and Trademark Office (USPTO), reportedly.

About the Patent

The patent is a ‘tamper-responsive’ remote storage of private keys, and it was filed two years ago. The patent elaborates that the limitation in existing storage methods for private crypto keys is “such devices do not provide for a real-time response to such breaches, such that misappropriation of private cryptography keys is prevented.”

It adds that a large number of private keys are stored in consumer-grade devices and are “susceptible to being misappropriated by an entity that desires to usurp a user’s identity.”

The new invention is supposed to serve all types of clients, but one imagines exchanges and other larger firms which are a frequent target of hack attempts being the biggest beneficiaries.

Functions of the Patent

While the patent describes its functions with the possible cases, it points out to a structure having redundant keys in which the system automatically reacts to tamper attempts by removing the key from the potentially compromised device.

The system can also operate this function if physical tampering is detected. Suppose a device is stolen, provided solution by the patent is: “In other specific related embodiments of the system, the one or more sensors further comprise at least one of a shock sensor, an acceleration sensor and a temperature sensor, in such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from at least one of the shock sensor, the acceleration sensor and the temperature sensor, delete the one or more private cryptography keys from the first memory.”

Or if a virus or malicious code is detected, the operation given in patent is, “In other specific embodiments of the system, the first processor is further configured to receive the tamper-related signal, from the computing node. In such embodiments of the system, the tamper-related signal indicates that a user has exceeded a predetermined number of attempts of inputting user authentication credentials to the authentication routine.”

Now when the bank has the patent, they can commercialize the product based on the patent. If it happens, then the product will pave the way in the market quickly.

About the author

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work.

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