Bank Of America bets on Blockchain and applies for patent for security system
The United States Patent and Trademark Office (UPSTO) reported in a document that Bank Of America filed a Blockchain patent application for the development of a secure cryptographic data storage system.
The patent is called "Blockchain Encryption Tags", and describes a system for recording and storing transactions related to cryptocurrencies managed by different companies in the country.
In this sense, the project offers a data security system for blockchain networks implementing encryption and coupling data units to the block chain nodes in particular.
The report of the application filed with the entity on April 18 indicates that the bank introduced a system that includes a device with computer elements that allows you to receive a set of data first before acquiring a key to encrypt the information in the first block of data. chain.
The device also combines the encryption key with the encrypted element map generated to create and then encode the "creator tag", which is then integrated and published in the first block of the chain.
According to the report, BofA's recent patent application is a reproduced version of a non-provisional EE application. UU presented in 2014 by James G. Ronca, member of UPSTO, entitled "Cryptocurrency Online Vault Storage System".
The bank has been implementing efforts for the adoption of blockchain, having submitted almost 50 patent applications based on block chains as of June 2018, which makes it the largest holder of technology-related patents among all companies, even surpassing the technological giant IBM.
Although BofA is one of the benchmark companies in the world that promotes innovation in the blockchain ecosystem, it is still not very enthusiastic about cryptocurrencies, despite having acquired a patent on the development of a digital currency exchange system in December 2001. last year.
In May of this year, BofA reiterated its negative attitude toward crypto, calling it "problematic" and confirming its decision to prohibit customers from buying crypto with their credit cards.
However, earlier this year, the bank admitted to US regulators that it could be "unable" to compete with the growing use of cryptocurrencies, claiming that the lack of capacity to adapt "services and products to the changing industry standards". and consumer preferences "can hurt your business.
Source: CoinDesk
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