Bank of America Files Patent for Storage and Custody of Cryptocurrencies

The second largest banking institution in the United States, Bank of America Corporation has filed with the U.S. Patent and Trademarks Office for a secure means for cryptocurrency storage and custody. The patent details a system for an enterprise level of recording and storing data pertaining to cryptocurrency transactions.

Bank of America has filed a patent with the United States Patent and Trademarks Office for a system aimed at providing enhanced security measures for storing cryptocurrencies.

The patent submitted, is called “Blockchain Encryption Tags,” states the purpose as:

“A system that includes a device with a processor is configured to receive a first set of data elements and to obtain an encryption key from a memory.”

The patent further states:

“The processor is further configured to encrypt the first set of data elements using the encryption key, to embed the first set of encrypted data elements within a first block for the blockchain, and to generate a first encrypted element map identifying the locations of the first set of encrypted data elements within the first block. The processor is further configured to combine the encryption key with the first encrypted element map to generate a creator tag, to encrypt the creator tag, to embed the creator tag within the first block, and to publish the first block to a blockchain.”

The patent describes that Bank of America’s filing includes a reproduction of a non-provisional application called “Cryptocurrency Online Vault Storage System” created by James G. Ronca, back in 2014. Bank of America’s submission states that Ronca’s filing is “incorporated by reference as if reproduced in its entirety” and that “the present application is a continuation-in-part which claims priority”.
Bank of America expounds the mainstream adoption for blockchain technology by enterprises and corporations, claiming that they will be seeking means to secure their cryptocurrency.