This post was most recently updated on December 5th, 2018
Bank of America was granted a patent for a hardware to store cryptographic keys. The patent document titled “Systems and devices for hardened remote storage of private cryptography keys used for authentication” hints that the device might be used for cryptocurrency storage.
The patent aims to store private keys on offline hardware device explaining that most of the keys are stored locally and are not protected by anything more than a password.
The patent also states — “In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like,”
Despite the patent document mentions 7 times the word “crypto-currency” it leaves it open for the device to be used for any sort of private keys.
“In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like” the patent states.
This invention which is similar to the Ledger Nano S or other cryptocurrency hardware devices is a necessity according to the Bank fo America sating that “Therefore, a need exists for a secure means for storing private cryptography keys,” And because of the risk of private keys stored locally saying that they “are continuously susceptible to being misappropriated.”
It is not a surprise that Bank of America connecting their patent with crypto-currencies and blockchain since they are a constantly filing for patents in this area.
Fortune reported in June about 50 blockchain patents filed from Bank of America.
“We’ve got under 50 patents in the blockchain/distributed ledger space,” said Bank of America’s chief technology officer, Catherine Bessant, during the CB Insights Future of Fintech even in New York on Wednesday. “While we’ve not found large-scale opportunities, we want to be ahead of it we want to be prepared.”
Earlier this month MasterCard filed for a patent to process bitcoin transactions on credit cards. The Race to Patent the Blockchain is a sign of the technology’s promise and that cryptocurrencies and blockchain are the future of our money and our financial system?
Please post your opinion in the comments below.
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