Market Analysis

Bank Of America Applies For A New BlockChain Based Patent Again.

As per a patent document revealed by the U.S. Patent and Trademarks Office ‘USPTO’, the United States second-largest bank, ‘Bank of America’ has applied for an additional blockchain patent as per the development of its new secure crypto storage system.

The patent applied is entitled “Block Chain Encryption Tags,” describes a system of recording and storing digital transactions that handled by the enterprises. This invention in short offers a new system of security for blockchain networks by implementing encryption and linking data units to the blocks of a precise blockchain.

In the patent document filed, the North Carolina-based bank introduced a system that has a tool with a processor that 1st receives a group of data elementsand then acquires the associated secret key before encrypting the elements among the primary block on a blockchain.

The device is further said to combine the key generated with the element map to create the “creator tag,” that is then more embedded and revealed among the primary block of the blockchain.

According to the document, the recent application by Bank Of America could be a reproduced version of a U.S. non-provisional application filed by James G. Ronca entitled “Cryptocurrency on-line Vault Storage System” back in year 2017.

The Bank has antecedently taken steps for adopting blockchain technology, having filed nearly fifty blockchain-based patents Till this month, creating it reportedly the biggest holder of blockchain-related patents among all firms, even beating the technological giant company ‘IBM’.

While BofA one amongst the leading firms that promotes innovation within the blockchain sphere, the bank continues to be sceptical towards digital currencies.

However, earlier this year, the bank had admitted to U.S. regulators that it is becoming hard to keep up with this growing crypto network, claiming that the inability to adopt its services and products as per evolving standards are halting its business.

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