Bank of America Files Patent for Cryptocurrency Custody System

The Bank of America Corporation has filed with the U.S. Patent and Trademarks Office for a secure means for the storage and custody of cryptocurrencies. The filing describes a system for recording and storing data pertaining to cryptocurrency transactions designed for enterprises.

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Bank of America Files Patent for Cryptocurrency Custody System Designed for Institutions

Bank of America, the second largest banking institution in the United States, has filed with the United States Patent and Trademarks Office for a system designed to provide a secure means through which cryptocurrencies can be stored.

The patent, titled “Block Chain Encryption Tags,” describes “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 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 block chain, 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 block chain,” the patent reads.

Patent Filing Comprises “Reproduction” of 2014 Filing

The document states that Bank of America’s filing comprises a reproduction of a non-provisional application made in 2014 by James G. Ronca, titled “Cryptocurrency Online Vault Storage System”, stating that Mr. 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” over the 2014 filing.

Bank of America emphasizes the growth of adoption among enterprises and corporations, concluding that such will “desire to store cryptocurrencies safely.”

What is your response to Bank of America’s numerous patent filings pertaining to blockchain and cryptocurrency technology? Join the discussion in the comments section below!

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