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Bank of America Filed A Patent Application For Digital Currency Wallet

20 August 2019 12:10, UTC
Large financial institutions are increasingly appearing in crypto media: it became known that Bank of America seeks to patent a “partitioned” security system for digital currency wallets, which provides users with different levels of access to stored funds.

The second largest US bank filed an application called “Multi-Tiered Digital Wallet Security” at the US Patent and Trademark Office (USPTO) in February 2018. USPTO disclosed the application last week.

The application describes the processing of digital currency with a multi-tiered wallet interface in a decentralized peer-to-peer network. Users can enter one password from many: one password opens one wallet tier, another one opens a different tier. Conceptually, this solution resembles multi-signature wallets that have been around for many years. The application also explains the need for an improved digital wallet infrastructure: private keys may be lost, and third parties will not allow users to exercise complete control over the currency.

Recent Bank of America patent applications also include a blockchain architecture for regulation and a blockchain architecture for optimizing system performance and storage.

Image courtesy of USA Today