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Cryptocurrencies

Bank of America files patent security system for crypto wallet

Tuesday 20 August 2019 | 10:56 AM CET

Bank of America has been seeking to patent a security system for digital currency wallets that gives different users different levels of access to the stored funds.

The large US bank filed an application entitled ‘Multi-Tiered Digital Wallet Security’ with the United States Patent and Trademark Office (USPTO) in February 2018 and published the application in August 2019. The application describes the handling of digital currency with a multi-tiered wallet interface in a decentralised peer-to-peer network. Users would be prompted to enter one password out of several, and one password would open one tier of the wallet while another password would open a different tier.

The application points to a multi-tier arrangement as one way to improve security, as there is a need for better digital wallet infrastructure since private keys can be lost and third parties do not let users exercise complete control over their currency.

To date, Bank of America has won 36 blockchain patent applications, with 31 pending, according to CoinDesk. Other recent patent applications filed by the bank include one for blockchain architecture to optimise system performance and data storage.

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