Bank of America Files For An Encrypted Digital Currency Storage System

According to the latest patent application filing by the U.S. Patent and Trademarks Office (USPTO) on August 23, Bank of America is working on blockchain-based storage system for the secure storage of digital assets in the enterprise environment.

The patent, named as “Blockchain Encryption Tags”, talks in detail about a blockchain-based computer system that would manage the encryption tags along with looking into storing and recording crypto-related transactions.

The patent talks about a future scenario wherein cryptocurrencies are used as means of daily transactions and where the crypto users entrust their funds to enterprise custodians like banks instead of maintaining their own private keys.

The patent notes: “Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency.”

The latest Bank of America patent notes that it is in line with the earlier patent titled “Cryptocurrency Online Vault Storage System” filed by the BoA four years back in 2014. The Bank of America has remained actively involved in its pursuit of blockchain and crypto patents, with more than 50 patents to its name currently.

In addition to the vault storage system, the bank has also received patent for cold storage systems and other systems using which it can facilitate cryptocurrency payments as well as real-time conversions.

However, it doesn’t mean that BoA is pro-crypto but instead its executives have criticized digital currencies on several occasions.  They have also referred to cryptos as a “troubling” payment system and that investors should not remain much positive on these speculative instruments.