Bank of America Scores Patent Approval for Crypto Storage Product

Nov 05, 2018 at 22:01

The Bank of America has secured another patent for a remote storage of private keys which it claims to be tamper-responsive.

According to its filing that was submitted two years ago but only finalized and made into public this week, its solution aims to solve the problem with existing storage methods for private crypto keys that do not provide real-time response to breaches.

The patent added that its motivation for the project is the fact that majority of private keys today are only stored in regular consumer-grade devices that are at risk for being misappropriated by individuals who want to usurp a user’s identity.

Under the filing, Bank of America aims to become a bank for private keys and work like a digital safe deposit box with the requisite insurance and backing of a major banking corporation.

Further, the patent describes the system to be composed of redundant keys that automatically responds to tamper attempts by deleting the key from the potentially compromised device and can monitor both digital and physical compromise of the device.

Likewise, the company also explained in the patent that users will be required to configure what tamper signals are and how they are processed.

Banks are becoming more receptive to crypto products as Swissquote, a bank based in Switzerland recently enabled its clients to easily become a part of initial coin offerings, the first bank worldwide to allow such service.