Bank of America: Blockchain Based Crypto Storage Patent Applied

Bank of America is the second largest bank in the USA. It has applied for one more patent based on the blockchain. This time the bank is going to implement a secure crypto storage system.

The patent title is “Block Chain Encryption Tags”, and its content describes a system that will be used for recording and storing transactions related to cryptocurrency. It is intended to be used for enterprises, including the bank itself.

The system is based on the blockchain networks and implements encryption and linking data units in blocks of a particular blockchain.

Further, the encryption key is applied, and the encrypted element map is generated to create the creator tag, and then to encrypt it. Further, this creator tag is embedded and published in the blockchain.

The bank is now the largest holder of blockchain related patents and looks like it isn’t going to stop with the achieved results.

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