• Sat, 21 Sep 2019, 10:59 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Bank of America files patent for multi-tiered crypto wallet

“Bank of America” by Mike Mozart is licensed under CC BY 2.0 at https://www.flickr.com/photos/jeepersmedia/13755150294

Wed, 21 Aug 2019, 03:59 am UTC

Bank of America, the second-largest bank in the U.S. by assets, has applied for a patent for a digital currency wallet with multiple layers of asset access.

According to filing entitled “Multi-Tiered Digital Wallet Security,” the application would contain a multi-tiered wallet interface in a decentralized peer-to-peer network, which could possibly be public or private.

Users would be able to partition their digital currency holdings into one or more differentiated tiers or "compartments," which in turn could be secured by password and allow access only to the amount of holdings specified by the user. Users can enter one password out of several, and one password would grant access to one tier of the wallet while different password can open another tier.

The patent claimed that “… users may be able to hold their digital currency more safely and securely as compared to existing digital wallet information.”

The concept of the proposed patent may be similar to certain types of multi-signature bitcoin wallet, which requires a transaction to have two or more signatures before it can be executed. However, the filing imposed the need for a better digital wallet infrastructure since private keys can be forgotten, lost, or mishandled by third parties.

The North Carolina-based bank filed the application on February 2018 with the United States Patent and Trademark Office. The application was posted last week and listed Manu Kurian, a senior tech manager at the bank, as an investor.

According to CoinDesk, Bank of America has won 36 blockchain patent applications, and 31 are pending.

Just recently, American tech giant IBM also filed for a blockchain-based web browser patent, which “records and maintains a record of browser events in a blockchain using a peer-to-peer network.” Visited websites, bookmarks, search terms, cookies, and geolocations are possible kinds of data that can be saved on-chain.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,042.70 (-1.27%)
  • Ethereum (ETH) $215.41 (-0.84%)
  • XRP (XRP) $0.290900 (-0.86%)
  • Bitcoin Cash (BCH) $311.25 (-2.06%)
  • Litecoin (LTC) $73.88 (-2.14%)
  • Bitcoin (BTC) $10,042.70 (-1.27%)
Sep 20, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: LTC/USD Technical Analysis Summary
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
Coinbase considers listing 17 new digital assets including Kadena and Telegram
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
Bank of America joins blockchain-based trade finance network Marco Polo
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
Crypto trader Genesis acquires Qu Capital to bolster trading technology
Crypto Technicals: IOT/USD Technical Analysis Summary
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.