Bank Of America Files Patent For Cryptocurrency Custody System Designed For Institutions

Bank of America, the second biggest banking institution in the United States, has filed with the United States Patent and Trademarks Office for a framework intended to give a safe means through which digital currencies can be stored.

The patent, titled “Block Chain Encryption Tags,” describes “A system that includes a device with a processor is configured to receive the first set of data elements and to obtain an encryption key from a memory.”

“The processor is further configured to encrypt the first set of data elements using the encryption key, to embed the first set of encrypted data elements within a first block for the blockchain, and to generate a first encrypted element map identifying the locations of the first set of encrypted data elements within the first block. The processor is further configured to combine the encryption key with the first encrypted element map to generate a creator tag, to encrypt the creator tag, to embed the creator tag within the first block, and to publish the first block to a blockchain,” the patent reads.

The document states that Bank of America’s filing contains a reproduction of a non-provisional application made in 2014 by James G. Ronca, titled “Digital currency Online Vault Storage System”, expressing that Mr. Ronca’s filing is “incorporated by reference as if reproduced in its entirety” and that “the present application is a continuation-in-part which claims priority” over the 2014 filing.

Bank of America gives emphasis to the development of adoption among enterprises and organizations, presuming that such will “desire to store cryptocurrencies safely.”