The Bank of America recently won a patent for securing cryptocurrency storage through a ‘tamper responsive’ remote storage of private keys. The patent is said to add to the growing list of patents that have been secured by traditional financial institutions. It’s a move that shows the growing interest in cryptocurrencies from numerous organizations.
Initially, the patent was filed two years ago but was finalized and entered into the record just last week. From the documents, the system will try to address the problem with existing storage methods for cryptocurrency private keys. The patent aims to be a better substitute for existing devices which are meant for storing crypto private keys.
The document states that:
“Such devices do not provide for a real-time response to such breaches, such that misappropriation of private cryptography keys is prevented.” The patent adds that most private keys are stored in regular consumer-grade devices, and they are “susceptible to being misappropriated by an entity that desires to usurp a user’s identity.”
With the introduction of the patent, the Bank of America hopes to serve as the bank for private keys. A digital safe deposit box that has the necessary insurance and backing of a significant banking corporation. If they go ahead and commercialize the ‘product now,’ they are likely to find a massive market for it.
The bank will give its clients the ability to know in real-time if there is an issue with their private keys and as well provide a viable solution to the problem. This invention is aimed at serving all types of clients. Although, the biggest beneficiaries will be the exchanges and large corporation who are always subjected to hackings.