Bank of America applies for yet another blockchain patent

The bank is beating IBM in the blockchain patents race

Bank of America (BofA), has filed a patent for a blockchain-based crypto storage system, according to a document published by the US Patent and Trademarks Office (USPTO).

Entitled ‘Block Chain Encryption Tags’, this describes a system of recording and storing cryptocurrency-related transactions that are handled by enterprises.

Abstract as follows: “A system that includes a device with a processor is configured to receive a 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.”

So many patents

The US’s second-largest bank is the largest holder of blockchain-related patents among all companies. As of June, it had filed nearly 50, even beating out IBM.

The latter is hot on its heels, however. Earlier this month, Coin Rivet reported that the tech giant had applied for a blockchain patent to ensure transaction compliance through nodes data, according to a document published by USPTO.

Abstract as follows: “A blockchain may be used to store transactions in an immutable ledger. The types of transactions may vary and the information from the transactions could be used to identify information about nodes in a particular network. One example operation may include one or more of identifying a number of nodes operating on a blockchain, determining a new blockchain transaction, and determining one or more of the nodes as having one or more characteristics based on the new blockchain transaction.”

Also earlier this month, US FI Capital One filed a patent application for blockchain-powered user authentication to make it easier to comply with regulatory process of major security requirements, such as KYC (Know Your Customer).

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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