Blockchain

Bank of America applies for yet another blockchain patent

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).

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

1 month ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

1 month ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

2 months ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

2 months ago