Bank of America intends to patent a “shared” security system for cryptocurrency wallets , which provides different users with different levels of access to stored funds.
The second-largest US bank, located in Charlotte, North Carolina, filed an application called “Multi-Level Digital Wallets Protection” with the US Patent and Trademark Office (USPTO) in February 2018. The USPTO published a bid last week and mentioned Manu Kurian, senior bank engineer, as an inventor.
The patent application describes the processing of digital currency with a multi-level wallet interface in a decentralized peer-to-peer network. Users will be prompted to enter one of several passwords, with one password opening one wallet level and another one another level.
Bank of America filed 36 patent applications
The application help section explains that there is a need for an improved digital wallet infrastructure, since private keys may be lost and third parties do not allow users to take complete control over their currency.
The application indicates a multi-level location as one of the ways to increase security:
“Through the digital wallet interface, the user may be able to share digital currency reserves into one or more differentiated compartments or storage levels. Each of the compartments can be password protected and can give access only to the amount of digital currency reserves specified by the user. ”
To date, Bank of America has filed 36 patent applications for blockchain technology , 31 of which are pending.
Publication date 08/20/2019
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