Bank of America intends to patent multi-level digital wallet

Bank of America, the second largest financial institution in the United States, is patenting a multi-level digital wallet security system. The corresponding application was filed in February 2018 and published by the US Patent and Trademark Office last week.

The document describes the principle of creating a multi-level interface for a cryptocurrency wallet in a decentralized peer-to-peer network.

By entering one of several correct passwords, users will be able to access a particular wallet level.

“Through the digital wallet interface, a user of a computing device can divide assets in digital currencies into several elements. Each of these elements can be password protected and provides access only to the amount of digital currency that the user defines, ”the document says.

According to the authors of the application, the need for an improved infrastructure of digital wallets is explained by the fact that private keys can be easily lost, and third parties do not allow users to get full control over cryptocurrency assets.

In general, the principle of the system is in many ways similar to the functioning of bitcoin wallets with the multi-signature function.

Note that to date, Bank of America has already patented 36 developments in the field of blockchain. Another 31 applications are pending.

So, in December 2018, a bank application for the creation of an improved blockchain-based cash processing system was published.

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