Bank of America received a new crypto patent

Bank of America (BoA) has received a patent for remote storage of private keys and, according to the official document, this development can be used to store cryptocurrencies.

The patent may suggest that BoA is preparing to launch a digital asset storage service that requires increased security. In fact, the storage solution described in the patent is very similar to a hardware wallet with enhanced security and the ability to generate one or more security keys.

The sensitive device is designed to provide real-time feedback for authentication in case of an unauthorized attempt to take possession of a private key and can connect to a computer, smartphone and other gadgets via Bluetooth or USB.

In a statement, the US Patent and Trademark Office (USPTO) states that the invention provides storage of private keys used for various authentication purposes. Bank of America's main motivation for the solution is that private keys, which in most cases are often associated with local storage on the Internet, make them vulnerable to hacker attacks.

Therefore, according to the bank, they wanted to develop a solution that would make the storage of private keys more secure.

Unless tampered with by an unidentified user, any attempt to hack the storage system or its components will result in private keys being removed from memory. devices.

The patented system is completely independent of the computing node in which the secret encryption keys are stored. Private keys are available to the node but are not communicated to it when the node performs authentication, making the keys less susceptible to malicious actions. According to the bank, the patented system for storing private keys will not allow the manipulation of assets by employees of a financial institution with access to data, be it crypto assets or client securities.