Bank of America has filed a patent application for crypto wallets

Bank of America has filed a patent application for a “partitioned” security system for crypto wallets. It gives users different levels of access to stored funds, similar to a multi-sig wallet.

The basis of the project starts in 2018 when the company stated that:

“There is a need for a secure means of storing private encryption keys, specifying that this method of storage should” reduce the risk “of stealing a user’s private keys.”

Similar to a digital wallet

The application describes digital currency management with a multi-level wallet interface in a decentralized peer-to-peer network. Users will be required to enter a password for each level of the wallet, as a remote control that can open the car door, but not the trunk. Bank of America explained that better digital wallet infrastructure is needed because private keys can be lost, and third-party systems do not allow users to exercise complete control over cryptocurrencies.

“Through the digital wallet interface, a user of the computing device may be able to separate digital currencies into one or more differentiated compartments or storage levels. Each can be password secured and can only access the amount of digital currency specified by the user. “

Conceptually, the proposal resembles certain types of bitcoin wallets with multiple signatures.

Bank of America is the second largest bank in the US, based in Charlotte, NC. The bank has so far registered 36 blockchain patent applications.

Other recent patents filed by the bank include a proposal for “regulatory architecture” blockchain and another for a blockchain architecture system that would optimize system performance and data storage.