Bank of America patented system for secure storage of digital assets

Bank of America plans to patent a system for the secure storage of digital assets, in which each user receives an individual level of access.

The patent application is called the “Multi-Level Security System for Digital Wallets.” It was issued in February last year, but the US Patent and Trademark Office (USPTO) published it only last week.

The application details the principle of creating a multi-level interface for a cryptocurrency wallet in a decentralized peer-to-peer network. Users enter one of several valid passwords and gain access to a specific wallet level.

Such a system is similar to multi-signature, which for several years has been used in popular Bitcoin wallets. The patent authors emphasize the need to create this infrastructure in view of the constant loss by users of private keys.

“The user will be able to split cryptocurrencies into several elements, each of which will be protected by a separate password. Having gained access to one of them, you can only operate with a certain amount of digital currency, ”the application description says.

In fact, this is the same as distributing money to several banks – you need to access each account separately. Only Bank of America offers to unite everything together – all accounts will be in one place, but with different access to them.

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To date, America’s second largest bank has 36 patents in the blockchain field, and another 31 applications are pending. Last month, media reported that Bank of America filed a patent application that featured Ripple technology.