Bank of America is Seeking To Patent Crypto Wallet that Works like Valet Car Key.

Bank of America is now seeking to patent a “partitioned” security system for digital currency wallets, the type that gives different users different levels of access to the stored funds.

In February 2018, the U.S. second largest bank, located in Charlotte N.C, filed an application titled” Multi- Tiered Digital Wallet Security” with the United States Patent and Trademark ( The USPTO) who published the application last week listing Manu Kurian, senior tech manager at the bank, as the inventor.

The application further describes the handling of digital currency in a decentralized peer-to-peer network with a multi-tiered wallet interface.

Users would be prompted to enter one password out of several, and One password would open one tier of the wallet while another password would open a different tier and users would be prompted to enter one password out of several passwords. Now think of a valet key that can open a car door but not the trunk.

The concepts looks more like certain types of multi-signature bitcoin wallets in the proposal, which have been around for years.
Looking at the background section of the application explains that since private keys can be lost and third parties don’t allow users exercise complete control over their currency, there is a need for better digital wallet infrastructure.

The application points to a multi-tier arrangement as one way to improve security:

Through the digital wallet interface, the user computing device may be able to partition digital currency holdings into one or more differentiated storage compartments or tiers by the means of digital wallet interface. Each of the one or more compartments may be password secured and may only permit access to the amount of digital currency holdings specified by the user.”

From then till now, Bank of America has won 36 blockchain patent applications, with 31 pending. Other recent patent applications filed by the bank includes one for blockchain “regulation architecture” and another being for blockchain architecture to system performance and data storage.

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Credits: Nathan DiCamillo

 

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