Bank of America seeks patent for Blockchain storage system

The second largest US bank has applied for a new Blockchain-related patent. This time it's a cryptographic storage system and was published by the US Patent Office last week.

The patent in question was entitled "Block Chain Encryption Tags" and describes a system for recording and storing transactions related to crypto-coins that are dealt with by companies. Briefly, this patent intends to provide a data security system for Blockchain networks by implementing encryption and binding data units to the blocks of a given Blockchain.

The device further combines the encryption key with the encrypted element map generated to create and encrypt the "creator tag," which is later incorporated and published in the first block of Blockchain.

According to the document, the recent Bank of America patent application is a reproduced version of a non-provisional US application filed in 2014 by James G. Ronca and entitled "Cryptocurrency Online Vault Storage System."

While Bank of America is one of the leading companies in Blockchain's innovation, the bank is still skeptical of crypto-coins, despite having acquired a patent on the development of a digital currency system in December 2017.