Bank Of America Issues Patent For The Storage Of Cryptocurrency

Bank of America, a large US Banking establishment in the United States, has registered a patent for a system developed and intended to provide safe means by which cryptocurrencies can be kept.

The patent, called “Blockchain encryption tags,” is the second patent regarding  the monitoring of cryptocurrency storage that the bank is declaring, this time providing a system that ensures cryptocurrency storage for a large-scale enterprise. This is in addition to an analogous patent application for cryptocurrency, filed in 2014, which gives some trust to the concept that the bank wants to switch to cryptocurrency.

Details of the patent involve the use of a computing device for operating blockchain encryption tags, based on an earlier patent from the Bank of America for creating a digital storage system for large-scale institutional use of crypto currency.

The patent is based on the concept that consumers will want to have a place to protect their crypto currency outside the use of private keys that were too complicated for the average user in terms of growing mass acceptance.